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2.50% Reward Checking Account at a Rhode Island Bank (NewportFed)

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NewportFed
Update 10/04/09: The top yield has fallen to 2.50% APY. Refer to the bottom of the post for the rate history.

NewportFed is offering a reward checking account called e-Loop Checking that pays 2.50% APY on balances up to $50,000 (1% for over) and refunds ATM fees if the following monthly requirements are met: 1) 10 Visa check card transactions, 2) one direct deposit or one ACH auto transaction, and 3) receive electronic statements. If these are not met, the rate falls to 0.10%. The minimum opening deposit is $50. There are no monthly service charges or minimum balance requirements.

At the bottom of the e-Loop Checking webpage, it states that "NewportFed will only accept deposits from the market areas contiguous to our branch locations." Branches are located in the Rhode Island cities of Newport, Middletown, Wakefield and Westerly. The bank is a member FDIC (Certificate # 30626).

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:
09/30/09: 2.50% APY
05/30/09: 3.10% APY
03/24/09: 4.15% APY
12/22/08: 4.50% APY
12/12/08: 5.00% APY
06/04/08: 5.51% APY
01/20/08: 6.01% APY (initial post)

  Tags: Rhode Island, NewportFed, checking account, reward checking account

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Top rate is now 4.5% APY as of 12/22/08. Other rates remain same.

2
Comment #2 by Anonymous posted on
Anonymous
Top rate dropped to 3.10%

1
Comment #3 by Anonymous posted on
Anonymous
Top rate dropped, now 3.10% 5/30/09

1
Comment #4 by Anonymous posted on
Anonymous
Rate is now 2.5%. Not sure when this started.

1