​​Get an Incredible 5.45% APY When You Open a Checking and Savings Account at This Bank

Online bank UFB offers one of the best rates on a high-yield savings account that you'll find -- 5.25% APY on the UFB Secure Savings Account. And while this APY is already competitive, UFB is giving its clients a chance to earn an extra 0.20% on their savings when they link a UFB Freedom Checking account and meet certain requirements. If you'd like to earn 5.45% on a combined checking and savings, here's how you can snag this lucrative deal.

You must meet three requirements to get the full boost

First off, to activate this offer, you'll need to combine a UFB Freedom Checking with a UFB Secure Savings Account. In practice, that entails opening both accounts and linking them together. Once you do that, you can earn up to 0.20% more on UFB Secure Savings Account balances when you fulfill the following three requirements:

• Unlock a 0.05% boost when you set up direct deposits that total $5,000 monthly.
• Unlock a 0.10% boost when you keep a daily balance of at least $10,000 monthly.
• Unlock a 0.05% boost when you make 10 approved debit card transactions per statement cycle. Transactions must be posted and cleared by the 25th of each month to count toward your total.

If you meet all three requirements above, you can earn the full 0.20% boost each month on your UFB Secure Savings Account balance. The checking account can also be combined with a UFB Secure Money Market Account, which will earn 5.45% with the promotion (5.25% normally) and comes with check-writing privileges.

While earning 5.45% APY on your savings is really competitive, I have some hesitations with the last 0.05% boost (making 10 approved debit card transactions). Because I can earn 2% to 5% on my cash back credit cards, I can easily net more rewards on my purchases than the 0.05% will yield me in interest. That said, if you prefer using a debit card, the boost might be worth the endeavor.

The rate is attractive, but higher APYs exist at other banks

Earning 5.45% on your savings is a good source of passive income. But if you can't meet the requirements, don't sweat it -- there are equally lucrative high-yield savings accounts out there with lower criteria.

For example, My Banking Direct is currently offering one of the highest rates we've found for a free savings account on the market, if not the highest. Right now, you can earn 5.55% on any balance with the bank's High Yield Savings Account. The account has no fees, but requires a $500 deposit to open. If you can meet that, you can earn 5.55% on your savings without further requirements to maintain it.

Keep in mind that rates on savings accounts are variable and will likely fluctuate in the future. If you think interest rates might fall later this year -- which would be in line with many experts' predictions -- you might be better off opening a certificate of deposit (CD). CDs have fixed interest rates and can freeze current rates for the duration of their terms. They also come with early withdrawal penalties, which make them ill-suited for those who need their savings in the near future.

All in all, earning 5.25% to 5.45% APY on your savings is still much higher than what's offered by many national banks. If you're in the market for a checking and savings account -- and you don't mind online banking -- UFB could offer you one of the best bangs for your buck. Snag the offer while you can still earn high interest, or check out other high-yield savings accounts for potentially more lucrative earnings.