Update 8/31/2010: The balance cap has fallen from $35K to $20K. Also, the name of the checking account has changed from Great Rate Checking to Kasasa Cash. See bottom of the post for the rate history.
Coastal Commerce Bank has a reward checking account called Kasasa Cash Checking that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 Visa check card transactions, 2) one direct deposit or ACH auto debit, and 3) receive statements online. If these are not met, the rate falls to 0.20%. The minimum opening deposit is $50. There are no monthly service fees.
There is an online application that's provided by Kasasa.com. According to the bank rep, accounts are limited to Louisiana residents.
Branches are located in the Louisiana cities of Houma, Thibodaux, Cut Off and Chauvin. The bank has been FDIC insured since 1999 (FDIC Certificate # 35005).
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
08/31/10: 4.01% APY up to $20K
12/28/08: 4.01% APY
09/08/08: 5.01% APY
04/13/08: 6.01% APY up to $35K (initial post)