4.50% Reward Checking Account at a Texas Bank (Alliance)

Update 6/07/09: The top yield has fallen to 4.50% APY. Refer to the bottom of the post for the rate history.

Alliance Bank has a reward checking account called Freedom Checking that pays 4.50% APY on balances up to $25,000 (0.75% for above) and refunds ATM fees (up to $50 per cycle) if the following monthly requirements are met:

• 10 check card purchases
• one direct deposit or ACH debit
• receive electronic statements
• maintain valid e-mail address

If these are not met, the rate falls to 0.10%. The minimum initial deposit is $100. There are no minimum balance requirements. One notable perk is free checks.

It's not clear if this bank requires a branch visit to open the account. There is an online enrollment application. I'll check on this today. Update 8/25/08: I've received a reply from the bank on this issue, and they do require new customers to come into a branch to open this account.

Branches are located in several Texas towns east of Dallas. These include Sulphur Springs, Greenville, Commerce, Wolfe City and Rockwall. The bank has been FDIC insured since 1934 (FDIC Certificate # 11569).

Other High Yield Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
06/02/09: 4.50% APY
01/05/09: 5.00% APY
05/14/08: 5.25% APY

Tags: Alliance Bank, Texas, reward checking account