6% APY Online Checking: Too Good to Be True?

03.12.08 | Online Finances | 2 Comments | by junger

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I was pointed today to the "Maximum Earnings Banking" account from Southern Community Bank and Trust, which says it has a 6% APY — basically unheard of these days, especially with all of the rate cuts of the past few months.

mebanking.jpg

Wow - that sounds pretty good. Online bill pay, no maintenance fees, no minimums, and national ATM use.

So what's the catch?

You have to use your debit card at least 10 times per month (not a problem for me, since I use it for everything). You need direct deposit (always a good idea), $100 to open and use e-statements instead of paper ones.

Honestly, I'm not sure if any of those really classify as catches.

But call me skeptical — something doesn't seem right.

Does anyone use this bank and trust? Can you share your experiences and whether or not you recommend it?

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