High-Yield Reward Checking Account at a MD/PA Bank (NBRS Financial)

Update 12/7/2010: The bank has stopped offering the reward checking accounts. It has been reported that the rates on existing accounts have been slashed: 0.80% on all balances for Kasasa Cash and 0.65% on all balances of Kasasa Saver. Also, debit card requirements have been removed.

NBRS Financial Bank has a reward checking account that pays 4.01% APY for balances up to $25,000 (1.01% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or ACH auto debit, 3) receive electronic statements, and 4) access online banking. If these are not met, the rate falls to 0.10%. The minimum deposit to open is $100. There are no minimum balance requirements or monthly service charges. First order of checks is free for new accounts.

The account can be opened online. However, you must live in the bank's market area to be eligible to open an account.

Branches are located in the Maryland cities of Aberdeen, Bel Air, Elkton, Havre De Grace, Perryville, Rising Sun and in the Pennsylvania city of Peach Bottom. The bank has been FDIC insured since 1934 (Certificate # 4862).

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

Rate History:

• 03/24/10: 4.01% APY up to $25K
• 06/25/09: 4.26% APY up to $25K; 1.01% over; 0.10% base
• 04/10/08: 5.26% APY up to $25K; 1.01% over; 0.20% base