Notice
This post is more than a year old and may contain out of date information. We suggest one of the following posts:
 
 

4.07% Reward Checking Account at Reliabank Dakota in South Dakota

Thursday, January 22, 2009 - 9:27 AM CT by Ken - Bank Deals Guy

View current rates for Reliabank Dakota

Update 2/25/10: The account is no longer available nationwide.

Reliabank Dakota is offering a reward checking account called Ultimate Checking that pays 4.07% APY on balances up to $25,000 (1.01% for above) if the following monthly requirements are met:

  • 12 check card purchases
  • one direct deposit or ACH auto debit or bill pay
  • receive electronic statements

If these are not met, the rate falls to 0.25%. Minimum initial deposit is $50. There is no monthly service change or minimum balance requirement.

There's an online application. I contacted the bank on 10/07/2009, and I was informed that they do accept applications from outside their market area. Please note that small banks often change the availability of these accounts. So please check with the bank for the latest policy. Update 2/25/10: The webpage now states that they do not accept out-of-state applicants

Branches are located in the South Dakota cities of Estelline, Hayti, Hazel, Watertown and Hartford.

The bank has been FDIC insured since 1945 (FDIC Certificate # 16221).

Thanks to the reader who mentioned this checking account in the comments.

Other Reward Checking Accounts

This is my first South Dakota reward checking account. 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.

Can banks afford to pay this high interest rate for the long-term? I discuss the issue in this recent post.

Account History:

02/25/10: no longer available nationwide per bank's webpage
10/07/09: online application and available nationwide per CSR
01/22/09: 4.07% APY up to $25K; 1.01% above: 0.25% base




 
 
In order by popularity, then date posted.

Anonymous - #1, Wednesday, October 7, 2009 - 11:56 AM CT

Reliabank now has online account opening available. www.reliabank.com


Was this comment helpful? 1

Tuphat - #2, Friday, October 16, 2009 - 11:49 AM CT

I filled-out online application, and called few days later to check status. CSR was helpful, said that welcome sig cards were being mailed to me. HOWEVER, she also said that they weren't doing ACH transfers to fund accts, despite the application indicating otherwise. I told her I'd send in a check w/ my sig cards. I am not a local.

P.S. Wow, this is probably smallest bank I've ever done business with. Check out photos of their main office and branches.

http://www.reliabank.com/estelline.html

http://www.reliabank.com/hayti.html

http://www.reliabank.com/hazel.html


Was this comment helpful? 1

jackcrawfish - #3, Wednesday, December 9, 2009 - 9:58 AM CT

4 star ratings at Bauer and Bankrate.com

When I applied yesterday, they PULLED A HARD EQUIFAX CREDIT INQUIRY for my DW and I.

I also opened a joint checking account via email exchange with [NAME REMOVED]. There was no need for a new internet application submission to obtain the joint account.

I was also able to add POD to both of our individual accounts via email exchange.


Was this comment helpful? 1

jackcrawfish - #4, Wednesday, December 9, 2009 - 3:47 PM CT

I inquired regarding the hard inquiry. I said:

I'm confused as to why a hard credit inquiry was required to open these deposit accounts. Since we are not applying for overdraft protection/lines of credit, I am puzzled as to why an Equifax credit report was obtained.

Is there any way I/we can request these hard inquiries be removed? could they be updated at Equifax as soft credit inquiries rather than hard?

Please advise as you are able.

In response, they said:
Banks are required to comply with many regulations, including the Bank Secrecy Act which addresses the procedures to follow for customer identification. When we began to offer on line accounts, we did an assessment of the risks involved in on-line account opening. Since we cannot view identifying documents during the on-line account opening process as our Customer Identification Policy required, we decided to obtain credit reports for on-line applicants. We use the report as an additional tool to identify the applicant and safeguard against identity theft. I hope that our inquiry has not caused a problem for you. We will check into the possibility of updating this inquiry to reflect the nature of the request.


Was this comment helpful? 1

Henry - #5, Sunday, January 17, 2010 - 7:51 PM CT

At $153 M asset, it sure looks it.


Was this comment helpful? 1


Add Your Comment


Post a Comment