3.25% Reward Checking Account at Community Bank in MS/AL/TN
Oct 15, 2009 - 6:43 PM by Ken Tumin
Update 1/26/09: The top yield has fallen to 3.25% APY. Refer to the bottom of the post for the rate history.
Community Bank is offering a reward checking account called Big Money Free Checking. It pays 3.25% APY on balances up to $30,000 (1% for above) and refunds ATM fees (4 per month) if the following monthly requirements are met:
According to the customer service rep, new customers are required to come into a branch to open an account. Branches are located in Memphis, Tennessee, in Mobile, Alabama, and in several cities in Mississippi including Jackson, Biloxi and Gulfport. The bank has been FDIC insured since 1971 (FDIC Certificate # 20329).
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:
10/09/09: Rate guarantee is no longer mentioned on website.
01/01/09: 3.25% APY up to $30K
08/17/08: 5.00% APY up to $30K; 1% over $30K; 0.25% if req's not met (had guaranteed 5% thru 12/31/08 and then the top rate was scheduled to fall to 3.25% APY)
Community Bank is offering a reward checking account called Big Money Free Checking. It pays 3.25% APY on balances up to $30,000 (1% for above) and refunds ATM fees (4 per month) if the following monthly requirements are met:
- 12 debit card purchases
- one ACH debit or credit
- pay one bill online
- receive electronic statements
According to the customer service rep, new customers are required to come into a branch to open an account. Branches are located in Memphis, Tennessee, in Mobile, Alabama, and in several cities in Mississippi including Jackson, Biloxi and Gulfport. The bank has been FDIC insured since 1971 (FDIC Certificate # 20329).
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:
10/09/09: Rate guarantee is no longer mentioned on website.
01/01/09: 3.25% APY up to $30K
08/17/08: 5.00% APY up to $30K; 1% over $30K; 0.25% if req's not met (had guaranteed 5% thru 12/31/08 and then the top rate was scheduled to fall to 3.25% APY)
Banks Mentioned in this Post:
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Anonymous - #1, Saturday, December 27, 2008 - 12:42 PM
Website gives advance notice rate will drop to 3.25% APY beginning 2009.
Anonymous - #2, Saturday, January 24, 2009 - 8:37 PM
Correct me, but reward checking by any name seems to be ABSENT from the website. Still revamping their RC offering, or closed it down??
Banking Guy (anonymous) - #3, Sunday, January 25, 2009 - 4:39 PM
Thanks. I just sent the bank an email asking about this. Hopefully, it's still available. But you would think it would be listed on their website.
Banking Guy (anonymous) - #4, Monday, January 26, 2009 - 12:33 PM
Received email from the bank which said that it's still available with a top yield of 3.25% APY. Not sure why they no longer have it mentioned on their website.
Anonymous - #5, Wednesday, July 15, 2009 - 10:02 PM
Account again listed on their website...now showing a guaranteed 3.25% for $30K until 12/31/09.
Anonymous - #6, Friday, October 9, 2009 - 9:22 PM
Their website was recently reworked, and the statement about a guaranteed 3.25% until 12/31/09 seems to have disappeared.
Anonymous - #7, Tuesday, November 17, 2009 - 4:31 PM
Have been using this checking account since they first offered it in 2008! Awesome deal, especially when other banks like Regions are only offering 1.5% on their 36 month CDs
Craig (anonymous) - #8, Thursday, March 11, 2010 - 6:17 PM
Interest rate dropped to 2.00% for $30K!
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