Frugal Habits: Get the most for your money!

Provident Smart Checking promises a 5.01% APR interest rate (up to $25,000) on their free checking account!

This seems like a great rate, and you have to meet 3 simple requirements to get it.

1. Make 10 POS transactions with your Visa Debit card per statement period.  These are the signature based transactions
2. Receive one Direct Deposit or one automatic ACH debit per statement period.
3. Receive online statements.

If you don't meet the requirements, you still earn a 0.25% APR interest rate.  If you have a balance of more than $25,000 you earn 2% APR


Now, I have never used this product. I don't know if there is a catch.  I would sign up, but I don't get direct deposit.  Has anyone used this? Is it too good to be true?  Please don't take this post as a reccomendation to sign up, and read all the associated literature!