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