4.07% Checking Account at a Texas/Arkansas Bank

Bank of Ozarks is offering a checking account paying 4.07% APY with a $1K minimum deposit. It's called the MaxYield Checking Account. There's a $12 monthly service charge if the balance falls below $1K. The first order of personalized checks is free. The 4.07% yield is not listed at the bank's website. It was advertised in yesterday's Dallas Morning News. The ad is available online here.

The bank has branches in Texas, Arkansas and one branch in Charlotte, North Carolina.

There are other high yield checking account offers but most require direct deposit. These include Presidential's 4.50% checking, Meadows's 4.33% checking and City National Bank of Taylor's 4.03% checking. Everbank still has its 5.51% 3-month intro rate for its checking account, however, after the first 3 months, this goes down to 3.01% for balances under $10K. As I reported on last week, Third Federal has a 4.50% APY checking account for balances of over $5K and has no direct deposit requirements.