FDIC-Insured – Backed by the full faith and credit of the U.S. GovernmentFDIC-Insured – Backed by the full faith and credit of the U.S. GovernmentBank local. No monthly fees, free debit card, and nationwide ATM reimbursements — when you meet simple monthly qualifications.
+ 1% APY with a savings account!
$0
Monthly Fees*
$100
Minimum To Open
5%
Qualifying APY*
+ 1%
APY* With A Savings Account
| Local 5 Rewards Checking
Meet all four requirements each statement cycle to unlock the full rewards rate on balances up to $35,000. The statement cycle runs from the 26th – 25th each month.
01
Enroll in e-Statements
Go paperless and receive monthly statements electronically.
02
$1,000+ Direct Deposits
Qualifying deposits from payroll, pension, Social Security, or recurring verifiable income each statement cycle.
03
15 Debit Purchases
Make 15 or more debit card purchases, which post and settle, during the statement cycle. ATM withdrawals and P2P payments (Zelle, Venmo) don’t qualify.
04
Relationship Account
Maintain a qualifying Local Bank account — Savings, CD, MMA, Scholars, or Beginner.
If you’re a current customer who would like to switch your current checking account to our Local 5 Rewards Checking Account, please click on the “Contact US” tab and submit the form. You may also email [email protected] to request the change be made. Please note your account number will remain the same.
| Account Benefits
When qualifications are met, your account unlocks the full suite of rewards — every statement cycle.
5.00% APY*
Earn on balances up to $35,000 — far above the national average.
No Monthly Fee*
Zero monthly service fee for active accounts. No minimum balance required after opening.
Earn an extra 1% APY*
When you open and maintain the minimum balance on a Local Savings account.
Free Visa® Debit Card
Contactless-enabled with nationwide ATM surcharge reimbursements, up to $40 per statement cycle.
Free Digital Banking
Mobile deposit, bill pay, and full account management at no additional charge.
Digital Wallet
Works with Apple Pay and Google Pay everywhere contactless payments are accepted.
| Simple Setup
When qualifications are met, your account unlocks the full suite of rewards — every statement cycle.
~2 Minutes
Inquire Online
Complete our online form in minutes — no branch visit needed although you can also visit any of our Local branches.
5 Minutes
Open With $100
Call or visit a Local branch to fund your account with a minimum $100 opening deposit. No minimum balance required after that.
Day 1
Set Up Qualifications
Enroll in e-Statements, set up direct deposit, and activate your Visa® Debit Card to start qualifying.
Each Month
Earn 5.00% APY*
Meet all four monthly requirements and your balance up to $35,000 earns 5.00% APY* — paid every cycle.
Each Month
Earn An Additional 1% APY*
By opening a Local Savings Account on all balances.
Each Month
Earn Up To 3.5% APY* More
By adding a Money Market account.
| Got Questions?
Everything you need to know about Local 5 Rewards Checking.
5.00% APY applies to balances up to $35,000 each statement cycle when all four monthly qualifications are met: (1) enrolled in e-Statements, (2) $1,000+ in qualifying direct deposits received, (3) 15+ debit card purchases post and settle, and (4) a qualifying Local Bank relationship account is maintained. Balances above $35,000 earn the standard rate. If qualifications are not met, the entire balance earns 0.0001% APY for that cycle.
Qualifying direct deposits must be electronic deposits from payroll, pension, Social Security, or other verifiable recurring income. Gig economy platforms such as Uber, DoorDash, and PayPal qualify. Internal bank transfers — including transfers between your own accounts — do not qualify regardless of amount or frequency.
Purchases must post and settle during the statement cycle. ATM withdrawals and P2P payment transactions such as Zelle or Venmo via debit card do not count. Standard signature and PIN-based purchases at retailers qualify.
You must maintain at least one of these with Local Bank: Local Savings Account ($100 minimum, 1.00% APY, no monthly fee), Certificate of Deposit (any term, any balance), Money Market Account, Local Scholars Account, or Local Beginner Account. Existing accounts satisfy this requirement.
There is no minimum balance on the checking account itself after opening. A $100 opening deposit is required. The $100 minimum balance requirement applies to the Local Savings Account if used as your qualifying relationship account.
Your entire balance earns 0.0001% APY for that cycle and ATM surcharge reimbursements do not apply. Qualifications reset each cycle — meet all four the following month to resume earning 5.00% APY.
When qualifications are met, all third-party ATM surcharge fees are reimbursed up to $40 per statement cycle, per the fee schedule. Use any ATM nationwide.
No monthly service fee for active accounts. A dormant account fee may apply after 12 consecutive months with no customer-initiated activity, per the fee schedule and applicable state law.
Still have questions?
| Disclosure
