Central Virginia Bank has a reward checking account called Dream Checking which pays 3.21% APY on balances up to $35,000 (1.00% for above) and refunds ATM fees (up to $20 per cycle) if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH auto debit, 3) receive electronic statements, and 4) access online banking. If these are not met, the rate falls to 0.10%. There are no minimum balance requirements or monthly service charges.
A branch visit appears to be required to open the account. Branches are located in Richmond, Cumberland, Midlothian, Cartersville and Powhatan. The bank has been FDIC insured since 1973 (Certificate # 21225).
Thanks to the reader who mentioned this bank in the finding-the-best-deals post.
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
04/01/09: 3.21% APY up to $35K; 1.00% over; 0.10% base rate
03/31/08: 4.01% APY up to $35K; 1.15% over; 0.50% base rate