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Bank 14401.25%-$25kOptimum Checking
Accounts mentioned in this post. Rates as of August 28, 2014

High-Yield Reward Checking Account at Bank 1440 in Arizona


Bank 1440

Update 5/12/11: The top rate has fallen to 2.01% APY.

Bank 1440 is offering a reward checking account called Optimum Checking (pdf). It pays 2.01% APY on balances up to $25,000 (0.51% for above) and refunds ATM fees nationwide if the following monthly requirements are met:

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

If these are not met, the rate falls to 0.10%. Minimum opening balance is $100. There is no minimum balance requirement.

A branch visit appears to be required to open accounts. Branches are located in Phoenix and Peoria, Arizona.

The bank has offered some competitive CD rates. As of 3/04/09, the most competitive CD has a rate of 2.60% APY for a 12-month term (see rate table).

It's a new bank that was established in June 2007. Since it's new, it doesn't have a rating at BauerFinancial. It has a 3-star rating (performing) at based on 9/30/08 data. The bank is a member FDIC (FDIC Certificate # 58460).

For those wondering why 1440 is in the name, it's the number of minutes in a day (24 x 60).

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:

05/12/11: 2.01% APY up to $25K; 0.51% over
01/10/11: 2.51% APY up to $25K
07/11/10: 3.01% APY up to $25K
01/11/10: 4.01% APY up to $25K; 1.01% over; 0.10% base
03/04/09: 5.01% APY up to $25K; 2.01% over; 0.10% base

  Tags: Bank 1440, Arizona, checking account, reward checking account

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Comment #1 by Anonymous posted on
I was going to go for this reward checking account until I reviewed your reward checking account website. There are better deals nationally (only requirement: 10 debit card transactions).

Do you know if these nationally available reward accounts generally have ACH transfer option?

Comment #2 by TacoShredder (anonymous) posted on
Most rewards checking accounts do not have an ACH option. The few that do are usually limited in the transfer amount. I generally use another account to push/pull, or sometimes use the reward account's billpay to send funds.

Comment #3 by Anonymous posted on
Thanks for the reply, TacoShredder. That's an interesting an interesting name!

Comment #4 by Anonymous posted on
Billpay may be very slow, and uses mailing as well. The interest loss may be a factor of concern.

Comment #5 by Anonymous posted on
Finally 1440 is gone from the 5% club... 4.01% now.