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4.01% Reward Checking Account at a Kansas Bank (Bank of Blue Valley)

POSTED ON BY

Bank of Blue Valley
Update 9/19/09: The top rate has fallen to 4.01% APY.

Bank of Blue Valley is offering a reward checking account it calls Performance Checking. You can earn 4.01% APY on balances up to $25k if you make at least 12 signature-based debit card transactions per month and either one direct deposit or ACH auto debit per month. If you don't meet these requirements, the yield is 0.25% APY. The yield on balances over $25K is 0.85% APY. Meeting the requirements also gives you free ATM refunds up to $25 per statement. There is no minimum balance to open the account, and there are no monthly fees regardless of meeting the requirements.

Update 1/25/09: The bank is no longer making this account available nationwide. A banking rep has stated in an email that new customers are required to come into a branch to open an account. The account is still listed at CheckingFinder.com, however, it's only shown for zip codes near their branches.

Update 6/2/08: This account is now available nationwide, and it can be opened online. Here is what I received from the bank today:
You will need to go through the Checkingfinder.com online application to open our Performance Checking Account. Once your application is reviewed and approved you will receive an email from bankbv.com with further instructions about your debit card, online banking and the account requirements. A Welcome Kit will be mailed to you containing Signature Cards.
Here is the link to its Checkingfinder.com page.

Branches are located in the Kansas City suburbs in the towns of Leawood, Overland Park, Shawnee, Olathe and Lenexa. The bank is FDIC insured (FDIC Certificate # 32772).

For other high yield reward checking accounts, please see my summary of the best checking accounts.

Thanks to the reader who emailed me info on this deal.

Edit 3/4/09: Added signature-based requirement as part of debit card transactions.

Rate History:
09/17/09: 4.01% APY up to $25K; 0.85% over $25K; 0.25% base rate
05/21/09: 5.01% APY up to $25K; 0.85% over $25K; 0.35% base rate
05/10/07: 5.51% APY up to $25K; 1.25% over $25K; 0.51% base rate
  Tags: Kansas, checking account, Bank of Blue Valley, reward checking account

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Comments
9 comments.
Comment #1 by Anonymous posted on
Anonymous
I thought the girl shown in the promo PDF only worked for City National Bank of Taylor (http://www.cnbt.com/free-reward-checking-p-4.html). Wow, she must be a good bank teller to be working at two different banks!

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
You have a good memory. That is the same lady).

Some nice added perks include free first box of checks and the 5.51% will be earned the first month regardless of meeting the 2 requirements.

1
Comment #3 by Anonymous posted on
Anonymous
I just opened this account, and got a Hard Pull.

1
Comment #4 by Recovering Intellectual (anonymous) posted on
Recovering Intellectual
Bankrate.com gives Blue Valley two stars, "Below peer group".

1
Comment #5 by Anonymous posted on
Anonymous
Please clarify: debit card signature-based transactions...

1
Comment #6 by Anonymous posted on
Anonymous
Bank of Blue Valley reward checking reward rate cut from 5.51% to 5.01%, and over 25k rate cut from 1.25% to 0.85%. (effective 5/21/2009)

Thanks to member Atlanta Wolf who posted the above info under comments at Bank Deals...

2
Comment #7 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Down to 4.01% (new cycle started yesterday).

Same 0.85% over 25k, and 0.25% base rate if requirements aren't met.

1
Comment #8 by Anonymous posted on
Anonymous
Quite a drop.

The 5% offers are dropping like flies. Soon the 4.5% shall be the top rate, then the 4% APY...

1
Comment #9 by Anonymous posted on
Anonymous
Bank of Blue Valley entered into a Written Agreement with the Feds on 11/4/09. They join the Unoffical Problem Bank List kept by private blogger at CalculatedRiskBlog.com. Bank of Blue Valley's Written Agreement can be viewed on a spreadsheet at the site.

1