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3.50% Reward Checking Account at M&F Bank - Branches in MS, AL, TN & FL

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Update 5/31/09: The yield has fallen to 3.50% APY. Refer to the bottom of the post for the rate history.

M&F Bank has a reward checking account called Summit Checking that pays 3.50% APY on balances up to $25,000 (1.25% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH debit, 3) log into online banking, and 4) receive electronic statements. If these are not met, the rate falls to 0.10%. The minimum opening deposit is $100. There are no monthly service charges.

The 2.01% yield for balances over $25,000 is higher than the usual reward checking account. In today's rate environment, it's above the rates of many online savings accounts.

Even though they have an online application, they require customers to come into a branch to finalize the account opening process. Branches are located in Mississippi, Alabama, Tennessee and the Florida Panhandle. The bank has been FDIC insured since 1934 (FDIC Certificate # 9361). It has $1.65 billion in assets which makes it one of the larger banks that are offering reward checking.

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

Rate History:
06/01/09: 3.50% APY for up to $25,000, 1.25% for above, 0.10% base rate
01/05/09: 4.01% APY for up to $25,000, 2.01% for above
06/04/08: 4.50% APY for up to $25,000, 2.50% for above
04/14/08: 5.25% APY for up to $25,000, 3.25% for above, 0.25% base rate

  Tags: Alabama, Tennessee, Mississippi, checking account, reward checking account, Florida

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
Tried to do this and they simply refuse to open an account for me because I dont have either a social secutity card or a passport to go with my drivers license.

Never seen anything like it. And Ive had a dozen internet bank accounts.

1
Comment #2 by Anonymous posted on
Anonymous
Im just NOT going to make a special trip downtown to get a social security card by mail 2 weeks later.

1
Comment #3 by Anonymous posted on
Anonymous
Balances above $25K are 2.50% APY.

1
Comment #4 by Anonymous posted on
Anonymous
As of 1/1/09 the new rates are: 4.01% APY up to $25K; 2.01% APY over $25K; 0.25% APY if requirements not met.

1
Comment #5 by Anonymous posted on
Anonymous
As of 6/1/09 the new rates are: 3.50% APY up to $25K; 1.25% over $25K; 0.10% if requirements not met.

1