Prime Rate Checking
A premium interest bearing checking account designed for the astute customer who wants to earn a high return but also wants flexible and convenient access to their money. Prime Rate Checking is a tiered account so the more money that is in it, the higher the interest rate paid.
- Open with $25,000
- No fee if balance is above $25,000
- Interest rate paid is tied to Wall Street Journal Prime Rate
- Use the account at least once every 12 months to avoid a dormant fee
- $25,000 – $49,999 range from .050% to .065% APY*
- $50,000 – $99,999 range from .065% to .130% APY*
- $100,000 – $499,999 range from .130% to .195% APY*
- $500,000 – $999,999 range from .195% to .260% APY*
*The Annual Percentage Yields (APY) are accurate as of 1-15-2021 and are subject to change at any time and without notice. The Wall Street Journal Prime Rate is 3.25% as of the same date. Interest rate earned on accounts with a balance below $25,000 is .050% APY. Interest is calculated and compounded daily on the collected balance and credited to your account monthly. To the extent required by law, Tower Community Bank will report interest earned to the Internal Revenue Service. Fees could reduce the earnings on this account. Account available for new money only.