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High-Yield Reward Checking Account in Tennessee (Bank of Ripley)

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Bank of Ripley

Update 2/28/11: The top rate is scheduled to fall to 2.51% APY for balances up to $15K effective 4/1/2011.

Bank of Ripley has a reward checking account that pays 2.51% APY on balances up to $15,000 (0.75% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) receive electronic statement, and 3) access online banking. If these are not met, the rate falls to 0.25%. The minimum opening deposit is $100. There are no monthly fees.

I noticed on the home page it's stated that the APY for the Reward Checking is correct as of 6/01/07. So this shows that the account has a long history with this high yield.

Update 3/16/09: The account appears to only be available to Tennessee residents. The checking account is no longer listed at CheckingFinder.com for all zip codes. It now only shows when you enter zip codes inside Tennessee. The account had been available nationwide at the time of the last update of this post on 1/31/09. At the time, CheckingFinder was listing this account for all zip codes. When I contacted the bank in January, I was told that once approved, you will be mailed forms for signatures, codes, etc. This should still apply for those in Tennessee.

Branches are located in Covington and Ripley, Tennessee. The bank has been FDIC insured in 1939 (Certificate # 15673).

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

Rate History:

  • 03/01/11: 2.51% APY up to $15K
  • 09/01/09: 3.51% APY up to $25K; 0.75% over
  • 04/01/09: 4.26% APY up to $25K
  • 04/06/08: 5.26% APY up to $25K; 1.00% over; 0.25% base

  Tags: Tennessee, Bank of Ripley, checking account, reward checking account

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Comments
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
Be alert that they do HARD pull on your credit report. I got a hard inquiry on my Equifax after applied it through checkingfinder.com. I called them immediately and they said since it is a long distance application, they do hard pull. Yet they declined my application.

2
Comment #2 by Anonymous posted on
Anonymous
Interest rate dropped to 4.26% as of 4/01/2009.

1
Comment #3 by Anonymous posted on
Anonymous
I just realized today that the interest rate dropped from 4.26 to 3.51 on September 1st.

There was no mention of it in my August statement or by email.

1
Comment #4 by 51hh posted on
51hh
Correction: New reduced rate/limit is effective 4/1/11.

1
Comment #5 by Anonymous posted on
Anonymous
Received an email today (7/29/13):
"Notice of Rate Change: In response to the current rate enviroment, effective August 31, 2013 Bank of Ripley/Bank of Tipton will begin offering the following rates for qualifying balances to all of our Reward Checking accountholders: *1.51 APY on qualifying balances up to $15,000.00 *0.20 APY on qualifying balances above $15,000.00 *0.05 APY on all non-qualifying balances"

1