Update 3/24/2011: The balance cap has fallen from $15,000 to $10,000.
Jeff Davis Bank has a reward checking account called Kasasa Cash that pays 4.01% APY on balances up to $10,000 (0.51% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 MasterMoney Debit Card transactions, 2) one Direct Deposit or one ACH auto debit transaction, and 3) access monthly statements online. If these are not met, the rate falls to 0.25%. There are no minimum balance requirements or monthly service charges.
Update 1/28/2011: The account can be opened online using the "apply now" link at the bank's Kasasa Cash page. At the bottom of the Kasasa application page, it now states "To open an account at Jeff Davis Bank you must reside within our service area of Southeast Texas and Louisiana."
Branches are located in the Louisiana cities of Jennings, Lake Arthur, Iowa, Welsh, Kinder, Sulphur and Lake Charles. The bank has been FDIC insured since 1947 (Certificate # 16546).
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
- 03/24/11: 4.01% APY up to $10K
- 01/25/11: The account is now limited to LA and SE TX
- 01/20/11: The account is available nationwide via Kasasa.com
- 02/26/10: 4.01% APY up to $15K; 0.51% over
- 04/06/09: 3.82% APY up to $25K; 0.51% over
- 03/17/09: The account is available nationwide via CheckingFinder.
- 01/21/09: 0.25% if requirements not met
- 07/14/08: 4.33% APY up to $25K
- 04/08/08: 5.15% APY up to $25K; 1.01% over $25K; 1.01% if requirements not met