Erik Keith asked:


According to the U.S. Commerce Department on Wednesday, the personal savings rate surged to 5% in January. As consumers frantically try to save their money as the economic outlook continues to look bleak throughout much of the country, they could be making up to 6% APR on their checking account.

A “personal financial stimulus package” starts with the basics—your banking relationship. Community banks are still offering the best interest rates on free checking accounts:

First Robinson Savings Bank - Robinson, IL 6.01

Southern Missouri Bank & Trust 6.01

Bank of Ripley - Ripley, TN 5.26

Communication Federal Credit Union - OK 5.25

LA DOTD Federal Credit Union - Denham Spring, LA 5.25

Keystone Bank - Auburn, AL 5.15

Connexus Credit Union - Wausau, WI 5.15

Altra Federal Credit Union 5.05

Farmers and Merchants - Nashville, IL 5.05

Community State Bank - Poteau, OK 5.05

First State Bank - Kansas City, KS 5.03

State Employees Credit Union - Santa Fe, NM 5.02

Grand Bank of Texas - Grand Prairie, TX 5.02

Harbor Credit Union - Green Bay, WI 5.01

Malvern Federal Savings Bank - Paoli, PA 5.01

Union State Bank - Everest, KS 5.01

United National Bank - Cairo, GA 5.01

First Banking Center - Lake Geneva, WI 5.01

Noble Bank & Trust - Anniston, AL 5.01

The Community Bank - Brockton, MA 5.01

Bank of Little Rock - Little Rock, AR 5.01

Community Bank of Pleasant Hill - Pleasant Hill, MO 5.01

Community Bank of Raymore - Raymore, MO 5.01

Olmsted National Bank - Rochester, MN 5.01

Royal Banks of Missouri - St. Louis, MO 4.78

Texas Citizens Bank - Pasadena, TX 4.76

In over 4000 community financial institution branches across the country, consumers are receiving from 3% to 6% interest rates on free checking with no minimum balance and reimbursed ATM fees. And these are NOT teaser rates.

With a history of delivering value and customer-centric service, selected community banks and credit unions are offering free checking accounts with CD-like yields. The bank or credit union realizes operational savings when account holders accept eStatements, utilize direct deposit, access online banking, and increase their debit card usage and returns it to the consumer in the form of higher yields.

To help consumers find community banks and credit unions with high-yield checking accounts, www.checkingfinder.com was created.