Update 3/02/10: The top yield has fallen to 0.85% APY. Refer to the bottom of the post for the rate history.
Bank of Granite is offering a reward checking account called Granite Green Checking. It pays 0.85% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees nationwide if the following monthly requirements are met:
- 10 Visa check card purchases
- one direct deposit or one automatic payment
- receive electronic statements
If these are not met, the rate falls to 0.10%. The minimum opening deposit is $100. There are no minimum balance requirements, and there are no monthly service charges. Multiple accounts can be opened, but requirements for each must still be met.
There's an online application, but it appears a branch visit is required. At the top of the application it states that a representative will contact you to set up a time for you to come into an office to complete the application process. Branches are located in several North Carolina cities including Winston Salem, Hickory, Granite Falls, Charlotte, and Wilkesboro.
The bank has been FDIC insured since 1934 (FDIC Certificate # 5950).
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.
Thanks to the reader who emailed me news of this reward checking account.
03/02/10: 0.85% APY up to $25K; 0.50% over
12/26/08: 4.00% APY
10/31/08: 6.00% APY up to $25K; 1.01% over; 0.10% base