Morrill and Janes Bank Checking Account 1.51% APY

Bank accounts with good rates and low minimum balance requirements are hard to find these days. In my early post on current savings account rates, I listed a bunch of popular high-yield savings accounts and their current rates, and as you can see, all of them are in the low 1% range. Nothing exciting if you are looking for a good place to keep your money.

Then last weekend, I came across this bank that seems to be offering a pretty decent rate. It’s The Morrill & Janes Bank and Trust which currently has 1.51% APY for its Elite Checking Account for daily account balance of $1,500 or more. Since the bank is new to me, I looked it up at the FDIC website and here’s what I found. The Morrill & Janes Bank was established January 4, 1871, headquartered in Merriam, Kansas. The bank became a member of the FDIC on January 1, 1934 with FDIC certificate number 1143. According to the FDIC website, the bank currently operates 8 domestic offices in 2 states, Kansas and Missouri.

Now for the checking account, there are a couple of reasons I think this is a pretty good offer: 1) 1.51% APY; 2) Minimum balance is only $1,500; 3) No monthly fee if the minimum daily balance is met. Plus, you can also earn rewards when using the bank issued check card to make everyday purchases or pay bills. I have seen some rewards checking accounts with good rates before, but all of them required either direct deposit or a certain number of purchases with the check card every month or both in order to earn the high yield. That, however, doesn’t seem to be the case at The Morrill & Janes Bank. In addition to banking online, The Morrill & Janes Bank also has a mobile app that allows you to do your business with the bank on the phone. Another interesting offer from the bank is what it calls Let us Pay You! With this program you can receive “$2.00 per packet of old checks and $2.00 for your old debit card to a maximum of $25.00″. That’s quite new to me, though it isn’t very clear on how exactly it works.

From the bank’s website, here are the step to open an account:

  1. Select the Elite Checking Account and service options, like Check Card, Bill Pay, eBankng, and more
  2. Carefully read and agree to the Account Disclosures, Terms and Agreements
  3. Input your personal information
  4. We’ll verify your information and authenticate your identity while you’re online. After that is done, choose your funding option from a U.S. checking or savings account, credit card or debit/check card.
  5. You’re Done! You’ll receive an online confirmation and information on what to expect next. As soon as your account funding is complete you can go online to enroll for the Personal eBanking services including mobile banking, eAlerts, Bill Pay and more!

Check it out if you are interested.

BTW, if you can’t maintain the $1,500 daily balance, the rate will reduce to 0.95% APY and you will have to pay a $6 fee for the month when your balance drops below $1,500.

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3 Responses to “Morrill and Janes Bank Checking Account 1.51% APY”

  1. Jason |  Mar 23, 2011 at 8:55 pm

    I’ve never heard of this bank before. Where is it popular?

  2. MKChiu |  Apr 09, 2011 at 11:38 am

    A quick google resulted in some likely truthful info about the bank being in good shape, blah, blah, as a bank.

    It also prompted eyebrows up with this comment:

    I don’t know whether they’re correct or not, but I have no interest in spending more time to find out…for the just the roughly 0.25 to 0.50% higher rate of M & J over my Capital One and AMEX accounts.

  3. Kieran |  Sep 23, 2012 at 4:33 am

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