A high-interest checking account with no minimum balance or monthly service fee that pays CD-like rates and reimburses ATM surcharge fees when three simple account activity requirements are met each qualification cycle.
Features Pays interest — earn 1.50% APY* on balances up to $15,000.00 and balances over $15,000.01 earn 0.25% APY* if requirements are metReceive automatic refunds on ATM surcharge fees — up to $3 per transaction with a maximum of $15 per qualification cycle** if requirements are metNo minimum balanceNo monthly service chargeFree debit cardFree online and mobile bankingFree bill payUnlimited check writingFree identity theft protection servicesFree telephone banking
Optional services available Custom debit cardOverdraft privilegeSweep accounts
Minimum opening deposit
Requires a minimum opening deposit of $100.
Account activity requirements Have at least 10 PIN or signature-based debit card purchases post and settle per qualification cycleHave at least one direct deposit or one auto debit post and settle per qualification cycle Receive monthly statement electronically (through online banking) and maintain a valid email address with Bank Iowa
What happens if the requirements are not met during a qualification cycle?
Even if you don't qualify for any given qualification cycle, you'll still earn 0.05% APY* on your account balance. And, you can qualify for the higher rate and ATM refunds again the next month. No matter what, you still get: Checking account that pays interest with no monthly service fee or minimum balanceFree ATM use at all Bank Iowa and SHAZAM Privileged Status ATMsFree debit cardFree online and mobile bankingFree bill payUnlimited check writingFree identity theft resolution serviceFree telephone banking
*1.50% Annual Percentage Yield (APY) paid on balance between one penny and $15,000.00, and 0.25% APY paid on all amounts above $15,000.01 each qualification cycle the minimum requirements are met. Rates as of 11/1/2013 and are subject to change.
**ATM surcharge fee refunds include all domestic transaction fees charged up to $3 per transaction with a maximum of $15 per qualification cycle when using another bank’s ATM. ATM fee refunds are automatic.
No minimum balance required to earn advertised APY, however, you must deposit a minimum of $100 to open the account and meet activity requirements per qualification cycle (a period beginning one day prior to the current statement cycle through one day prior to the close of the current statement cycle). If you do not meet account activity requirements, you will earn 0.05% APY interest on your checking balance, but you will not receive ATM surcharge fee refunds. Available to consumer accounts for personal use only, limit one account per primary taxpayer ID.
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