Dedicated to Deposits: Deals, Data, and Discussion

1.81% Reward Checking Account at a Florida Bank (Premier)

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Premier Bank

Update 2/05/2010: The top yield has fallen to 1.81% APY. Refer to the bottom of the post for the rate history.

Premier Bank is offering a rewards checking account with a yield of 1.81% APY on balances up to $50,000 (0.89% on over $50K). This rate and ATM refunds require the typical rewards checking monthly conditions: 10 check card transactions, 1 direct deposit or pre-authorized electronic payment and online E-Statements. If these are not met, the rate falls to 0.11%. The account has no minimum balance requirements.

Branches are located in Tallahassee and Quincy, Florida. The bank has been FDIC insured since 1995 (FDIC Certificate # 33992).

For other rewards checking accounts, please see my summary of the best checking accounts.

Rate History:
02/05/10: 1.81% APY for up to $50K, 0.89% over, 0.11% base
06/17/09: 3.01% APY for up to $50K, 1.01% APY for above, 0.11% APY base rate
05/03/09: 3.01% APY for up to $50K
04/05/08: 3.51% APY for up to $50K, 1.01% APY for above, 0.21% APY if requirements are not met
04/18/07: 6.01% APY for up to $50K, 1.51% APY for above, 0.51% APY if requirements are not met


  Tags: Premier Bank, checking account, reward checking account, Florida

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
I would not recommend it all. They are truly horrible. Like others, I opened an account for the high interest. I asked some questions through email about adding a beneficiary and how safe their online banking was. They called me at my work number since that was more easy for them. I was reprimanded at work for being called by my bank. People at my work place thought I was in high debt, not to mention the fact they were blocking up the office line by calling me(and my tasks involved may phone calls to my company's business clients). I was told by my supervisor to get my phone number removed and when I asked them politely to remove my work phone number from their records they responded by closing my account and charging me a fee of 30$ as my account was less than 6 months old. Worst of all, their interest cycle runs from 22nd to 20th of each month. They decided to close it, did not me inform me at all, sent me on 10th a letter and check deducting the 30$ early closing charge and not giving me the interest from 22nd to 10 which for my balance of 43K(on a 5.837%APR) was about 7 per day or about 140$. Worst of all banks I have ever had. The regulatory officer of that bank along with other Senior Vice President are very rude and shady people. When I went to deposit a check 20 days before they closed my account, they told me they cannot deposit it. When I was shocked and asked why, they told me I had to talk to the Regulatory officer of the bank. I became suspicious and cancelled all my recurring payments from that account. Calling that **** officer several times at the number they gave me led me nowhere. Finally, I got her cell phone number when I told them I will complain to FDIC, Better Business Bureau and Local office which issues businesses licenses. The regulatory officer at first did not want to reveal anything. When I told her also I will complain to FDIC, Better Business Bureau and Local office which issues them licenses she finally told me they will be closing my account as they were not earning money out of me. Being a local bank, they thought most people would come for the 6.01 APY, not fulfill the conditions hence they would attract new funds, without having to pay any interest. When I fulfilled the terms they were livid and closed it for a flimsy reason that I want my phone number removed. Their terms state they can close your account any time for no reason. I would not recommending anyone to open an account there. All the people from Regulatory officer to Senior Vice President to Vice President to Personal Banker are indeed very rude and unfriendly. The problem is they are a business(with lot of legal and muscle power) and I was an individual. Complaining to the Better Business Bureau and Office which issues licenses caused me more issues. A week after I did, I started receiving anonymous harrassing phone calls at work and home as well as anonymous notes to withdraw my complaint or face dire consequences. I did not want to risk my life for about 140$ interest and 30$ late fee, so I did. I knew going to police might have helped me, but without substantital evidence, I doubt they could have done anything.
A pity though their salaries came through my funds they wanted to abuse me.

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Comment #2 by Anonymous posted on
Anonymous
If the requirements are not met, the base rate is 0.21% APY.

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Comment #3 by Anonymous posted on
Anonymous
Top rate has fallen to 3.01% APY. Other rates remain same.

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