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With the endless number of checking accounts and financial institutions, opening a new account can seem like an impossible and daunting task.  Luckily it does not have to be! 

Let’s look more into why First Communities First Rate Checking account might be the account that you are looking for.

What is a First Rate Checking Account?

First Community's First Rate Checking account is one of four checking accounts we offer, and though each one has its benefits, your First Rate Checking account is the only one that offers:

• Refunds on ATM withdrawal fees nationwide (up to $25 monthly)
• 3.01% APY^* on balances up to $25,000
• 3.01 APY* to .67% APY on balances over $25,000 depending on the balance within the account^**
• .25% discount on consumer loans⁺
• $350 discount on mortgage closing costs⁺⁺

Why should you choose a First Rate Checking account

A First Rate Checking account is the perfect account for someone looking to earn more money off the money they already have.

To look into how this is possible, we need to understand what APY is.  APY stands for Annual Percentage Yield, which is the amount of money that is returned based on the amount of money in your account plus the compounded interest. In our case, if you meet the below minimum requirements you will earn 3.01% of your money back based on the amount that is in your account.

Each month this is calculated, and at the end of the month, you will see the money that you have earned in your account as long as you follow the terms of the report. These are:

• 25 transactions
• One direct deposit, ACH credit, or ACH payment transaction
• Be enrolled in E-Statements

What does all this mean?

We know that some of this can seem confusing, and for some people, all they need is to understand what the account is and what it can do for you so with everything else put aside.

Our First Rate Checking Account offers you the space to earn money while saving money, without the stress of monthly fees and minimum balances. The only negative to this account is that if you do not meet our monthly requirements you will not earn the monthly dividend and that’s it! Money will not be taken out of your account and you do not need to pay anything to keep your money in a place that is safe and secure.

Terms & Conditions

*APY=Annual Percentage Yield. APYs accurate as of 10/01/2022. Rates may change after account is opened. If qualifications are met each calendar month (statement cycle): (1) Domestic ATM fees incurred using Rewards Checking check card during calendar month (statement cycle) will be reimbursed up to $25.00 and credited to account on the last day of monthly statement cycle; (2) balances up to $25,000 receive APY of 3.01%; and (3) balances over $25,000 earn 0.10% dividend rate on the portion of the balance over $25,000, resulting in 3.01% - 0.67% APY depending on the balance. If qualifications are not met, all balances earn 0.10% APY. Please note that the purchases MUST actually post to your account during the monthly qualification cycle. We post purchases to your account when we receive them from the merchant and that may occur one or more days after the purchase date. Purchases that have been initiated but not posted as of the end of the cycle will not count as a qualifying transaction for that cycle (but will count in the following cycle when they post). The first qualification cycle will begin on the date you open or convert to a First Rate Checking account and end on the last day of the calendar month. The qualification cycle will be each calendar month thereafter. If you close your account before the end of the calendar month (statement cycle), you will forfeit any ATM fee refunds. Statement and Dividend cycles are monthly. Fees may reduce earnings.

**APY range calculated with a $125,000 balance.

⁺Offer valid for checking account holders with direct deposit only. Rates, terms and conditions subject to change. Loan subject to credit approval. Not valid with any other offer. Offer does not include refinances on First Community loans or first mortgage loans. Offer of .25% APR discount valid on one consumer loan per calendar year.

⁺⁺Mortgages available to Missouri & Illinois residents only. Offer valid for checking account holders with direct deposit only. Rates, terms and conditions subject to change. Loan subject to credit approval. Not valid with any other offer. Offer does not include refinances on First Community loans. One $350.00 discount per mortgage loan per calendar year.

Rates are accurate at the time of blog posting and are subject to change.