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2.75% Reward Checking Account at a Philadelphia Bank (Allegiance)

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Allegiance Bank

Update 2/19/10: The top yield is scheduled to fall to 0.85% APY effecitve 3/01/10. See bottom of post for the rate and cap history.

Allegiance Bank is offering a reward checking account that pays 2.75% APY on balances up to $250,000 (1.01% for above) and refunds ATM fees if the following monthly requirements are met:

  • 10 debit card transactions
  • One direct deposit or ACH auto debit
  • Receive electronic statements


If these are not met, the rate falls to 0.15%. The minimum opening deposit is $100. After it's opened, there are no minimum balance requirements and no monthly service charges. Online Billpay is free.

Update 2/16/10: The account can now be opened online by residents of PA, NJ and DE. Refer to the deposit rates page for more details. It can also be opened at a branch. Branches are located in Philadelphia, Pennsylvania and its suburbs (Bala Cynwyd, Berwyn, Bridgeport/King of Prussia, Old City, and Worcester). The bank has been FDIC insured since 1999 (FDIC Certificate # 35078).

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

Rate History:

03/01/10: 0.85% APY (ending debit card usage requirements)

05/01/09: 2.75% APY up to $250K
04/16/09: 3.00% APY up to $250K; 1.01% over; 0.15% base rate
03/29/09: 3.00% APY up to $250K
03/04/09: 3.25% APY up to $250K; 1.01% over $250K
03/01/09: 3.25% APY up to $50K
01/25/09: 3.75% APY up to $50K; 1.01% over $50K;
11/03/08: 3.75% APY
09/23/08: 4.00% APY
04/24/08: 5.00% APY up to $50K; 2.10% over $25K; 0.20% if req's not met

Edit 03/05/09: $30 ATM fee refund limit no longer listed on website

  Tags: Pennsylvania, Allegiance Bank, checking account, reward checking account

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Comments
8 comments.
Comment #1 by Patty (anonymous) posted on
Patty
Same deal at another Phila bank, except 5.01%
http://www.malvernfederal.com/

1
Comment #2 by Anonymous posted on
Anonymous
Over $50K only yields 1.01% APY.

1
Comment #3 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Down to 3.25%

http://www.allegbank.com/checking_solutions.php

1
Comment #4 by Anonymous posted on
Anonymous
Allegiance has recently raised the limit to $250,000 for the Rewards Checking account. Pays 1.01% above $250,000.

1
Comment #5 by Anonymous posted on
Anonymous
The $30 ATM refund (maximum)is located where on their website?

1
Comment #6 by Anonymous posted on
Anonymous
Note that the 2.75% APY is guaranteed thru 9/30/09.

1
Comment #7 by smooney (anonymous) posted on
smooney
Best deal in Phila is Hyperion Bank
HyperInterestChecking.com

1
Comment #8 by Scott (anonymous) posted on
Scott
You no longer have to visit a branch to open an account.

You can open one online at:
http://www.myallegiancebank.com/

You do have to be a resident of PA, NJ or DE though.

1