Dedicated to Deposits: Deals, Data, and Discussion

3.01% Reward Checking Account at a Minnesota Bank (First National Bank of Henning)

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First National Bank of Henning
Update 2/22/09: The top yield has fallen to 3.01% APY. See bottom of post for the rate history.

First National Bank of Henning is offering a reward checking account that pays 3.01% APY on balances up to $25K (1.01% for over) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) receive electronic statements, and 3) access online banking. If these requirements are not met, the rate falls to 0.25%. There are no minimum balance requirements, but a minimum deposit of $100 is required to open the account.

There's no online application, but I called to see if they might allow applications by mail. The customer service rep said they prefer branch visits, but they can open accounts by mail from people out-of-state. Note, these policies often change at small banks. Their toll-free number is 866-531-5253. Branches are located in the Minnesota cities of Henning, Ottertail and Battle Lake. The bank is FDIC insured (Certificate # 5162). It's a small bank with $82.7 million in assets, $69.2 million in deposits and 24 employees based on 6/30/07 data.

Thanks to the reader who emailed me info on this reward 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.

Rate History:
02/19/09: 3.01% APY
01/07/09: 4.01% APY
07/25/08: 5.01% APY
11/27/07: 6.01% APY
  Tags: Minnesota, First National Bank of Henning, checking account, reward checking account

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Comments
3 comments.
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
Received this comment today regarding the rate drop from 6.01% to 5.01% APY.

1
Comment #2 by Anonymous posted on
Anonymous
The top rate is showing as 4.01% APY.

1
Comment #3 by Anonymous posted on
Anonymous
The top rate is showing as 3.01%.

1