4.25% Reward Checking Account at a North Carolina Bank (Asheville Savings)

Update 7/04/09: The top yield has fallen to 4.25% APY.

Asheville Savings Bank is offering a reward checking account that pays 4.25% APY for balances up to $25K (0.75% above) and refunds ATM fees if the following monthly requirements are met: 1) 10 check card transactions, 2) one direct deposit or electronic payment, and 3) receive electronic statements. If these are not met, the rate falls to 0.25%. A minimum deposit of $50 is required to open this account. There are no monthly fees or minimum balances regardless of meeting the above requirements.

Update 4/09/08: A reader reported being told that you must live within their service area to be eligible to open this account.

Branches are located in the North Carolina cities of Asheville, Black Mountain, Mars Hill, St. Marion, Hendersonville, Brevard and Candler. The bank is FDIC insured (Certificate # 29663).

Thanks to the reader who mentioned this reward checking account in the comments.

Other Reward Checking Accounts

To learn more about reward checking accounts, please refer to my High Yield Reward Checking Reviews post. 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:
07/01/09: 4.25% APY up to $25K; 0.75% over
04/09/08: 5.00% APY up to $25K
11/09/07: 6.01% APY up to $25K; 1.01% over $25K