Bank Iowa, Oskaloosa is offering a reward checking account that pays 4.25% APY on balances up to $25,000 (1.00% for above) and refunds ATM fees nationwide (up to $3 per transaction) if the following monthly requirements are met:
- 10 signature-based debit card transactions
- one direct deposit or ACH auto debit
- receive electronic statements
It appears the bank only serves residents in their market area, in and around Oskaloosa and Fremont, Iowa. Bank Iowa, Oskaloosa is part of the bank holding company called Bank Iowa Corporation. According to the bank,
Bank Iowa is a group of independent banks with 25 locations across the state. Each Bank Iowa offers the services of a large financial institution, but operates as a community bank in which decisions are made locally.
You can see other Iowa cities served by Bank Iowa's other banks at this page. The only other bank that lists a reward checking account appears to be Bank Iowa, Altoona which serves the cities of Altoona, Johnston, Newton and West Des Moines.
Bank Iowa, Oskaloosa has been FDIC insured since 1934 (FDIC Charter # 11354).
Thanks to the reader who mentioned this reward checking account in the finding-the-best-deals post.
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.
As of Jan 9th, 2009, it's becoming hard to find banks offering 6%+ reward checking accounts. Many have been cutting rates in the last few weeks. Thanks to the help of readers' comments, I've been updating individual reward checking account posts with the new rates. I'll be updating the High Yield Checking website in the next day to reflect these changes.
07/29/09: 4.25% APY up to $25K; 1.00% APY over $25K
03/06/09: 4.25% APY up to $25K; 1.50% APY over $25K
01/26/09: 5.01% APY up to $25K
01/09/09: 6.01% APY up to $25K; 2.00% APY over $25K; 0.10% if requirements not met