MANHATTAN BEACH, Calif. (6/30/15)--Local financial institutions trump their national counterparts when it comes to interest rates on checking accounts, and credit unions are the cream of the crop, according to a recent article from GOBankingRates.com.
The article looks at the best rates on checking accounts offered by local financial institutions, and credit unions make up the entire Top 10.
The top rate, offered by Landmark CU, New Berlin, Wis., comes in at 7.5% APY, far surpassing the highest nationally offered checking account rate of 1.4%.
Landmark’s Premium Checking product offers the 7.5% APY on all balances up to $500, allowing members to earn $37.50 annually on the first $500 deposited.
The checking account also carries no monthly fees, a common theme among credit unions, which offer free checking accounts at more than double the rate of banks.
GOBanking also found recently that interest rates on credit union savings accounts also often best other financial institutions.
Additional highlights from the article: