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2.51% Reward Checking Account Available Online for SC, GA and FL Residents (First Federal)

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Update 5/17/09: The top yield has fallen to 2.51% APY. Please see bottom of the post for the rate history.

First Federal has started a reward checking account called Moolah Checking. It pays 2.51% APY on balances up to $25k (0.50% over) if the following monthly requirements are met: 1) 12 debit card transactions, 2) 2 online bill payments, and 3) receive e-statements. If these requirements are not met, the rate falls to 0.05%. The minimum opening deposit is $50. There are no monthly fees regardless of meeting the above requirements. The first order of checks is provided at no charge.

One thing different about this reward checking account is that there is no free use of other banks' ATMs (see FAQ #9). For those who just care about this account for its high yield, this may be better since more money could go into maintaining the higher interest rate rather than refunding ATM fees.

The Moolah Checking webpage states that you can open the account online or at a local branch. The first page of the online account application states that the bank is currently servicing South Carolina, Georgia, and Florida for all products. The application also states that you can fund the new account with a credit card, debit card or a US checking account.

I last reported on this bank in April when they were offering a 5.55% online CD special. They don't seem to be offering any good CD special now, but they still have a Health Savings Account with a yield up to 4.55% APY. The HSA is available to residents of any state.

The bank has branches in several cities of South Carolina including the cities of Charleston, Hilton Head, Florence, and Myrtle Beach. The bank has been FDIC insured since 1934 (Certificate # 28994).

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

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.

Rate History:
07/16/09: Online application no longer accepts NC applicants
05/07/09: 2.51% APY
01/08/09: 3.01% APY; 0.05% if req's are not met.
11/07/08: 3.51% APY
9/08/08: 4.01% APY
4/02/08: 4.26% APY
1/17/08: 5.51% APY
10/18/07: 6.01% APY; 0.10% if req's are not met (initial post)

Edit 12/30/08: APY for above $25K is now 0.50% (down from 1.00%)

  Tags: South Carolina, Georgia, checking account, reward checking account, Florida

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