First National Bank of Elk River is offering a reward checking account called Extreme Checking. It pays 3.50% APY on balances up to $50,000 (1.50% for above) and refunds ATM fees up to $20 per cycle if the following monthly requirements are met:
- 12 check card purchases
- one direct deposit or ACH debit
- access online banking
- receive electronic statements
Update 11/27/09: Since the bank no longer mentions this account on its website, I emailed the bank. Below is the reply that I received:
We are still offering the Extreme Checking account, however, we are undergoing a change in the advertisement, so it is missing from the website during that time. Rate is currently 3.50APY up to a balance of $50,000.
It appears a branch visit is required to open an account. Branches are located in the Minnesota cities of Anoka, Elk River, Rogers, Maple Lake, Monticello and Zimmerman.
The bank has FDIC insured since 1934 (FDIC Certificate # 5136).
Thanks to the reader who emailed me news of this 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.
11/27/09: 3.50% APY up to $50K (via CSR)
02/20/09: 4.05% APY up to $50K; 1.50% over; 0.15% base