3.50% Reward Checking Account at Rio Bank in South Texas

Update 1/14/10: The top rate has fallen to 3.50% APY. Refer to the bottom of the post for the rate history.

Rio Bank is offering a reward checking account called e-Checking Plus that pays 3.50% APY on balances up to $25,000 (0.30% for above) if the following monthly requirements are met:

• 10 debit card purchases
• 5 bill payments
• one direct deposit
• receive electronic statements

If these are not met, the rate falls to 0.30%. The initial minimum deposit is $100. There are no monthly maintenance fees and no minimum balance requirements. The bank also offers e-Checking which offers only a top yield of 4% APY. It has the same features and requirements except it does not require direct deposit.

A branch visit appears to be required to open an account. Branches are located in the South Texas cities of McAllen, McColl, Palmview, San Juan, Jackson and Brownsville. The bank has been FDIC insured since 1985 (FDIC Certificate # 25886).

Other Rewards 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 7/03/09: Modified/corrected top rate from 5.51% to 5.50% APY.

Rate History:
01/13/10: 3.50% APY up to $25K (shown on home page)
06/25/08: 5.50% APY up to $25K; 0.30% over; 0.30% base

Tags: Texas, Rio Bank, checking account, reward checking account