Spurred by consumer demand and rising interest rates, Middleburg Bank has launched a 4% interest checking product called "Money Matters Checking."

You might have seen the ads featuring Joe Boling, President and CEO of Middleburg Bank. The headline reads, "Proof Positive That A Community Bank Can Be Friendly. Personal. Neighborly. And Fiercely Competitive." Next to the headline in bold type is the "4% Money Matters Checking" offer. Chuck Wilson, Middleburg Bank Executive Vice President of Retail Banking and Marketing says the offer is one of the most aggressive in the market. "When we introduced this product in August, we couldn't find a product that matched it. I still haven't seen one that beats it."

A second ad touting the liquidity of the account and the fact that it pays an interest rate better than many CDs will launch this week.

According to Wilson, the checking product was developed at the urging of bank clients who wanted a great interest rate but didn't want to tie their money up in a CD or put it in the market. "We've seen unprecedented demand for high yield money market instruments in the last six months. People are uncertain about the economy and many think interest rates will continue climbing. With our 4% checking, they're earning a great rate while they wait for a more definite market signal."

The name of the account, "Money Matters Checking", was inspired by the bank's new theme line, "We Know Money Matters."

Money Matters Checking requires a $10,000 minimum daily balance and pays 4% interest on balances exceeding $20,000 up to $1,000,000. The account is FDIC insured up to $100,000.