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

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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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Comments
6 comments.
Comment #1 by Trevor Plantagenent (anonymous) posted on
Trevor Plantagenent
****! Richmond, Virginia!

Love the no balance cap. (I had it for a little while at Southland Credit Union, but they pulled it.)

Most likely, this bank will eventually either institute a balance cap or lower the rate. But, if I was close to Virginia I would still open an account and take advantage of it for as long as it lasted.

If the rate was 5% or higher, I would probably hop on a plane to Richmond. But is it worth flying there for 4% when you can get 4% at Alliant Credit Union? (Of course, if the rate continues to drop, Alliant will lower their rate before this Virginia Bank does.)

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I just updated the high yield checking program to include some extra statistics on the distribution of balance caps. The stats are located at the bottom of the high yield checking site. As you can see, the number of high balance caps are shrinking. One in MA (M/A-Com) just reduced their cap from $25K to $10K (it had been $100K).

1
Comment #3 by Anonymous posted on
Anonymous
These accounts are going to disappear very quickly. Lowering the caps is just one way to phase out without having a huge exodus from the bank.

1
Comment #4 by Anonymous posted on
Anonymous
Balance cap in effect: 4.01% up to $100K; 3.01% over $100K. Still pretty nice.

1
Comment #5 by Anonymous posted on
Anonymous
As of 1/23/09 the new rates are 3.01% APY up to $100K; 2.01% over.

1
Comment #6 by Anonymous posted on
Anonymous
Have reduced maximumbalance for the 3% to $15,000.00

1