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3.51% Reward Checking Account at Sutton Bank Available in OH, MI, IN and KY


Sutton Bank
Update 8/07/09: The top yield has fallen to 3.51% APY. Refer to the bottom of the post for the rate history.

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.

Rate History:
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

  Tags: Indiana, Michigan, Sutton Bank, Kentucky, West Virginia, Ohio, checking account, reward checking account

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Comment #1 by Wish Capcha Was Clearer Sometimes (anonymous) posted on
Wish Capcha Was Clearer Sometimes
Does anyone know why almost all of the banks and credit unions place a balance cap of either $25,000 or $50,000 on these rewards checking accounts?

I am asking because I am worried. I have a rewards account in one of the very few credit unions that have no cap on their rewards checking account. So of course, I am worried that any day now they will change to a balance cap, just like that Arkansas bank did.

Comment #2 by Anonymous posted on
$25,000 is a break even point for most Banks.
Above that, is a losing proposition,
unless the rate is cut or other
obstacles are introduced to compensate for any losses.

Comment #3 by Gordon (anonymous) posted on
Anonymous above is correct. And anyone with money in a Rewards Checking account with no balance cap can absolutely be assured that a cap will be implemented shortly. These Rewards Checking accounts are fairly new, and banks will do a lot of stuff to get your money (i.e. no cap, very high introductory rates). Then they will lower the interest rate and implement a cap, hoping that most people will just keep their money there anyway.

So, Capcha, get ready for your credit union to switch from an unlimited balance amount to a cap, and they will probably lower their rate as well. Sorry about that.

Comment #4 by Anonymous posted on
Banks/ credit unions lose money on the net interest margin (5.00%-6.00% paid while earning 3.00% (Fed Funds rate) and hope to make it up by non-qualifiers, interchange income, and overdrafts.

$100,000 accounts are a nightmare, they don't have overdrafts and don't use their debit cards really anymore than a $25,000 account does.

Comment #5 by Anonymous posted on
Down to 4.51%

Comment #6 by Tony Roberts (anonymous) posted on
Tony Roberts
Coulee Bank out of Wisconsin offers the same program, but it's BETTER. 6.01% on the qualified rate with only 10 transactions required. Apply online 24/7 at Tony

Comment #7 by Anonymous posted on
Hard to tell whether the top yield is 4.01% or 4.51%(alternates). Maybe webwork is ongoing, but once it's done I'll bet the yield will be 4.01% APY.

Comment #8 by koz22 (anonymous) posted on
Coulee Bank is at 5.01%. Still one of the highest APY's around. The best part about Coulee Bank Rewards Checking is, unlike most others, it is available nationwide. Apply at

Good luck!

Comment #9 by Anonymous posted on
Rate is down to 3.51%.