Venture Bank Introduces Wise-Choice Checking Account with 3.50% APY

Wise-Choice Checking AccountVenture Bank keeps impressing me with their products.

Last month, I highlighted their Wise-Choice Savings Account (currently 3.60% APY) along with a couple of other banks. When I was creating my Savings Deals page last week, I noticed on their website that they have a checking account coming soon. Today I visited their site again to see if there’s any rate change following the Fed’s rate cut early this week and I saw their Wise-Choice Checking Account is already there, with a very impressive 3.50% APY!

While the rate is good, it doesn’t come without a string attached. To get the 3.50% APY for balance up to $25,000, you will have to

  • Use your VISA check card at least 10 times (ATM withdrawals do not count as transactions);
  • Receive one regular direct deposit or use your account to pay an automatic debit ;
  • Receive your statement electronically.

every month.

Among the three requirements, the biggest problem for me, if I were ever to consider an interest checking account, is the first one: 10 check card transactions every month. I am not a check or debit card person. I use credit cards to pay everything  (the only times I used my check card were when I bought money orders from post offices). However, if you use check card a lot, then Wise-Choice Checking Account could make a good choice if you want to have an interest checking account. And together with their Wise-Choice Savings Account (actually, you will automatically get the savings account when you open the checking account), the combination is pretty decent.

Only $100 minimum is required to open the checking account, which also includes features like:

  • No monthly service charge
  • Unlimited free transactions
  • Free Online Banking, Bill Pay and e-Statements
  • Free VISA check card
  • Nationwide ATM fees refunded (when account requirements are met)
  • FDIC Insured

Of course, right now the biggest question is whether Venture Bank can hold their rates. When I first looked at Wise-Choice Savings account a month ago, the rate was 3.80%. Now it’s 3.60%.Rates are changing fast :)

Will you consider Venture Bank?

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3 Responses to “Venture Bank Introduces Wise-Choice Checking Account with 3.50% APY”

  1. High Interest Guru |  Jun 19, 2009 at 8:41 am

    I have Venture bank checking. The requirements to get the interest are really not hard to do at all. All I do is go to the gas station at a time when it’s slow and just charge like 2 or 3 cents in gas. Just do it 10 times and your done. You’ve only spent like 30 cents for the 10 transactions! Link your checking account and throw in as a little or as much as you like once per month. You ARE allowed to take the deposit back out, just set up a monthly deposit for like $100.
    You gotta think outside of the box on the 10 transactions. Just some helpful info!