Crossroads Bank has a reward checking account called Effingham First Checking that pays 4.10% APY on balances up to $30,000 (2.00% for above) if the following two monthly requirements are met: 1) 20 Visa debit card transactions, and 2) receive electronic statements. If these are not met, the rate falls to 0.10%. The minimum deposit to open the account is $50.
The rate and the $30K balance cap are a little higher than the average reward checking account, but you have to work for this with the 20 debit card transaction requirement. Most other reward checking accounts only require 10.
The bank appears to require a branch visit to open accounts. Branches are located in Effingham, IL. The bank has been FDIC insured since 1974 (Certificate # 21486).
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
06/01/09: 4.10% APY for up to $30K
01/14/09: 5.25% APY for up to $30K
01/05/09: 5.75% APY for up to $30K
03/27/08: 6.10% APY for up to $30K; 2.00% for above; 0.10% if req's are not met