Carthage Federal Savings & Loan Association is offering the leading high interest checking account with an exceptional APY of 2.05%. In fact, their High Interest Checking account even has a small rewards program.

The High Interest Checking account from Carthage Federal Savings & Loan stands out with an interest checking rate that even tops the best 3-year CD rates. The 2.05% APY may seem like a dream come true but the account is limited to residents in communities near the bank’s local branches in New York.

High Interest Checking at Carthage Federal Savings & Loan

As absolutely-free checking accounts are phased out, banks are imposing stricter requirements in order to waive the monthly account fees. The High Interest Checking from Carthage Federal Saving & Loan carries similar requirements in exchange for a great interest yield. Common among interest checking accounts, only certain balances will qualify for the best rates.

On balances:Up to $2,499.99$2,500 - $25,000Over $25,000
  • $8 monthly fee waived on balances over $2,500
  • Rewards $0.10 per non-PIN debit card transaction
  • Free debit card
  • Free Online Banking and electronic statements
  • Minimum opening deposit of $25
  • ATM transaction fee refunds up to $10 per month

Accounts at Carthage Federal Savings & Loan can be opened online or in person but they’re only available to residents within the area of the three local branches in Carthage, Watertown, and Clayton in New York.

Compared to Other Popular Interest Checking Accounts

The unique perk of the Carthage Federal Savings & Loan High Interest Checking account is the tiny rewards programs – rarely found with other interest checking accounts. For every non-PIN debit card purchase, customers receive $0.10. While a $100 purchase would earn 0.01% cash back, a $1.00 purchase (e.g. a candy bar) would earn a 10% cash back.

Having to be within proximity of a local branch is the biggest limiting factor of the Carthage Federal Savings & Loan High Interest checking account. Popular nationwide interest checking account are offered by Incredible Bank and FNBO Direct but they cannot compete as their interest rates are 1.35% APY and 1.10% APY, respectively.

Incredible Bank offers the Incredible Checking account that offers a generous 1.35% APY for balances up to $250,001 with no monthly account fee while FNBO Direct’s Online BillPay account has no balance requirements or monthly account fee but ATM fee refunds are only available on balances of $25,000 or more.

If you able to maintain the $2,500 average daily balance, and within proximity of a local branch, the High Interest Checking account would definitely offer the better returns.

To find and compare other interest checking accounts available, visit the checking rates page.

Follow me

Simon Zhen

Simon is a research analyst for MyBankTracker. He is an expert on consumer banking products, bank innovations and financial technology.
Follow me
  • cash advance

    Carthage Savings and Loan also has other checking and savings
    accounts with various rates of interest. For instance, you can open a
    36-month certificate of deposit that earns 1.5 percent APY or a 48-month
    CD that earns 1.7 percent APY. Carthage Savings and Loan is based in Carthage, N.Y. The savings and
    loan has been in business since 1888 and serves Jefferson and Lewis
    counties in New York. You can open an account at its three locations or
    apply for an account online. A representative will call you to complete
    the application process.

  • Teri

    Carthage Savings and Loan is currently offering a Home Equity Line of Credit for a low APR of 1.99%…deal ends Dec. 31, 2015…visit for complete details and application process.