Update 5/17/09: The 4.50% APY is guaranteed until May 2010. This is listed on the bank's home page as of 7/28/09.
Commonwealth Bank & Trust Company is offering a reward checking account called Extreme Checking. It pays 4.50% APY on balances up to $25,000 (1.01% 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
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:
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
