Gulf Coast Bank Interest Checking 5.51% APY

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Golf Cost Bank Interest Checking 5.51% APY5.51% APY from a checking account?

That sounds too good to be true, doesn’t it?

But that’s indeed what you can get from Gulf Coast Bank Interest Checking Account, a bank that I have never heard of before. So I first gathered a little information about the bank using FDIC’s Bank Find:

Gulf Coast Bank and Trust Company has been FDIC insured since June 8, 1990. It was established on June 8, 1990. Its main office (headquarters) is located at:

200 St. Charles Avenue
New Orleans, Louisiana 70130
County of Orleans

Gulf Coast Bank and Trust Company has 17 Domestic Branches (Offices) located in 1 state(s) and 0 Foreign Offices. (Check to locate Branches (Offices) by state.)

The bank’s FDIC certificate number is 32974. Bankrate.com’s Safe & Sound Ratings rates the bank at 3 stars out of 5.

Now, go back to the 5.51% APY interest checking offer. While the rate seems irresistible, you are not getting it without a string attached. Actually, requirements to get the 5.51% yield is kind of high. You will need to meet all the following three conditions each and every month:

  1. Minimum of 12 check card purchases
  2. One Automatic Payment (ACH), Direct Deposit transfer or Online Bill Payment
  3. Receive your monthly account statement electronically (eStatements)

The second and third requirements are easy to meet, but there’s no way I can use the check card 12 times in a month. I use credit card exclusively, so a check or debit card just isn’t my thing. If you don’t meet the requirements, then you will only get 0.10%. And you can only earn 5.51% for up to $25,000. Any balance above the limit will earn 1.01% APY.

Is it worth it to use the check card to make 12 purchases a month to earn 5.51%?

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