High-Yield Reward Checking Account at Florida Bank of Commerce

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.

Rate History:

• 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