First Commercial Bank of Florida is offering a reward checking account that pays 2.00% APY on balances up to $250,000 (0.40% for above).
There's a $100 minimum to open, but there are no minimum balance requirements after it's opened and no monthly fees. It also has no ATM fees. The catch is that you're required to make at least 10 debit card transactions per month, one direct deposit per month, one internet banking login per month and receive E-statements. These are required to earn the top yield. Without this, the interest rate falls to 0.40%, but no fees are added.
The bank rep said that you must come into the branch to open this account. You may be eligible even if you live outside of Florida. Branches are located throughout Central Florida in the cities of Orlando, Kissimmee, Winter Garden, Lake Mary, St. Cloud, Winter Park and Edgewood. The bank is FDIC insured (Certificate # 34965).
Thanks to the FW member smokrockz who started the FW thread on this new checking account.
Edit 12/07/09: Added link to the new reward checking page on the bank's website. Also, made updates to reflect info on that page. Yield still 2% APY.
07/13/09: 2.00% APY
01/11/09: 2.25% APY
11/17/08: 2.74% APY
03/27/08: 3.50% APY
02/25/08: 4.00% APY
11/27/07: 4.86% APY
03/26/07: 5.64% APY (initial post)