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High-Yield Reward Checking Account at Brookhaven Bank in Georgia

POSTED ON BY

Brookhaven Bank

Update 12/03/10: The rates and balance cap are scheduled to fall on 1/1/2011. Please refer to the bottom of the post for the rate history.

Brookhaven Bank is offering a reward checking account called Elite.Checking. Starting 1/1/11, it will pay 1.50% APY on balances up to $15,000 (0.50% for above) and refunds ATM fees nationwide if the following monthly requirements are met:

  • 10 debit card purchases
  • one direct deposit or automatic payment
  • receive statements electronically

If these are not met, the rate falls to 0.05%. Minimum initial deposit is $100. There are no monthly service charges or minimum balance requirements.

The "Apply Now" button on the Elite.Checking page takes you to an online application at CheckingFinder. If you search at CheckingFinder, this account only shows up for certain Georgia zip codes, so it appears to be limited to their market area. Branches are located in Atlanta, Georgia.

The bank is a new bank that was established in 2007. It's a member FDIC (FDIC Certificate # 58456).

Thanks to the reader Atlanta Wolf who mentioned this account in the comments.

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:

  • 01/01/11: 1.50% APY up to $15K; 0.50% over;  0.05% base
  • 12/05/09: 3.00% APY up to $50K; 1.00% over
  • 08/01/09: 4.00% APY up to $50K
  • 03/06/09: 4.50% APY up to $50K; 1.25% over; 0.25% base
  Tags: Georgia, Brookhaven Bank, checking account, reward checking account

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Comments
10 comments.
Comment #1 by Anonymous posted on
Anonymous
ACH transfers are free.
The number of linked ('foraign' in their language) accounts is not limited.
Only push ACH transfers can be initiated from your account (i.e., you cannot bring new money from the Brookhaven account, you'll need to initiate the transfer from the other side).
Current rate is 4.40%

2
Comment #2 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Per teller, limit 1 account per SSN.

Also, they're now open Sat 9-12.

Their ACH transfer section wasn't obvious (not in the section called "Transfers"). Rather go to My Profile, then "Add Foreign Accounts". Thanks previous poster for the info.

1
Comment #3 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Down to 4.00% starting with the August 1st cycle.

http://brookhavenbank.com/e_checking.html

1
Comment #4 by Anonymous posted on
Anonymous
The current rate has now 4.0%. I hope this is not the beginning of the end of a good rate. If so, I will have to start shopping again...

1
Comment #5 by Steve G (anonymous) posted on
Steve G
Just checked my acccount. Rate was 3.93%

1
Comment #6 by Martin (anonymous) posted on
Martin
3.93% compounded monthly is equivalent to the current APY of 4%. Check this calculator for confirmation:

http://www.bargaineering.com/articles/apr-apy-calculator.html

1
Comment #7 by Single Guy Money (anonymous) posted on
Single Guy Money
Down to 3% starting with the December cycle. Rate is dropping like a rock. Any more and it's time to pull my money out and go elsewhere.

1
Comment #8 by Anonymous posted on
Anonymous
2.93% rate for the past several months.  Cap at 90mm.  Time to start shopping for a new bank.....

1
Comment #9 by Money One (anonymous) posted on
Money One
Down below 3% but still the best rate in town.  Great service to

1
Comment #10 by AtlantaWolf posted on
AtlantaWolf
Received email today, they're lowering the cap from $50k to $15k.

"Effective January 1, 2011, the ELITE.CHECKING program will pay a rate of 1.5% APY on balances up to $15,000 when the monthly qualifiers are met. A rate of 0.50% APY will be paid on balances in excess of $15,000 when the monthly qualifiers are met. Non-qualifying accounts will earn 0.05% APY. The APY for qualifiers and non-qualifiers can change at any time."

Very nice people at this bank, but the low rate and low cap means you won't even make $20/mo for all your work.

2