Update 4/15/2010: The top rate has fallen to 3.51%. Refer to the bottom of the post for the account history.
Royal Banks of Missouri has a reward checking account called Majestic Checking that pays 3.51% APY on balances up to $25,000 (1.40% for above) and refunds ATM fees of up to $25 per cycle if the following monthly requirements are met:
- 10 point of sale debit card transactions (15 starting 3/09/2010)
- 1 direct deposit or ACH debit/credit
If these are not met, the rate falls to 0.15%. The minimum initial deposit is $100. There are no minimum balance requirements or monthly service fees.
Update 1/28/2010: The checking account no longer shows up on CheckingFinder for most US zip codes. It appears to now only be available to the bank's local market in Missouri.
Update 1/31/09: The checking account now shows up on CheckingFinder.com for all zip codes. So it's now available to people in any state. Here's the link to the bank's CheckingFinder page where you can apply online.
Branches are located in Saint Louis, Missouri.
The bank has a 4-star rating (excellent) at BauerFinancial and a 3-star rating (performing) at Bankrate.com. Both are based on 3/31/08 data. The bank has been FDIC insured since 1965 (FDIC Certificate # 19512).
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.
04/14/10: 3.51% APY up to $25K
03/09/10: Require 15 debit card purchases
01/28/10: No longer available nationwide
05/07/09: 4.30% APY up to $25K; 1.40% over $25K
03/05/09: 4.55% APY up to $25K; 1.80% over $25K
12/30/08: 4.78% APY
08/04/08: 5.10% APY up to $25K; 2.00% over $25K; 10 debit card purchases