5.51% 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 OrleansGulf 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:
- Minimum of 12 check card purchases
- One Automatic Payment (ACH), Direct Deposit transfer or Online Bill Payment
- 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%?
