This Checking Account Earns 8% APY


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)

  • Minimum balance

  • Overdraft fee

    Fees may apply; overdraft protection is available

  • Minimum deposit to open

  • Monthly fee

  • ATM fee reimbursement

  • Mobile check deposit

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

All America Bank® is a Member FDIC.

  • 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

  • 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

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

  • Minimum balance

  • Monthly fee

    None if you maintain a $500 minimum balance

  • Free ATM network

  • ATM fee reimbursement

    Domestic ATM surcharge rebates up to $8 per month

  • Overdraft fee

    Fees may apply; overdraft protection is available

  • Mobile check deposit

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.





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