Update 11/03/10: The account is no longer available for new accounts. Refer to the bottom of the post for the account history.
Hyperion Bank is offering a reward checking account called HyperInterest Checking that pays 2.51% APY on balances up to $25,000 (1.15% for above) and refunds up to $600 a year in ATM fees if the following monthly requirements are met:
- 10 signature-based debit card purchases
- one direct deposit or ACH payment
- receive electronic statements
If these are not met, the rate falls to 0.25%. There are no monthly service charges and no minimum balance requirements.
The account page has an "Open Now" button, but according to the banking rep, you have to come into the bank's office to complete the application process. This account was started about a month ago so hopefully the high rates will last for a while, but there's no guarantee.
It's a small bank located in Philadelphia, PA. The bank has been FDIC insured since 2006 (FDIC Certificate # 58371).
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.
11/03/10: 2.51% APY; 1.15% over (back on website)
06/04/10: 3.00% APY (not listed on website)
03/01/10: 4.26% APY up to $25K; 1.25% over
01/19/10: 4.26% up to $30K, 1.25% over
07/01/09: 5.01% APY up to $30K, 1.50% over
12/02/08: 5.01% APY up to $50K, 2.10% over, 0.25% base