3.01% Reward Checking Account at Beacon Bank in MN

Update 6/22/09: The top rate has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Beacon Bank is offering a rewards checking account with the following features if certain monthly requirements are met:

• 3.01% APY on balances up to $25,000
• 0.10% APY on balances over $25,000
• 0.10% APY on all balances if requirements are not met
• ATM fees refunded nationwide

Monthly requirements include:

• 10 check card purchases
• one direct deposit or ACH debit
• log into NetTeller
• receive electronic statements

Additional features of the account regardless of the monthly requirements include:

• No minimum balance
• No monthly fees
• free box of standard checks when you open a new account

There's an online application, and according to the CSR, accounts can be opened by people in any state without a branch visit. [ Update: Another reader has received information from the bank that a branch visit is required. Small banks often change their policies on this, so please check with the bank for the latest requirements. ]

Beacon Bank is based in Shorewood, Minnesota with branches in Duluth, Eden Prairie, Excelsior and Shorewood.

The bank has strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. These ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 10581).

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:
06/12/09: 3.01% APY up to $25K
03/11/09: 4.01% APY up to $25K; 0.10% over; 0.10% base rate

Tags: Minnesota, Beacon Bank, checking account, reward checking account