Dedicated to Deposits: Deals, Data, and Discussion

Another Nationwide Reward Checking Account - 5.02% APY for a $50K Balance


I just confirmed that Farmers & Merchants Bank is allowing people from any state to apply for its reward checking account. The yield isn't that great for a reward checking account (5.02% APY). However, the top yield applies to balances up to $50,000 rather than the typical $25,000. As you can see in my nationwide reward checking list, I only have one credit union and one bank with yields around 5% and balance caps of $50K. I'll soon be adding this bank to the list. For more details of this account, please refer to my June account review.

Without this bank, my nationwide reward checking list has 26 banks and credit unions that allow people from any state to open a reward checking account. The top yield continues to be at MidWest America FCU with a 7.01% APY for balances up to $25K. It now has been over 6 months that this credit union has maintained this yield. It's so much higher than the others, you have to wonder how long it'll last.

There are four nationwide reard checking accounts that offer yields around 6%. All four have a balance cap of $25K. Out of these 26 accounts, the average yield is 5.10% APY and the average balance cap is $31K. There's only one account with a balance cap above $50K, and it's at State Bank of Toledo with a $70K balance cap. However, the yield is only 4.01% APY. This was one of the first reward checking accounts to allow nationwide customers. It had a yield of 6.01% for the first several months with no balance caps. Unfortunately, it didn't last.

Other Reward Checking Accounts

For the full list of reward checking accounts available around the country please refer to my High Yield Checking website. The banks with a red asterisk are those that don't have local restrictions. I have these in one list at this page. To learn about these reward checking accounts, please refer to my reward checking overview page.

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Comment #1 by Anonymous posted on
Application process similar to State Bank of Toledo ... total pain in the butt.

After applying online, the bank pulls your credit report and contacts you requesting a notarized copy of your driver's license.

When the bank gets that, they send you paperwork to sign. The signed paperwork has to be accompanied by a cashier's check to open the account ... they will not accept a personal check.

On receipt of the opening deposit and signed agreement they will open the account.

I expect it to take quite a while. This is the process for out-of-state applicants.

They only reason I may put up with this is that the cap is $50K and the bank allows you to open more than one account ... of course, you need to satisfy activity requirements for each account.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. The notarized copy and cashier's check requirements are definitely a pain.

Note, I was also told by the bank rep that there may be a hard credit pull, but on the plus side, I was told they provide the first 100 checks free (see post)

Please keep us posted on how it goes.

Comment #3 by Anonymous posted on
DO NOT OPEN AN ACCOUNT WITH THIS BANK! Very difficult to deal with as they require original and notarized copies of driver's license. When will these banks realize that verifying ID doesn't mean a notary. Just NOT worth the trouble.

Comment #4 by Anonymous posted on
which CRA do they pull and can someone verify the inquiry is hard? can you open several accounts at the same time?

Comment #5 by Anonymous posted on
I started the account opening process this fall. They did not require a cashier's check; my account was funded with $10.00 personal check. And yes, I had to send a photocopy of my license with a notary stamp. No big deal.

Just don't deposit anything in it until you have your debit card activated. :)