Dedicated to Deposits: Deals, Data, and Discussion

4.01% Reward Checking Account at First Iowa State Bank

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First Iowa State Bank
Update 1/02/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

First Iowa State Bank is offering a reward checking account that pays 4.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees nationwide without limit if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit or ACH debit
  • receive bank statements online
If these are not met, the rate falls to 0.25%. The minimum initial deposit is $100. There are no monthly service fees or minimum balance requirements.

According to the FAQ page, you're allowed to open up multiple accounts, but requirements must be met for each account to qualify for the high yield and ATM refunds.

There is an online application. However, I contacted the bank, and I was told that they're only accepting local customers. Branches are located in the Iowa cities of Albia and Eddyville. The bank has been FDIC insured since 1934 (FDIC Certificate # 14930).

Other 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:
03/10/09: 4.01% APY up to $25K; 1.01% APY over $25K; 0.25% base rate
12/28/08: 4.01% APY
07/10/08: 5.01% APY up to $25K; 1.01% APY over $25K; 0.50% base rate

  Tags: Iowa, checking account, First Iowa State Bank, reward checking account

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
The homepage(poster=pdf format)rate of 5.01% DOES NOT match the 4.01% shown in the flash presentation FAQ section (FIRST ROI). Lack of communication between BancVue and FIRST ROI--or what?

1
Comment #2 by Anonymous posted on
Anonymous
Base rate (if qualifications not met) is 0.25%.

1