3.00% Reward Checking Account at BankFirst Financial Services in Mississippi

Update 12/18/09: Top rate has fallen to 3.00% APY.

BankFirst Financial Services is offering a reward checking account that pays 3.00% APY on balances up to $50,000 (1.75% for above) and refunds ATM fees nationwide (up to $25 per cycle) if the following monthly requirements are met:

• 10 debit card purchases
• one direct deposit or ACH payment
• sign on to online banking and receive e-statements

If these are not met, the rate falls to 0.25%. Minimum initial deposit is $250. There is no maintenance fee and no minimum balance. One nice perk is free checks (imprinted single checks).

Update 10/26/09: They have an online application. However, according to the CSR, they still require new customers to come into a branch to complete the application process.

Branches are located in the Mississippi cities of Columbus, Macon, Shuqualak, Starkville, West Point and in the Jackson suburbs of Flowood, Madison and Ridgeland.

The bank has been FDIC insured since 1934 (FDIC Certificate # 8870). Note, this bank is different than the FirstBank Financial Services in Georgia that was recently closed by state regulators.

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

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.

Rate History:
12/18/09: 3.00% APY
09/01/09: 3.50% APY up to $50K; 1.75% over
03/01/09: 3.50% APY
02/17/09: 4.00% APY up to $50K; 2.00% over