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H&R Block Bank 2.25% APY Checking Account

February 8th, 2009

H&R Block Bank is offering some good rates on free checking and money market accounts. I posted previously on H&R Block’s CDs and their rates of 3.25% APY for 1 year and 4.25% APY for 5 years are still applicable at the time of writing this post. The rates on their interest checking account are as follow:

* .75% APY $0 – $499
* 1.25% APY $500 – $4,999
* 1.5% APY $5,000 – $9,999
* 1.75% APY $10,000 – $24,999
* 2% APY $25,000 – $49,999
* 2.25% APY $50,000

These rates might not sound high, but in today’s financial market they’re competitive. As a point of comparison, ING’s Direct Electric Orange rate for under $50,000 is just .5% and the Charles Schwab Checking rate is 1%. You’ll need a $500 minimum daily balance to avoid a $10 monthly fee on your H&R Block checking account. They also allow up to $6 in refunds per month on non-H&R Block ATM transaction fees.

H&R Block Bank is also offering high interest on money market accounts which are as follows:

* 1% APY $0 – $999
* 2.00% APY $1,000 – $4,999
* 2.25% APY $5,000 – $9,999
* 2.5% APY $10,000 – $24,999
* 3% APY $25,000 – $49,999
* 3.25% APY $50,000+

For the money market account you need at least a $1,000 daily balance to avoid the monthly fee and you get the same $6 reimbursement for ATM fees per month.

H&R Block Bank also offers business money market and checking accounts. The business money market accounts have the same rates as the personal accounts, but it’s max rate is 2.5% APY for balances over $10,000.

H&R Block Bank has a 3 star Bankrate.com which is average. H&R Block Bank is a FDIC insured bank.

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