Checking Accounts in Carmel: Earn 4.05% APY - 1st Source

Ideal for:

  • Households or professionals who maintain $50,000+ in cash for flexibility (taxes, projects, travel, big purchases).
  • Savers who want one account that earns and spends.
  • Anyone who’s been parking CD money but wants easier access without giving up yield.
  • Money Market account owners who are tired of limited transactions and want full checking functionality.

Why choose this over a CD or Money Market?

Keep your freedom

CDs tie up your money, but this account keeps it in your hands.

  • No lockups, no early withdrawal penalties. Move money when you need it—pay bills, transfer, or spend on your debit card without breaking a term or paying a fee.
  • Stay opportunistic. If markets move or a purchase pops up, you don’t have to wait for a CD to mature.

Day-to-day usability

Money Markets limit access, while this is true everyday banking.

  • Full checking functionality. Debit card, Bill Pay, and direct access to cash.  Your “high-yield” money is also your “ready-to-use” money.
  • Fewer hoops. No juggling separate savings/MMAs for yield and checking for spending: consolidate and simplify.

Earn more on the cash you keep handy

If you regularly maintain $50,000+, this account lets your reserve cash pull its weight at 4.05% APY without sacrificing convenience.

Perks designed for everyday life

ATM fee rebates (limits apply), monthly service fee waived with qualifying balance, and powerful digital tools to manage your money.

Stay flexible as rates shift

Interest rates move. CDs lock you in, but this checking account helps you capture today’s opportunities while allowing you to pivot as your plans change.

What you get beyond the rate

  • Use your debit card and mobile tools for daily spending—no extra steps moving money around.
  • Get ATM fee rebates* once your account hits the eligibility mark.
  • Skip monthly service fees when you keep the minimum daily balance.
  • Stay protected with Zero Liability, card on/off controls, and free credit score monitoring in the app.
  • Count on real people at 70+ local branches for in-person support when you need it.
  • FDIC insured up to applicable limits.

Ready to earn 4.05% APY with everyday flexibility?

Apply today

Disclosures & important info

This account features a tiered, variable-rate structure in which the amount of the balance within each tier earns interest at that tier’s rate. Balances between $0.01 and $25,000 will earn an Annual Percentage Yield (APY) of 0.11%; balances between $25,001 and $49,999 will earn an APY of 0.19%; and balances of $50,000 or more will earn the promotional APY of 4.05%, rate effective until 12/31/2025. Rates are subject to change at the discretion of the institution at any time after promotional period. Account opening is subject to credit approval. To qualify for the promotional rate, deposits must consist of “new money,” defined as funds not currently held at 1st Source Bank. This offer is available only at participating banking centers in the Indianapolis region and is not valid for business accounts. The promotional rate will be applied manually following account verification and confirmation.

The minimum opening deposit is $5,000. A $3 paper statement fee applies unless the account holder enrolls in electronic statements or maintains the minimum daily balance of $5,000. Accounts must maintain a minimum daily balance of $5,000 to avoid a monthly maintenance fee. These fees may reduce earnings on the account. Additional terms and conditions may apply. For complete details, contact your local banking center or call 1-800-513-2360.

*After the account has been open for 90 days, 1st Source Bank will reimburse fees charged for the use of non-1st Source ATMs up to four (4) times per 12-month period the account is open.