Top regional bank: Heritage Bank
Heritage Bank’s Carefree Checking account scored well because it doesn’t require a minimum balance. You also only need $100 to open an account.
Heritage Bank, which has locations in Iowa, Minnesota and South Dakota, had the savings account with the highest annual percentage yield (APY) among the top regional banks. This account, the Heritage Direct Savings account, requires at least $1,000 to open it and you can only apply through the Heritage Bank website.
You’ll need to keep at least $1,000 in the account in order to earn interest and also to avoid the $17 monthly service fee.
Heritage Bank also offers its eCentive Checking account with an APY higher than many savings accounts. To get that APY, you’ll need to make 10 or more debit card purchases, have a direct deposit post in this account each month and sign up for electronic statements. You’ll also only get this high APY on balances up to $25,000. Meeting those requirements also gets you up to $25 worth of domestic ATM fee refunds per month.
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