Dedicated to Deposits: Deals, Data, and Discussion

4.01% Reward Checking Account at an Iowa Bank (Dubuque)


Dubuque Bank & Trust
Update 4/04/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

Dubuque Bank & Trust has a reward checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees (up to $20) if the following monthly requirements are met:
  • 15 signature-based debit card purchases
  • one direct deposit
  • receive electronic statements
If these are not met, the rate falls to 0.25%. The minimum initial deposit is $25. There are no monthly fees and no minimum balance requirements.

The $20K cap is a little low for reward checking, but according to their FAQ page, you are allowed to open up multiple reward checking accounts. However, you still have to meet the requirements of each.

There's an online application, however, I was told by their customer service rep that they require all new customers to physically be present to establish an account. Also, they're limiting the availability of the Cash Rewards Checking to the local market area.

Branches are located in Dubuque and Holy Cross, Iowa. The bank has been FDIC insured since 1935 (FDIC Certificate # 15219).

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.

Edit: There was a rate guarantee of 6.01% through 1/1/2010. This ended on 11/30/08.

Rate History:
04/01/09: 4.01% APY up to $20K; 1.01% over
12/01/08: 5.01% APY, 15 debit card purchases per cycle required
05/23/08: 6.01% APY up to $20K; 1.51% over; 12 debit card purchases per cycle required

Edit 2/10/09: ACH debit is no longer listed as a direct deposit alternative

  Tags: Iowa, Dubuque Bank & Trust, checking account, reward checking account

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Comment #1 by Ram (anonymous) posted on
wow! that is GOLD!

thanks for this rare gem :) gonna call them tomorrow!


Comment #2 by Tony Roberts (anonymous) posted on
Tony Roberts
Coulee Bank ( ) offers an incredible 6.01% APY with their Rewards Checking account. The rate is easy to earn. All you have to do is make 10 check card transactions a month, use e-statements, and do 1 automatic payment a month (they call it ACH). Coulee Bank pays 6.01% on the first $25,000 and 1.01% on anything above that. The best thing about this account besides the rate is it is FREE, you can apply online, and it is from a great bank with real people that answer the phone. And as they like to say, Banking Green has its Rewards. The Rewards Checking account saves paper and preserves our natural resources. No wonder I feel good about recommending this to everyone I know. Check it out. I guarantee you will love it.

Comment #3 by Greg (anonymous) posted on
I called the bank today, and will open my account later this afternoon. Details:

* You must live within 25 miles of one of their branches in order to open an account, and they require a branch visit to open the account in person.

* They offer overdraft protection via a credit line or withdrawl from a savings account. Their savings account APR is lower than checking, though, so that wouldn't make much sense.

Still seems like a great deal to me. Glad I live 24.1 miles away!

Comment #4 by Anonymous posted on
Correct me, but I only see a requirement for direct deposit.

Comment #5 by Anonymous posted on
The top yields have fallen to: 4.01% APY up to $20K; 1.01% over. Base rate same.