3.50% Reward Checking Account at First National Bank of Elk River in MN

Update 11/27/09: The top rate has fallen to 3.50% APY.

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

If these are not met, the rate falls to 0.15%. Minimum to open is $100. There is no monthly service fee or minimum balance requirement.

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.

Rate History:
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

Tags: Minnesota, First National Bank of Elk River, checking account, reward checking account