Update 10/06/2011:The FBC Rewards Checking Account has been cancelled effective 11/01/2011.
The top rate has fallen to 2.26% APY, and balance cap has fallen to $25,000. Refer to the bottom of the post for the rate history.
Florida Bank of Commerce is offering a reward checking account that pays 2.26% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees nationwide without limit if the following monthly requirements are met:
- 12 debit card purchases
- one Direct Deposit or automatic payment
- receive electronic statements
If these are not met, the rate falls to 0.05%. Minimum initial deposit is $100. There is no minimum balance requirement or monthly service charge.
There's an online application link at the reward checking website, however it appears a branch visit is required to complete the application process. Branches are located in the Central Florida cities of Orlando, Kissimmee, Lake Mary and Winter Park.
It's a fairly new bank that was established in late 2005. Its financial ratings for soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 data. The bank is FDIC insured (FDIC Certificate # 58081).
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.
- 07/19/10: 2.26% APY up to $25K; 1.01% above;
- 11/18/09: 3.01% APY up to $35K; 1.25% above; 0.05% base
- 08/20/09: 4.01% APY up to $50K
- 02/05/09: 4.32% APY up to $50K; 1.01% above; 0.25% base