Update 11/17/09: The Amazing Checking account is no longer being offered. For existing accounts, the rate will be 0.75% effective at the end of November regardless of account activity. Refer to
this post for the reason behind this rate cut.
Libertad Bank is offering a reward checking account called
Amazing Checking. It pays 0.75% APY regardless of account activity. The below details are no longer applicable but are being kept in case the reward checking features return.
The account had been paying 3.50% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees nationwide if the following monthly requirements are met:
- 10 debit card purchases
- one direct deposit or ACH debit
- receive electronic statements
If these are not met, the rate falls to 0.50%. The minimum opening deposit is $100. There are no minimum balance requirements and no maintenance fees.
They have an
online application. I called the bank yesterday, and the CSR said that people in any state can apply using this online application. As stated in the application, they will contact you by phone after you submit the application to instruct you on how to complete the process.
It's a small one-office bank
located in Austin, Texas. It has been FDIC insured since 2006 (
FDIC Certificate # 58082).
Thanks to the reader who mentioned this checking account in the
Finding the Best Deals post.
Other Reward Checking AccountsTo 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:12/01/09: 0.75% APY regardless of account activity (may only be temporary)
10/30/09: Account no longer being offered and is no longer listed on the website. Rates remain the same for existing customers according to CSR.
02/01/09: 3.50% APY up to $25K
11/06/08: 5.05% APY up to $25K
