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


MidWestOne Bank
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

Related Pages: Iowa, MidWestOne Bank, checking account, reward checking account

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Comment #1 by daysha (anonymous) posted on
THANKS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! That's exactly what I was waiting for-- a decent rewards checking account in my area. MUCH THANKS!

Comment #2 by Anonymous posted on
Bank Iowa offers a similar reward checking account. 5.51% apy.

-10 debit card transactions
-one direct deposit or ACH
-electronic statement

for more info:

Comment #3 by Anonymous posted on
Please update the link the the banks's online address. The flash is OK.

Comment #4 by Anonymous posted on
As of 1/9/09 the yields are: 4.5% APY up to $25K; 1.75% APY over $25K; base rate remains same.

Comment #5 by Anonymous posted on
Base rate (if do not meet qualifications) is 0.05%.

Comment #6 by Anonymous posted on
Top two tiers have fallen to: 4.25% APY and 1.50%. Base rate same.

Comment #7 by Anonymous posted on
Requirement 1, revise: 10 signature-based VISA check card transactions (or purchases).