Update 5/2/2011: The Reward Plus Checking account is being discontinued effective June 1, 2011.
Malvern Federal Savings Bank has a reward checking account that pays 1.00% APY on balances up to $35,000 (0.51% for above) and refunds ATM fees worldwide (up to $25 per cycle) if the following monthly requirements are met:
- 10 debit card point of sales transactions
- one direct deposit or ACH debit
- access online banking
If these are not met, the rate falls to 0.10%. The minimum opening deposit is $200. There are no monthly service charges or minimum balance requirements.
One more perk is that they offer a $10 bonus for your old bank's checks or debit card.
Update 4/06/09: As stated in the CheckingFinder application, this account is now limited to residents of the following states: Delaware, Maryland, New Jersey, New York, Pennsylvania, West Virginia, Ohio. As of 4/06/09, residents of those states can apply using the online application at this CheckingFinder page.
Branches are located in Chester County which is just northwest of Philadelphia, Pennsylvania. The bank has been FDIC insured since 1947 (FDIC Certificate # 27861).
Thanks to the reader who mentioned this reward checking account in the comments.
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
- 12/31/10: 1.00% APY up to $35K
- 03/15/10: 1.50% APY up to $35K
- 11/12/09: 2.00% APY up to $35K
- 08/26/09: 3.00% APY up to $35K; 0.51% over; 0.10% base
- 06/10/09: 3.50% APY up to $35K
- 04/06/09: Limited to residents of certain states
- 03/17/09: Available nationwide via CheckingFinder
- 04/27/08: 5.01% APY up to $35K; 1.01% over; 0.20% base