Update 11/01/10: The top rate has fallen to 3.00% APY.
Southcoast Community Bank is offering a reward checking account that pays 3.00% APY on balances up to $35,000 (0.50% for above) and reimburses nationwide ATM fees if the following monthly requirements are met:
- 10 check card purchases
- one automatic payment or direct deposit
- receive statements electronically
If these are not met, the rate falls to 0.05%. There is no minimum balance and no monthly service charge.
It appears a branch-visit is required to open an account. Branches are located in the South Carolina cities of Charleston, Mt. Pleasant, Moncks Corner, Johns Island, Summerville, Goose Creek and N. Charleston.
The bank has been FDIC insured since 1998 (FDIC Certificate # 34774).
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.
- 11/01/10: 3.00% APY up to $35K; 0.50% over
- 04/19/10: 3.25% APY up to $35K
- 08/31/09: 3.51% APY up to $50K
- 02/27/09: 4.01% APY up to $50K; 0.61% over; 0.05% base