Update 5/28/10: The top rate has fallen to 3.30% APY and the balance cap has fallen to $15K.
First State Bank is offering a reward checking account that pays 3.30% APY on balances up to $15,000 (1.01% for above) and refunds ATM fees 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 0.25%. The minimum initial deposit is $100. There are no monthly service charges and no minimum balance requirements.
Update 5/20/09: It looks like the bank has changed its policy regarding out-of-area applications. It has been reported that the bank is no longer accepting applications from outside the greater Kansas City metropolitan area. This is now stated on the bank's main website.
I asked the bank if this account can be opened online by people from any state. The bank sent me an email saying that one could apply online at this page at CheckingFinder.com, and if the application is approved, you can maintain this account from out of state (see update above). However, I noticed at CheckingFinder that this bank only shows up for Kansas and Missouri zip codes.
Branches are located in Kansas City and Shawnee, KS. The bank has been FDIC insured since 1934 (FDIC Certificate # 12426).
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.
05/28/10: 3.30% APY up to $15K; 1.01% over
10/13/09: 3.94% APY up to $25K (Shown on bank's main webpage. Also states only for KC Metro area)
08/14/09: 4.51% APY up to $25K
08/13/08: 5.03% APY up to $25K; 1.01% APY over; 0.25% over