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
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.
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