Update 3/17/11: The top rate has risen from 3.51% to 4.01% APY but the rate cap has fallen from $50K to $30K.
Northstar Bank of Texas is offering a reward checking account called Velocity Checking. It pays 4.01% APY on balances up to $30,000 (0.50% for above) and refunds ATM fees if the following monthly requirements are met:
- 10 debit card purchases
- one direct deposit or ACH transaction
- log onto StarNet Online Banking
- receive electronic statements
If these are not met, the rate falls to 0.10%. Minimum opening deposit is $100. There is no minimum balance requirement or monthly service charge.
It appears that a branch visit is required to open an account. Branches are located in several Texas cities including Denton, Argyle, Colleyville, Corinth, Grapevine, Krum, Lake Dallas, Lewisville andPilot Point.
The bank has been FDIC insured since 1973 (FDIC Certificate # 20935).
Thanks to the reader who emailed me info on this checking account.
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.
- 03/17/11: 4.01% APY up to $30K; 0.50% above
- 05/01/10: 3.51% APY up to $50K (estimated date)
- 08/20/09: 4.01% APY up to $50K
- 03/01/09: 4.51% APY up to $50K; 1.01% above; 0.10% base