2.01% Reward Checking Account at Peoples Bank in Georgia

Update 11/09/09: The reward checking account is no longer listed at the bank's website.

Peoples Bank is offering a reward checking account that pays 2.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees if the following monthly requirements are met:

• 12 check card purchases
• one or more direct deposit or automatic payment
• receive e-statements

If these are not met, the rate falls to 0.10%. Minimum opening deposit is $50. There are no monthly service fees or minimum balance requirements.

An online application is available at the bank's checking account page. However, a popup warns that your first account with Peoples Bank must be applied for in person at one of the bank's branches.

Branches are located in the Georgia cities of Lithonia, Covington and Conyers which are just east of Atlanta.

The bank's ratings for safety and soundness are weak: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. These ratings are based on 9/30/08 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1934 (FDIC Certificate # 173).

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:
10/25/09: 2.01% APY up to $25K
07/17/09: 3.01% APY up to $25K
03/01/09: 4.01% APY up to $25K
02/03/09: 5.01% APY up to $25K

Tags: Peoples Bank, Georgia, checking account