Dedicated to Deposits: Deals, Data, and Discussion

3.10% Reward Checking Account at Michigan Heritage Bank


Update 5/03/09: The bank has been closed by regulators.

Update 4/04/09: The top yield has fallen to 3.10% APY. See bottom of post for the rate history.

Michigan Heritage Bank is offering a reward checking account that pays 3.10% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees without limit if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit
  • access online banking
If these are not met, the rate falls to 0.15%. The minimum initial deposit is $25. There are no monthly fees and no minimum balance requirements. Multiple checking accounts can be opened, but requirements must be met on each account.

At the starting page of the online application, it states:
One of our representatives will contact you within one business day to set up a convenient time for you to come in to a branch location to complete the application process.

So it appears a branch visit is required. Branches are located in the Michigan cities of Farmington Hills, Novi, Troy and Wixom. The bank has been FDIC insured since 1997 (FDIC Certificate # 34369).

Thanks to the reader who mentioned this checking account in the comments.

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:
03/23/09: 3.10% APY
02/06/09: 4.00% APY
10/09/08: 5.00% APY
08/17/08: 5.50% APY.

  Tags: Michigan, checking account

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Comment #1 by Anonymous posted on
I have this account, works perfectly

Comment #2 by Anonymous posted on
Top rate has fallen to 4.00% APY. Other rates remain same.
Note: footnote not yet updated.

Comment #3 by Anonymous posted on
Top rate has fallen to 3.10% APY. Other rates same.