Cardinal Bank, headquartered in Mc Lean, VA and with 27 branches in the Washington D.C. metro area is offering a checking account that pays a 2.01% APY on balances up to $100,000. Past that amount the rate drops to 0.31% APY. The checking account falls between a high yield checking account and a rewards checking account. In order to get the 2.01% APY, depositors must either set up direct deposit or do 10 debit card transactions per statement cycle. I don't consider it a classic reward checking account because it doesn't require a combination of behaviors - direct deposit, debit card usage, and usually online banking or bill pay together.
The account can be opened via a branch and partially opened online. The online application starts the process but to complete the opening a customer must visit a branch.
Other features of the account include no check card or ATM fees from Cardinal and $15 in rebates each statement for ATM charges from other banks. The minimum opening deposit is $100 and a $5,000 daily balance must be maintained to avoid a $15 monthly fee.
Financially, Cardinal Bank has a Texas Ratio of 5.31% versus the national average of 20.28% (the lower the Texas Ratio the better). The bank's assets have grown from $1.6 billion in 2006 to $2.5 billion at the end of 2011.
For the sake of full disclosure, I want to mention that Cardinal Bank is currently an advertiser on BestCashCow. I'd like to thank the bank for their support. Advertisers like Cardinal Bank help support the site and allow BestCashCow to grow and add more features.
- Learn more about Cardinal Bank First Choice Checking
- Don't live in the Washington D.C. area? Find other checking accounts in your local area.
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Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.
I hope to eventually also have the weekly rate updates go out via this email service.
Previous Weekly Rate Spotlights
- February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
- February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
- January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
- January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
- January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
- January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
- January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available
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