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

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Asheville Savings Bank
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
  Tags: North Carolina, Asheville Savings Bank, checking account, reward checking account

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Called the bank to get some additional information about the account and told them where I was from. A few days later, I went in person to open the account and they turned me down because I was not in their service area. Why did they not tell me this on the phone and save me the 2 hour trip? The people are nice, but I am very MAD at this bank. I say NO DEAL to this one. It stinks since high rates are hard to find in NC!

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to read how this bank wasted your time. They're not a credit union so there was no reason they couldn't make an exception for you especially after they gave you the okay on the phone.

1