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 Bankrate.com 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.
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