Update 11/08/09: The yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.
State Bank of Cross Plains is offering a reward checking account called Ultimate Checking that pays 3.01% APY on balances up to $25,000 (0.05% for above) if the following monthly requirements are met: 1) 16 debit card signature-based purchases, 2) direct deposit, 3) receive eStatements, and 4) log onto online banking. If these are not met, the rate falls to 0.05%. There are no monthly service fees and no minimum balance.
A branch visit appears to be required to open an account. Branches are located in the Wisconsin cities of Cross Plains, Middleton, Mount Horeb, Madison, Oregon, Verona and Waunakee. The bank has been FDIC insured since 1934 (Certificate # 15091).
Thanks to the reader who mentioned this account in the finding-the-best-deals post.
Other High Yield Reward Checking Accounts
For other reward checking accounts and for more information on these accounts, please refer to the following posts:
- reward checking overview
- reward checking accounts available nationwide
- reward checking accounts around the nation
10/16/09: 3.01% APY for up to $25K; 0.05% for above; 0.05% base
03/16/09: 3.51% APY for up to $25K, 0.10% for above and if requirements not met (edit 3/28/08)
11/15/08: 4.01% APY for up to $25K, 0.10% for above
03/30/08: 5.01% APY for up to $25K, 0.25% for above (initial post)