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DETAILSINSTITUTIONAPYMINMAXPRODUCT
Commonwealth Bank & Trust Company1.00%-$10kExtreme Checking
Accounts mentioned in this post. Rates as of April 23, 2014

High-Yield Reward Checking Account at a Kentucky Bank (Commonwealth Bank & Trust Company)

POSTED ON BY

Commonwealth Bank & Trust Company

Update 1/7/11: The rate is now 3.25% APY up to $15K.

Commonwealth Bank & Trust Company is offering a reward checking account called Extreme Checking. It pays 3.25% APY on balances up to $15,000 (1.00% 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 ACH debit
  • receive electronic statements

If these are not met, the rate falls to 0.10%. Minimum intial deposit is $100. There are no monthly service charges and no minimum balance requirements.

Update 9/23/09: I'm afraid it only lasted about 2 months. The nationwide availability is over. Under the "enroll now" button on the Extreme Checking page, it states "Available to KY, IN & OH residents only."

Update 7/28/09: The bank now has an online application provided by andera.com. I received confirmation from bank via email that people in any US state may open an account. You can contact the bank for more information at 1-800-244-7708. Note, nationwide availability often does not last long for small banks that offer attractive deals.

Branches are located in the Kentucky cities of Louisville, Shelbyville, Anchorage and Simpsonville.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been FDIC insured since 2006 (FDIC Certificate # 10146).

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:

  • 01/07/11: 3.25% APY up to $15K; 1.00% over
  • 08/27/10: 3.25% APY up to $25K
  • 05/13/10: 4.00% APY up to $25K; 0.75% over; 0.10% base
  • 09/23/09: Website now says accounts limited to KY, IN and OH.
  • 07/28/09: Received confirmation that account is available nationwide
  • 05/17/09: 4.50% APY guaranteed through the 2010 Kentucky Derby (May 2010).
  • 01/17/09: 4.50% APY for up to $25K
  • 07/23/08: 5.25% APY for up to $25K; 1.01% for above; 0.10% if req's not met
  Tags: Indiana, Kentucky, Commonwealth Bank & Trust Company, Ohio, checking account, reward checking account

Related Posts

Comments
35 comments.
Comment #1 by Anonymous posted on
Anonymous
Appears the top rate has fallen to 4.50% APY.
Note: checking rate table not yet updated.

1
Comment #2 by AtHome Dad (anonymous) posted on
AtHome Dad
It looks like they charge a dime for each ACH, in or out.

1
Comment #3 by Hua (anonymous) posted on
Hua
Even ACH initiated by other banks?

1
Comment #4 by Anonymous posted on
Anonymous
It seems ACH fees apply to business accounts

1
Comment #5 by Anonymous posted on
Anonymous
I was just able to open an account today (8/3/09) from out of state, so I think the info you received from the bank is correct.

The process was very easy - it uses the Andera system (a la Checkingfinder) and I was even able to fund the account with a points earning credit card!!!

I received an account number and signature card to print out and mail in at the end of the process.

1
Comment #6 by Anonymous posted on
Anonymous
Also, the rate guarantee is still on the web site and I took a screen shot of it.

1
Comment #7 by Anonymous posted on
Anonymous
Their system will not take any applicant from the state of Washington, if your driver's license number contains astericks. The app refuses to take any non-alphanumeric input and by doing so, my app fails the ID check. I called the bank and they were not being helpful at all, saying that there was nothing they would do, ever though I offered to fax them a copy of driver's license for manual verification. This is definitely a bug in their app system and they refuse to do anything to fix it. They just asked me to "let it go". Promised to call back but didn't do so. Worst experience for account opening!

1
Comment #8 by Anonymous posted on
Anonymous
Not familiar with Andera but I've definitely used CheckingFinder to open other accounts before, and nowhere will it refuse to take asterisks.

1
Comment #9 by Anonymous posted on
Anonymous
Is this bank offering the highest GUARANTEED nationwide rate anyone has found? I have a WAMU CD that is maturing and I'm trying not to rate chase--this seems like a good place to park $$ till next May and the requirements don't seem too onerous especially since there's no minimum on the debits or monthly ACH transfer. Unless there's a better guaranteed nationwide rate I've missed!

1
Comment #10 by Anonymous posted on
Anonymous
I tried to open an account today and got a message that there was a problem verifying my information and gave me a number to call. I called and they told me my application was rejected but would not tell me why. They also said I could not apply again. I called back again got a different cs person and they told me they did not know why I was rejected and said I would get a letter. I live in New York. Very frustrating after given them all my personal information in my application. Has anyone had any problem with this? I live in New York

12:40 AM, August 14, 2009

1
Comment #11 by Anonymous posted on
Anonymous
Anyone know what the statement and reward cycle is for this account?

1
Comment #12 by Anonymous posted on
Anonymous
The statement cycle generally ends sometime between the 13th and 15th of the month.

1
Comment #15 by Anonymous posted on
Anonymous
Enrolled in a joint "extreme checking" account from California today. Very easy. Only problem was the rate disclosure statement said rates can change any time. In response to my email requesting verification, I got a prompt reply stating the statement was generic and did not apply to promos such as that account type. But he also said the rates were good until 1 May 2009(!) So far no correction to next year, although I asked for it.
Banking guy, you made my day!
Cheers,
Ann

1
Comment #16 by Alexandru (anonymous) posted on
Alexandru
It seems you can fund the account with a credit card. Does anybody know if this is treated as a cash advance or a purchase?

