2. Bank5 Connect High-Interest Card
Monthly Maintenance Fee
$0
Minimum Deposit Requirement
$10
Rewards
Varies by retailer
The Bank5 Connect High-Interest Checking account and debit card are great because they not only earn interest on your account balance but also give you cash back on purchases.
The Bank5 Connect Purchase Rewards program, it’s different from regular debit cards. Instead of getting a percentage back on all your purchases, you get to choose rewards. You can see offers from specific stores on the bank’s app or website. If you like an offer, activate it, and you’ll get the cash back when you make a qualifying purchase. You can activate as many offers as you want.
This High-Interest Checking account doesn’t have a monthly fee and earns an advertised Annual Percentage Yield (APY) of 2.70% when you keep at least $100 in it. And you get this interest no matter how much you use your debit card.
Pros
- Earn competitive Annual Percentage Yield (APY) on savings accounts and CDs.
- No charges for internal or external transfers.
- Provides free overdraft protection.
- No monthly fees for account maintenance.
- Low minimum balance requirements.
- Reimburses out-of-network ATM fees.
- Offers additional insurance coverage through the Massachusetts Depositors Insurance Fund, in addition to FDIC coverage.
Cons
- Customer service is available only during East Coast business hours.
- No customer service on federal holidays.
- A monthly fee of $1 is charged for paper statements.
- Savings balances below $100 do not accrue any interest.
Continue reading on the next page to find out about other debit cards.
