Kabbage by American Express offers a checking account which currently boasts an interest rate of 1.10% APY on the checking account and associated Reserve accounts ($100,000 in aggregate from all accounts together). Balances above $100,000 earn no interest at all.
The rate has been valid since 5/1/21, no word how long it’ll last. My guess is it’s a teaser rate to get new customers, but not really sure. It’s also possible that even if it comes down they’ll keep it at a competitive rate compared to other high yield accounts. We’ll add this to the top of our list of Best High Yield Savings Accounts.
Also interesting is that this is a checking account, and few checking accounts offer any interest at all. There is a Green Dot association here as well which might mean that it runs similar to other Green Dot prepaid accounts. Feel free to add your own thoughts and experiences in the comments below.
Hat tip to reader Thank you!
