Heritage Community Bank has a reward checking account that pays 3.51% APY on balances up to $25,000 (1.01% above $25K) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card point of sale transactions, 2) one direct deposit or ACH auto debit, 3) access online banking, and 4) receive electronic statements. If these are not met, the rate falls to 0.25%. The minimum initial deposit is $50. There are no minimum balance requirements or monthly service charges regardless if the above requirements are met.
It appears that a branch visit is required to open an account. The bank is located in Randolph, New Jersey. It's a small bank that was just established in 2006. It's FDIC insured (Certificate # 58213).
Other High Yield Reward Checking Accounts
For more information on reward checking accounts, please refer to one of these posts: reward checking overview, list of reward checking accounts around the nation, and the best checking account post.
07/31/09: 3.51% APY up to $25K
01/30/09: 4.01% APY up to $25K
02/11/08: 5.01% APY up to $25K
12/26/07: 6.01% APY up to $25K