Update 8/15/2010: The top rate has fallen from 3.01% to 2.01% APY. Refer to the bottom of the post for the rate history.
Atlantic Coast Bank is offering a reward checking account called iKasasa Cash that pays 2.01% APY on balances up to $15,000 (0.50% for above) and refunds ATM fees of up to $25 per cycle if the following monthly requirements are met:
- 10 debit card purchases
- one direct deposit or auto debit
- receive eStatements
If these are not met, the rate falls to 0.05%. The minimum initial deposit is $100. There are no minimum balance requirements and no monthly service charges.
Update 2/02/09: The bank now has an online application for this account. The first page of the application states that "We welcome all residents of the United States to apply."
Florida branches are located in Jacksonville, Orange Park, Lake City, Neptune Beach and Fernandina Beach. Georgia branches are located in Waycross, Douglass and Garden City.
The bank has a 3 star rating (adequate) at BauerFinancial based on 3/31/09 data. It has been FDIC insured since 2000 (FDIC Certificate # 45826).
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.
- 08/15/11: 2.01% APY up to $15K; 0.50% over
- 11/01/10: 3.01% APY up to $15K
- 08/01/10: 3.01% APY up to $25K; 0.75% over; 0.05% base
- 11/19/09: 3.25% APY
- 06/27/09: 3.50% APY
- 12/31/08: 4.00% APY
- 07/09/08: 5.08% APY up to $25K; 1.00% over; 0.25% base (initial post) 4 stars at BauerFinancial based on 3/31/08 data