3.60% Reward Checking Account at Bank of American Fork in Utah

Update 2/22/09: The top rate has fallen to 3.60% APY.

Bank of American Fork is offering a reward checking account called MyRate Checking. It pays 3.60% APY on balances up to $25,000 (1.01% for above) and provides unlimited nationwide refunds of ATM fees if the following monthly requirements are met:

• 12 Visa check card purchases
• one direct deposit or automatic payment
• receive electronic statements

If these are not met, the rate falls to 0.25%. The minimum initial deposit is $10. There are no monthly service fees and no minimum balance requirements.

It appears that a branch visit is required to open an account. Branches are located in several Utah cities in the counties of Salt Lake and Utah. The bank has been FDIC insured since 1934 (FDIC Certificate # 12773).

Thanks to the reader who emailed me info on this bank and reward checking account.

Other Reward Checking Accounts

This is the third reward checking account that I've seen in Utah. 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:
02/12/09: 3.60% APY up to $25K
11/02/08: 4.07% APY up to $25K; 1.01% over $25K; 0.25% if requirements not met