3.90% Reward Checking Account at an Iowa Bank (MidWestOne)

Update 7/18/09: The top yield has fallen to 3.90% APY. See bottom of post for the rate history.

MidWestOne Bank has started a reward checking account called Power Checking that pays 3.90% APY for balances up to $25,000 (0.75% for above) and refunds ATM fees (up to $25/cycle) if the following monthly requirements are met: 1) 10 signature-based debit card transactions, 2) one direct deposit or ACH auto debit and 3) receive E-statement. If these are not met, the rate falls to 0.05%. The minimum opening deposit is $100, There are no minimum balance requirements.

It appears they require a branch visit to open accounts. Branches are located in several Iowa cities including Cedar Falls, Davenport and Burlington. The bank has been FDIC insured since 1934 (Certificate # 14197).

Other High Yield Reward Checking Accounts

Please see my reward checking overview for general information and a history of these reward checking accounts. For other reward checking accounts please see my list of reward checking accounts around the nation and the best checking account post.

Rate History:
10/30/09: 3.90% APY up to $25K, 0.75% for above
07/10/09: 3.90% APY up to $25K, 0.90% for above
06/26/09: 4.00% APY up to $25K, 1.00% for above
05/21/09: 4.00% APY up to $25K, 1.25% for above
04/06/09: 4.25% APY up to $25K, 1.50% for above
03/09/09: 4.50% APY up to $25K, 1.75% for above; 0.05% on non-qualifying balances
01/09/09: 4.50% APY up to $25K, 1.75% for above
11/07/08: 5.00% APY up to $25K, 2.00% for above
09/28/08: 5.25% APY up to $25K, 2.00% for above
01/29/08: 6.01% APY up to $25K, 2.50% for above; 0.25% on non-qualifying balances

Edit 06/25/09: Added signature-based requirement for debit card transactions
Edit 12/30/08: Updated bank's URL

Tags: Iowa, MidWestOne Bank, checking account, reward checking account