Pennsylvania-based Horizon Federal Credit Union offers a checking account that earns an 8% annual percentage yield (APY) — a number boosting it past most high-yield savings accounts, let alone other checking accounts.
And while only residents of certain Pennsylvania counties qualify for this account, that doesn't mean you have to settle for a checking account that only earns a pittance. Read on to find out what checking accounts can help your money grow.
Horizon Advantage Checking Account
Annual Percentage Yield (APY)
From 0.25% to 8.00% APY
Minimum balance
None
Overdraft fee
Fees may apply; overdraft protection is available
Minimum deposit to open
None
Monthly fee
None
ATM fee reimbursement
None
Mobile check deposit
Yes
Terms apply.
Pros
- High APY for a checking account
- No minimum deposit required
- No minimum balance
- No monthly fees
- Overdraft protection available
Cons
- Requirements to earn high APY
- No ATM network
- Credit union membership required
- ATM fee does not apply
How to get a checking account earning 8% APY
The Horizon Advantage Checking Account earns you a high rate of interest, but you must first meet certain qualifications before opening an account.
Unfortunately, while some credit unions offer membership to anyone regardless of where you live, Horizon Federal requires you to either reside or work in one of the following Pennsylvania counties to join:
- Bradford
- Centre
- Clinton
- Columbia
- Lycoming
- Montour
- Northumberland
- Potter
- Sullivan
- Tioga
- Union Counties
To qualify for the account's 8% APY, you'll also need to register for direct deposit, enroll in e-statements and make 15 or more debit card purchases each month. Additionally, it's important to note that you earn the 8% APY on balances up to $25,000 — any portion of your balance exceeding that limit only earns 0.25%.
Other checking accounts that earn you high APYs
While you probably don't qualify for this account because of the geographical restrictions, that doesn't mean you have to settle for a checking account with 0% APY. There are a range of interest-bearing checking accounts that offer around 5.00% APY on your balance.
For example, the All America Bank® Ultimate Rewards Checking Account offers up to 5.15% APY on balances up to $15,000 (0.50% APY thereafter) or 0.25% APY if you don't meet the requirements (making at least 10 monthly debit card transactions and receiving electronic statements).
For larger balances, the Presidential Bank Advantage Checking also offers a 4.62% APY on up to $25,000 (3.62% APY thereafter) or 0.10% APY if you don't meet the requirements (a monthly direct deposit of at least $500 and at least 7 electronic withdrawals from the account every month).
All America Bank® Ultimate Rewards Checking
Annual Percentage Yield (APY)
Up to 5.15% APY on up to $15,000 (0.50% APY thereafter); 0.25% APY if don't meet requirements
Minimum deposit to open
$50 if in person; $500 if online
Minimum balance
None
Monthly fee
None (unless you receive paper statements, then $3 per month)
Free ATM network
Yes, 1,000s of ATMs worldwide
ATM fee reimbursement
Up to $25 of foreign ATM fees each monthly statement cycle in one lump sum
Overdraft fee
Fees may apply; Overdraft Privilege is available
Mobile check deposit
Yes
Terms apply.
Presidential Bank Advantage Checking
Annual Percentage Yield (APY)
4.62% APY on up to $25,000 (3.62% APY thereafter); 0.10% APY if don't meet requirements
Minimum deposit to open
$500
Minimum balance
$500
Monthly fee
None if you maintain a $500 minimum balance
Free ATM network
Yes, over 88,000 ATMs
ATM fee reimbursement
Domestic ATM surcharge rebates up to $8 per month
Overdraft fee
Fees may apply; overdraft protection is available
Mobile check deposit
Yes
Terms apply.
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