Update 6/01/11: The top rate has fallen to 2.55% APY. Refer to the bottom of the post for the rate history.
Coulee Bank has a Reward Checking Account that pays 2.55% APY for balances up to $25K (0.30% for over) and refunds ATM fees (up to $20/month) if the typical monthly reward checking requirements are met: 1) 10 debit card point-of-sale transactions, 2) one direct deposit or one auto debit, and 3) receive electronic statements. If these are not met, the rate falls to 0.10%. There are no minimum balance requirements or monthly service charges regardless of meeting the above requirements. The minimum opening deposit is $50.
Update 6/1/11: Coulee now only accepts Free Rewards Checking applications from applicants residing in the states of Wisconsin, Minnesota, and Iowa.
Update 4/30/08: I received confirmation from the bank that accounts can be opened online without a branch visit.
Branches are located in La Crosse and Onalaska, Wisconsin. The bank is FDIC insured (FDIC Certificate # 18361).
Thanks to the reader who emailed me info on this checking account.
Other Reward Checking Accounts
For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.
- 06/01/11: 2.55% APY up to $25K
- 04/01/11: New accounts limited to WI,MN & IA
- 11/01/10: 3.03% APY up to $25K; 0.30% over
- 02/01/10: 3.33% APY up to $25K
- 07/01/09: 4.04% APY up to $25K; 0.51% over; 0.10% base12/01/08: 5.01% APY
- 08/01/07: 6.01% APY up to $25K; 1.01% over; 0.30% base