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High-Yield Reward Checking Account at a Tennessee Bank (FirstBank)

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Update 2/24/11: The top yield is scheduled to fall to 3.00% APY effective 3/1/11. Refer to the bottom of the post for the rate history.

FirstBank is offering a reward checking account it calls FirstReward Checking (see pdf). With the typical reward checking requirements, you can earn 3.00% APY on balances up to $25K (0.55% over). Those monthly requirements include: 10 check card transactions, Direct Deposit or at least one ACH credit or debit, access online banking and receiving electronic statements. If these requirements are not met, you earn only 0.05% on your balance. Unlike most other reward checking accounts, this one will refund all domestic ATM fees regardless of meeting the requirements. Also there are no monthly fees regardless of meeting these requirements. The minimum opening balance is $0.

This looks to be a local deal that requires a branch visit. Branches are located in several Tennessee cities including Jackson, Knoxville, Lexington, Memphis and Nashville. The bank is FDIC insured (FDIC Certificate # 8663).

Thanks to SlickDeals member SterlingMist who posted on this in this SD thread.

Other Reward Checking Accounts

The 6.17% APY and the no-requirement ATM refund policy make this better than the average reward checking account. Perhaps they're competing with Wilson Bank and Trust which is also in Tennessee. I reported on their reward checking in April. It offers 6.25% APY on balances up to $50K (see post). Hopefully, we'll continue to see higher rates on these reward checking accounts as competition grows. For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:

  • 03/01/11: 3.00% APY for up to $25K
  • 06/24/10: 3.30% APY for up to $25K, 0.55% APY for above, 0.05% base rate
  • 01/04/10: 3.82% APY for up to $25K, 0.75% APY for above, 0.20% base rate
  • 03/31/08: 4.07% APY for up to $25K, 0.75% APY for above
  • 06/26/07: 6.17% APY for up to $25K, 1% APY for above


Edit 12/30/08: Added rate history and corrected rate for above $25K.

  Tags: Tennessee, checking account, FirstBank, reward checking account

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Comments
3 comments.
Comment #1 by Timothy (anonymous) posted on
Timothy
Rate is down to 4.07 APY now.

1
Comment #2 by Anonymous posted on
Anonymous
Along with the 4.07% APY top yield goes 0.75% APY for amounts over $25K.

1
Comment #3 by Anonymous posted on
Anonymous
Rate decreased to 2.53% APY in Jan statement without any notice.

1