Dedicated to Deposits: Deals, Data, and Discussion

3.01% Reward Checking Account at Columbia River Bank in WA & OR

POSTED ON BY

Columbia River Bank
Update 10/24/09: The top rate has fallen to 3.01% APY. There's no longer a description of this checking account at the bank's website. Contact the bank for the latest rates.

Columbia River Bank is offering a reward checking account called Ultimate Checking. The account offers the following features and rates if certain monthly requirements are met:
  • 3.01% APY on balances up to $25,000
  • 0.42% APY on balances over $25,000
  • 0.11% base rate if qualifications are not met
  • ATM fees refunded up to $25 per cycle
The monthly requirements include:
  • 10 debit card purchases
  • one direct deposit or ACH auto payment
  • Log into Online Banking
  • Receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • $100 minimum initial deposit
  • No minimum balance requirement
  • No monthly fees
  • Free Bill Pay if kept active ($6/month after 30 days of no activity)
It appears a branch visit is required to open an account. Branches are located in several cities of Washington State and Oregon.

The bank has been FDIC insured since 1977 (FDIC Certificate # 22469).

Thanks to the readers who notified me of this bank.

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.

Update 6/01/09: The bank no longer seems to list this account on its website. I was informed by the bank that they are still offering this account and the top rate remains at 4.01% APY.

Rate History:
10/23/09: 3.01% APY up to $25K; 0.42% over (per reader)
08/06/09: 3.80% APY (rate 3.73% per CSR)
04/19/09: 4.01% APY
  Tags: Washington, Oregon, checking account, Columbia River Bank, reward checking account

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
The entire RC account description(initially prominent) has been shoved into an oblivious footnote:

"See a Personal Banker at any CRB Branch for complete information about Ultimate Checking."

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
You're right. Looks like they're hoping to make more money from their new Discovery checking which charges a $6/mo fee unless the customer makes 30 debit card purchases per month.

1
Comment #3 by tanahouse (anonymous) posted on
tanahouse
September rate of 3.73% compounded monthly to yield 3.79%APY has been lowered to 2.97% to yield 3.01%APY for qualified balances to $25K in October. Rate over 25K is 0.42% for qualified accounts for both periods.

1