If youâ€™re already using the Institution for Savings for your checking account needs, you can convert your account to a Bonus Checking account to receive added benefits. You can also open a Bonus Checking account from scratch if you donâ€™t have an existing relationship with Institution for Savings.
The biggest benefit is an APY spike. If you keep $500 in your account, your interest rate will rise. If you donâ€™t meet this standard, you will be charged a $10 monthly maintenance fee on top of getting a lower APY. You also receive free checks.
Aside from the monthly maintenance fee, there are other requirements to maintain your account and interest rate. You will not receive paper statements with a Bonus Checking account, and you are required to enroll in direct deposit. Besides those, you will need to make 10 non-ATM purchases with your debit card and pay at least three bills a month using bill pay. Also, if you fall below the $500 minimum, you will not receive ATM refunds at the end of your statement cycle.
You can open this account online or at a branch with your government-issued ID and Social Security number.