Rewards Checking, the interest-bearing program becoming more popular among banks and credit unions, now has a 3.3% average rate, according to Bankrate Inc., the Florida online research firm.

But when minimums are missed on the account, the average default APY is 0.16%, which is "significant," said Bankrate in releasing the conclusions of a new study, the first of its kind for the North Palm Beach firm to assess trends on the high yield offering.

The firm also found the balance cap for earning the high APY was, most commonly, $25,000.

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