Update 7/26/09: The top yield has fallen to 3.00% APY. See bottom of post for the rate history.
Wilson Bank and Trust is offering Reward Checking with a 3.00% APY on balances up to $50,000. Like the typical rewards checking account, the main requirement to obtain the high rate is 10 check card transactions per month. In addition, it requires direct deposit or ACH auto debit, access online banking and receiving e-statements. If these conditions aren't met the rate falls to 0.5%. Meeting these conditions also qualifies the customer to unlimited and automatic ATM refunds. The checking account has no minimum balance or monthly fees. Although ACH auto debit can be used instead of direct deposit as part of the requirements, online bill pay requires direct deposit to be free.
Branches are located in several Tennessee cities in areas east of Nashville. Accounts can be opened online for those in Tennessee. However, the Reward Checking is not included in the "Type of Account" field. Please call to see if they require a branch visit.
The bank has been FDIC insured since 1987 (FDIC Certificate # 26962).
For other rewards checking accounts and to learn more about these accounts, please see my High Yield Checking Website.
07/20/09: 3.00% APY per email from CSR
01/30/09: 3.04% APY Rates are no longer listed on website. Received new rate by emailing bank.
12/30/08: 3.51% APY
06/23/08: 4.00% APY
12/02/07: 5.75% APY
04/16/07: 6.25% APY for up to $50K
Edit 7/18/09: Updated reward checking URL