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.
- 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