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2.25% Reward Checking Account at a Missouri Bank (Champion)


Champion Bank
Update 5/17/09: The top yield has fallen to 2.25% APY. See bottom of post for the rate history.

Champion Bank has a reward checking account called the Champion Checking. The yield is 2.25% APY on balances up to $25K. Over that amount the yield is 1.50% APY (see rate page). The minimum deposit is $100. The high rate has the typical reward checking account requirements which include: 10 debit card transactions per month, one Direct Deposit or automatic payment transactions and the receiving of e-statements. If these conditions are not met, the rate falls to 0.51%. There are no fees or minimum balance requirements regardless of meeting these conditions. The minimum opening deposit is $100. Other nice perks include the automatic reimbursements of any ATM fee in the world and free checks for life.

The main branch is located in Creve Coeur, Missouri which is in the suburbs of St. Louis. It's a new bank that was just established in 2006. The bank has been a FDIC member since 2006 (FDIC Certificate # 58362).

Update 9/14/08: I've contacted the bank, and I was told that this account can be opened by mail. Below is the message I received from the bank:
Yes, Champion Bank is able to open an account for a customer residing anywhere in the United States. Once the application has been submitted, you will be contacted, and a request will be made for two forms of identification for each signer, as well as a check for the deposit. The account will not officially be opened until the funds have been received.

For other high yield reward checking accounts, please see my High Yield Checking Website.

Thanks to Jay who mentioned this checking account in the finding deals post.

Rate History
05/14/09: 2.25% APY up to $25K
04/16/09: 2.50% APY up to $25K
02/24/09: 2.75% APY up to $25K
01/02/09: 3.00% APY up to $25K
12/08/08: 3.35% APY up to $25K
11/02/08: 3.85% APY up to $25K
09/11/08: 4.35% APY up to $25K, 1.50% APY for above
05/31/08: 2.51% APY up to $25K
03/31/08: 2.76% APY up to $25K, 1.51% APY for above
10/27/07: 4.51% APY up to $25K
??/??/07: 5.01% APY up to $25K
05/13/07: 6.01% APY up to $25K, 4.51% APY for above

  Tags: Champion Bank, Missouri, checking account, reward checking account

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Comment #1 by Chad (anonymous) posted on
Has anyone tried this account yet? I live in STL and was thinking about the Charles Schwab account, but this looks better. The one major question I have for them is the 10 Debit transactions a month. At the counter of the store when they say debit or credit, I am assuming the bank wants you to use Debit, which can incur fees with some accounts?

Comment #2 by Listless Lawyer (anonymous) posted on
Listless Lawyer
The rate appears to be down to 2.67% according to their website.

Comment #3 by Anonymous posted on
As of 2/24/09 the top rate has dropped to 2.75% APY.