Affinity Bank Big Checking

Affinity Bank has a checking account called Big Checking.  The Affinity Bank checking account has a variable interest rate that currently pays 3.00% on balances of $7,500.00 and greater.  Affinity Bank markets this account as having unlimited check writing with rates like a CD.  The checking account does not require establishing direct deposit but does require using the account at a minimum level per month.  The bank defines the minimum use of the checking account as having at least 10 checks or debits clear the account each month to avoid a monthly service charge.  The bank clarifies on their website what counts towards the minimum 10 transactions as follows:

Writing a check and having it post to the checking account.
Using the banks Bill Pay to pay a bill.
Paying bills at an account holders bills online, such as going to your cable TV company’s website and paying from your checking account or linked debit card.
Having payments automatically deducted from the account.
Using the debit card to make payments for purchases.
Withdrawing cash from an ATM counts towards the minimum checking account transactions.

The APY information on the checking account is accurate as of December 1, 2008 and is subject to change without notice.  The interest is calculated daily on the balance at that time so even customers that have a large balance for a short period of time will receive a high interest rate.  Checking accountholder must have a balance of $7,500.00 or more to earn the 3.00% Annual Percentage Yield, balances between $5,000.00 and $7,499.99 will earn a 1.75% APY and balances between $100.00 and $4,999.99 will earn a 0.50% APY. Minimum balance to open the checking account and earn interest is $100.

Affinity Bank offers a complete assortment of business and consumer deposit products including checking, savings, money market accounts, certificates of deposit and IRAs through a large network of local branches and a national call center.

Based on information obtained from the banks website, Affinity Bank offers a 6 month CD with an interest rate of 3.45% and an APY of 3.50%.  The bank has a one year CD with an interest rate of 3.73% and an APY of 3.80%.   And the bank offers a CD that has a two year term with an interest rate of 3.93% and an APY of 4.00%.  All of these CDs have a minimum deposit of $10,000.00.  These CD rates and terms are only a selection of the CD accounts available from Affinity Bank.

The banks credit products are focused on providing an ample supply of flexible financing options, including asset-based loans or accounts receivable financing, for business.  Specialized financing programs for healthcare organizations.  Loans and lines of credit for businesses and consumers in the banks market areas in northern and southern California.  The bank also offers commercial and multi-family real estate loans for the purchase, refinance, rehab or construction of income producing properties.

Rates and bank products subject to change.  Affinity Bank can be reached at 800-489-2194.  The web address for the bank is www.affinitybank.com.

This entry was posted on Wednesday, December 3rd, 2008 at 4:24 pm and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.