Dedicated to Deposits: Deals, Data, and Discussion

3.25% Reward Checking Account at Community Bank in MS/AL/TN


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:
  • 12 debit card purchases
  • one ACH debit or credit
  • pay one bill online
  • receive electronic statements
If these are not met, the rate falls to 0.25%. The minimum initial deposit is $100.

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)

  Tags: Alabama, Community Bank, Tennessee, Mississippi, checking account, reward checking account

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