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3.20% Reward Checking Account at an Arkansas Bank (The Bank of Fayetteville)

Sunday, February 10, 2008 - 6:30 PM CT by Ken - Bank Deals Guy

View current rates for The Bank of Fayetteville

Update 12/22/09: The top yield has fallen to 3.20% APY. See bottom of the post for the rate history.

The Bank of Fayetteville is offering a reward checking account called Smart Checking. It pays 3.20% APY on balances up to $50,000 (0.30% for above) and refunds ATM fees nationwide (up to $25 per month) if the following monthly requirements are met: 1) 10 check card transactions, 2) one direct deposit or ACH electronic payment, 3) receive an E-statement, and 4) sign on to online banking. If these are not met, the rate falls to 0.10%. The minimum opening deposit is $100.

There's an "Apply Now" button at the Smart Checking page which allows you to apply online. I've confirmed with the bank in February 2008 that the account is available nationwide. Also, the account is listed at CheckingFinder for any US zip codes. You can also apply at this CheckingFinder page.

Update 10/24/09: The bank now offers the Smart Savings Account that's linked to the Smart Checking Account. If you meet the Smart Checking requirements, the Smart Savings pays 1.31% APY on balances up to $50,000 (0.40% over).

In February 2008 this bank was mentioned in this Wall Street Journal article that discussed high yield reward checking accounts.

The bank has 8 offices in Fayetteville and West Fork, Arkansas. It has been FDIC insured since (Certificate # 26975).

Rate History:
12/10/09: 3.20% APY up to $50K; 0.30% over $50K; 0.10% base
03/17/09: 3.50% APY up to $50K; 0.40% over $50K
02/10/09: 4.00% APY up to $50K; 0.50% over $50K; 0.15% if requirements not met
11/02/08: 4.00% APY (1/13/09: had been listed as 4.01%)
05/15/08: 4.51% APY
02/10/08: 5.01% APY up to $50K; 1.01% over $50K; 0.20% if requirements not met

Tags: rc50k, The Bank of Fayetteville, banks, Arkansas, checking accounts, rcnationwide, rewards checking accounts

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In order by popularity, then date posted.

Anonymous - #1, Sunday, February 10, 2008 - 6:59 PM CT

It's interesting how the majority of these Rewards Checking accounts have a cap (either $50K or $25K). I guess I got lucky that the one I signed up with, Southland Credit Union, has no cap. I hope that Southland CU won't decide to institute a cap, which would mean I would have to transfer a lot of funds out.

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Anonymous - #2, Monday, February 11, 2008 - 7:41 PM CT

Does anyone know if there is any hard pull for opening an account?

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Corey - #3, Wednesday, February 13, 2008 - 1:52 PM CT

A hard credit pull was not done to me when I opened up my account this month.

Southland Credit Union charges $10 for each ACH transfer out of the account, and limits the amount to $5,000 maximum per transfer.

They do not charge anything for incoming ACH transfers and there is no limit to the amount, just a $10 minimum.

As of February 13th, 2008, there still is no balance cap, but I expect that since 99% of these types of rewards accounts have a cap, Southland Credit Union will have to institute a balance cap.

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Anonymous - #4, Tuesday, July 15, 2008 - 2:12 PM CT

Do you guys get the highest interest rate with no problem?
I just received my 2nd month statement (1st month was the grace months earning the highest interest rate), and it shows my account was NOT qualified for the highest interest rate because all of the purchase transaction I did last month were done based on “debit” card (with pin#). I called the bank, and was told all purchase transactions should be done based on “credit” to be qualified for the highest interest rate, which should be sort of “signature based” transaction. This is not mentioned in the web site, and I am wondering if any of you also encountered such confusion???
Thanks for helping!

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Banking Guy - #5, Tuesday, July 15, 2008 - 5:13 PM CT

Sorry to read of this problem. Some banks do require only the credit option. Usually the website specifically describes this. As you mentioned, this website does not make this distinction.

The credit option can be chosen by selecting credit when you use your debit card. If it doesn't give you an option, you can usually select cancel. You'll then pay without using your PIN. This should go through as credit rather than debit.

Banks make a little more from the transaction when you use the credit option so that's why some require this.

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3.20% Reward Checking Account at an Arkansas Bank (The Bank of Fayetteville)

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