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High-Yield Reward Checking Account at a Virginia Bank (EVB)



Update 11/20/10: The rate cap has fallen to $15K. Refer to the bottom of the post for the rate history.

EVB Bank is offering a reward checking account that pays 3.01% APY on balances up to $15,000 (0.75% for above) and refunds ATM fees if the following monthly requirements are met:

  • 10 debit card transactions (non-ATM's)
  • one direct deposit or ACH auto debit
  • Access online banking

If these are not met, the rate falls to 0.05%. The minimum initial deposit is $100. There are no minimum balance requirements and no monthly service charges.

I was also told by the banking rep that you must come into a branch to open this account. Branches are located in Richmond and many other Virginia cities. The bank has been FDIC insured since 1934 (FDIC Certificate # 11584).

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:

  • 11/20/10: 3.01% APY up to $15K; 0.75% over $15K; 0.05% base
  • 06/19/09: 3.01% APY up to $25K; 1.45% over $25K
  • 01/23/09: 3.01% APY up to $100K; 2.01% over $100K
  • 12/28/08: 4.01% APY up to $100K; 3.01% over $100K
  • 04/27/08: 4.01% APY with no cap

  Tags: Virginia, EVB, checking account, reward checking account

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