Turbo Checking is a reward checking account from Charter Bank. For all balances up to $25,000, you will receive a 6.01% APY provided a standard list of requirements is met each statement cycle. All balances that exceed $25K, the APY will be 1.01% APY. If the requirements are not met for the month, the APY drops to .25%. Additionally, if the monthly requirements are met, Charter Bank will also refund all ATM-related fees.

The requirements for obtaining the high interest rate are as follows:

You must make at least 13 transactions each month using your debit card. Note that ATM transactions do not count.)

• You must sign up to receive electronic statements.
• You must access your bank account online at least one time a month.
• You must link at least one direct deposit or one ACH automated monthly debit.

Applicants nationwide are able to open account via the online application process but only one account per household is permitted. There is a minimum of $100 deposit needed to start the account and the bank will review your information via ChexSystem. Charter Bank does not charge any monthly service fees and there are no regulations for a minimum balance. Charter Bank is FDIC insured and most branches are located in the state of New Mexico, including the cities of Albuquerque and Santa Fe.

Tags: checking accounts

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