It's really hard to figure out what they are doing... but I *think* they impose a maximum amount you can have in that checking acct and move excess into a 'savings acct' with a much lower interest rate. So, in other words, too good to be true.
don;t know about these guys,but i'm getting about 2.4 APR on money market account at royal bank of Missouri. (what a name,huh). it's old ,legit bank. but yeah-amount of money is limited to 25K and you have to use their debit card. 1% apr is more common today. but 4? doubt it or there is some ridiculous requirements and probably size is limited to 10K
Here's some more color from CNBC http://www.cnbc.com/id/100449699?utm_source=dlvr.it&utm_medium=twitter
surf-the problem is(as been noted above) are requirements and size of the accounts. you can find plenty of small banks,but account will be limited to 10-20K and in 99% -you have to physically go to the bank and\or have to be resident of particular state or even county.same for unions. yes,there is some good rates,but you have to be a member of the union. go to http://www.bankaholic.com/ it's all there. click on this kasasa and enter your zip to see it yourself this kasasa service was around for years,there is nothing new about it. "free" is quoted for a reason
Florida Central Credit Union had the same thing, also limited. Was 4.25% if you also had a loan with them (and used their debit card, etc). They dropped that recently to 2.75%. Still, I wanted to move it from Bank of America, and this was the best option.
BAC sucks in any possible way. specially for personal account.no matter where you go-you will be better off small local banks really appreciate their customers . i'm personally enjoyed their "old fashion" way. they know their customers by their names,no one would charge you for a check book.if there is ever any fees pops up-they would take care of it,no questions asked.