Update 9/10/10: The top yield has fallen to 3.01% APY. Refer to the bottom of post for the rate history.
Ouachita Independent Bank has a reward checking account that pays 3.01% APY on balances up to $25K (0.51% over) and refunds ATM fees if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit, and 3) E-statements. If these requirements are not met, the rate falls to 0.05%. The minimum deposit to open is $100. There are no monthly fees regardless of meeting the above requirements.
Update 12/8/10: The bank is now limiting this account to residents of LA, TX, AR and MS. I was told they may open it back up in 2011.
Updates 8/13/08: It appears that accounts can be opened online by people in any state. I was told you can apply online at this CheckingFinder page. This bank does show up when you search at CheckingFinder using any zip code zip codes in LA, TX, AR and MS.
Branches are located in the Louisiana cities of Monroe, Bastrop, Bossier City and Shreveport. The bank is FDIC insured (FDIC Certificate # 34332).
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.
- 09/10/10: 3.01% APY up to $25K; 0.51% over; 0.05% base rate
- 12/06/08: 4.01% APY
- 06/11/08: 5.01% APY
- 08/24/07: 6.01% APY up to $25K; 1.01% over; 0.10% base rate
Edit 12/30/08: APY if requirements are not met has fallen from 0.25% to 0.10%.