Sutton Bank is offering a reward checking that pays 3.51% APY on balances up to $25,000 (1.01% for over) and refunds ATM fees (up to $5/transaction) if the following monthly requirements are met: 1) 11 check card transactions, 2) one monthly direct deposit or ACH auto debit, and 3) receive your statements electronically. If these are not met, the rate falls to 0.15%. It has a minimum initial deposit of $100, but it has no minimum balance requirements or maintenance fees.
There's an online application button at the reward checking page. However, the first page of the application states that new account applications are restricted to residents of Ohio, Michigan, Indiana and Kentucky.
Update 8/07/09: The bank now offers a rewards savings account that pays 2.25% APY on all balances. To receive this rate you must have a reward checking account and meet its monthly requirements. If the monthly reward checking requirements are not met, the rate falls to 0.25%.
Branches are located in several cities of Ohio. The bank has been FDIC insured since 1934 (Certificate # 5962).
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.
08/03/09: 3.51% APY. Added 2.25% reward savings. WV is no longer included in allowed states.
12/31/08: 4.01% APY
03/31/08: 4.51% APY
02/13/08: 5.51% APY