Reliant Bank is offering a rewards checking account that pays 3.51% APY on balances up to $50,000 (0.25% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) 3 bill pay transactions, 3) one direct deposit or ACH transfer, 4) access online banking, and 5) receive electronic statements. If these are not met, the rate falls to 0.25%. The minimum opening balance is $100. There are no monthly service charges. The first order of checks is free.
It appears they require a branch visit to open accounts. Last year they were offering a 5.60% CD, and a branch visit was required. The bank is located in Brentwood, Tennessee which is about 10 miles south of Nashville. It's a new bank that was just established in 2006. It's FDIC insured (FDIC Certificate # 58209).
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
Edit 12/30/08: Slight modification of APY (5.01% to 5.03%)
09/01/09: 3.51% APY for up to $50K
07/01/09: 4.01% APY for up to $50K; 0.25% over; 0.25% base
04/01/09: 4.01% APY for up to $50K
01/12/09: 4.24% APY for up to $50K
03/31/08: 5.03% APY for up to $50K
03/17/08: 6.00% APY for up to $50K; 0.50% for above; 0.50% if req's are not met