3.01% Reward Checking Account at a North Carolina Bank (CommunityOne)

Update 12/16/09: The top yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

CommunityOne Bank is offering a reward checking account called CheckingOne that pays 3.01% APY for balances up to $25,000 (1% for over) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card purchases, 2) one direct deposit, one auto ACH debit or one online bill payment, and 3) receive E-statements. If these are not met, the rate falls to 0.10%. There are no monthly fees or minimum balance requirements.

The bank doesn't seem to list the details of this checking account on its website. There's just a quick overview on the front page. A reader emailed me info on this, and I just called and verified that they're still offering 5.01% APY. Like many other reward checking accounts around the nation, this bank recently cut the rate. It used to be 5.51% APY. The banking rep said there's a good chance of further cuts in the future, but it should remain competitive.

A branch visit is required to open this account. Branches are located through out Central North Carolina. Some of the cities with branches include Burlington, Hickory, Belmont, Dallas and Greensboro. The bank is a member FDIC (Certificate # 4879).

Thanks to the reader Khun who emailed me info on this bank.

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:
12/16/09: 3.01% APY
12/10/08: 4.01% APY, 0.10% if requirements are not met
02/01/08: 5.01% APY, 0.25% if requirements are not met (initial post)

Tags: North Carolina, CommunityOne Bank, checking account, reward checking account