1
Comment #17 by Anonymous posted on
Anonymous
Usually you take a chance with credit card as deposit; mostly treated as purchase. My advice is not to be too greedy, say charging $10,000 when the limit is $25,000..

1
Comment #18 by Anonymous posted on
Anonymous
Anyone know how deposits work on this account? I assume you have to mail your checks to one of their locations. Is postage paid?

1
Comment #19 by BudgetCents (anonymous) posted on
BudgetCents
Anonymous: There is no ACH feature, so you could use a bank account like ING or AllyBank to link your CB&T account to it to push deposits into it.

They have been extremely responsive using the "Messaging" feature though their Online Banking. The turnaround time for answering my questions has been less than 4 hours.

For anyone that needs it, the routing number for CB&T is 083002177

Anyone know if you have a rewards grace period right after you open your account before you hit your first statement? I am leary to move all of my money into this account until I hit the first statement cut off.

1
Comment #20 by Anonymous posted on
Anonymous
BudgetCents: Yes, like most reward checking accounts, the debit and direct deposit requirements are waived for the first cycle.

1
Comment #21 by Alexandru (anonymous) posted on
Alexandru
Does it matter if the 10 debit card purchases are PIN-based or signature-based?

1
Comment #22 by Anonymous posted on
Anonymous
Hard pull?

1
Comment #23 by Anonymous posted on
Anonymous
Both credit and PIN-based are ok.

No hard pull.

1
Comment #24 by Anonymous posted on
Anonymous
The statement cycle must vary for different people. Going by the poster that said it ends the 2nd Wednesday of the month, I applied on 11/12 (the day after) and found out mine closed on 11/16. So, I had a 4-day cycle for my free qualification cycle. I hope I get my debit card in time to meet everything for this cycle!

Also, anybody know how to enroll for E-statements?

1
Comment #25 by Anonymous posted on
Anonymous
I just called - my statement cycle will always end on the 16th of the month. The qualification cycle will end the day before, but will be earlier if the 15th or 16th lands on a weekend or a holiday.

I did also get an E-mail from Commonwealth allowing me to apply for E-statements. I think it just takes a while, but I had sent a secure message asking about it, so I can't say for sure.

Also, since my first cycle was only 4 days, the CSR I talked to said they could waive my second month if I don't meet the requirements. I just have to call and ask when it is over.

As for the 50 free checks. They are indeed free, but you have to call to order them. They don't get sent automatically.

(the poster from Nov 17th following up FYI)

1
Comment #26 by Anonymous posted on
Anonymous
I got in just before they stopped offering the account nationwide. When I tried to use the debit card as a "credit card" (signature-based) the transaction failed. When I called them to ask why, they laughed and said "you're out of our area so you have to use it as a debit card - input your PIN." I don't like using the PIN, but it works, and for 4.5% guaranteed it's worth it.

1
Comment #27 by Virginia (anonymous) posted on
Virginia
Apply for this account can be done easily online, but afterwards you have to mail in your signature card and overdraft form (you pay postage). You also have to manually request online banking, which generates an email request to the bank and may take several days for them to set up for you. I've had the account for a few weeks now, but I still don't have online access to it because I couldn't mail the signature card while on vacation for 2 weeks and they wouldn't officially open the account or set up online access until they got the card. The hassle is not completely unreasonable, but it's annoying if you are used all-online, instant setup and access.

1
Comment #28 by MoCat (anonymous) posted on
MoCat
I live in Missouri and opened this account in early August but I am just now beginning to use it. My first debit purchase was a PayPal payment to Newegg, which went through without a problem. On the same day, I also tried to make a purchase through buy.com - also paying with PayPal. That payment failed...3 times. So I called the bank the next morning. After chatting with the first gal who answered the phone for a while, she put me on hold to ask someone else who had more detailed access to debit card activity. She came back and explained that the company that administers this debit card blacklists entire zipcodes with a high fraud rate. So she said if I wanted to complete the purchase I probably wouldn't be able to do it with their debit card.

I also wanted to comment on the November 22 post. I was afraid I would be forced to use it as a debit card, but I was able to use the card 4 times tonight at brick and mortar stores as a credit card - no PIN required. Which is a relief because I haven't (and probably won't) memorized the PIN since it's not customizable for out of area customers.

1
Comment #29 by Anonymous posted on
Anonymous
This is a 4* bank at bank rate with $750M; so the rate can be stable and garanteed.

1
Comment #30 by Anonymous posted on
Anonymous
The rate guarantee is expring next week.  Any rumors as to what the rate will be after Derby Day?

1
Comment #31 by Budgetcents.net (anonymous) posted on
Budgetcents.net
Anyone know when this rate may change? It says it is good until May, so I expect them to lower it since it has been so high for so long

1
Comment #32 by Budgetcents.net (anonymous) posted on
Budgetcents.net
I just called their customer service number. The person that answered said that the rate will be adjusted down to 4% on May 15th 2010, which is the begining of the new statement period.

Still happy here since they could have cut it much more. Anything greater than 3% to me is still really good.

5
Comment #33 by Anonymous posted on
Anonymous
Wow.   They've had the 4.50percent rate forever and I knew it was guaranteed till May 1 (this Saturday and the day of the Kentucky Derby as the bank promotes it).

 

I sure thought they would cut it a lot lower.   If 4 percent is the new rate that is still a great deal.

2
Comment #34 by Anonymous posted on
Anonymous
Rate just dropped to 3.25%

1
Comment #35 by Anonymous posted on
Anonymous
rate is still 3.25% but cap at 15000 starting February cycle of 2011.

1