Update 4/04/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.
Summit Bank & Trust is offering a rewards checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees (up to $20/month) if the following monthly requirements are met:
- 15 signature-based debit card purchases
- one direct deposit
- receive electronic statements
It appears a branch visit is required to open the account. Branches are located in the Colorado cities of Broomfield, Erie and Thornton which are just north of Denver.
The bank is a member FDIC (FDIC website is currently down, so I'm unable to give its certificate number or link to financial stats).
Thanks to the reader who emailed me info on this reward checking account.
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.
04/04/09: 4.01% APY up to $20K; 1.01% over
12/06/08: 5.01% APY, 15/mo debit card purchases required. Previously opened accounts still get 6.01% APY guaranteed through June 30, 2009.
05/25/08: 6.01% APY up to $20K; 1.51% over; 12/mo debit card purchases required
Edit 2/10/09: Automatic payment is no longer listed as a direct deposit alternative.