Orange Savings Bank has a reward checking account that pays 4.01% APY on balances up to $35,000 (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, 3) receive electronic statements, and 4) access online banking. If these are not met, the rate falls to 0.10%. The minimum opening deposit is $100. There are no monthly service charges.
A branch visit appears to be required to open accounts. Branches are located in the Texas cities of Orange, Vidor and Mauriceville. The bank has been FDIC insured since 1954 (FDIC Certificate # 30696).
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
12/07/08: 4.01% APY for balances up to $35,000.
04/14/08: 6.01% APY for balances up to $25,000.
Edit 7/18/09: Updated reward checking URL