High-Yield Reward Checking Account at Atlantic Stewardship Bank in New Jersey

Update 5/28/10: The top rate has fallen to 3.75% APY.

Atlantic Stewardship Bank is offering a reward checking account called Power Rate Checking. The account offers the following features if certain monthly requirements are met:

• 3.75% APY on balances up to $25,000
• 0.90% APY on balances over $25,000
• 0.25% base rate if qualifications are not met
• ATM refunds nationwide without limit

The monthly requirements include:

• 10 MasterCard debit card purchases
• one direct deposit or automatic payment
• receive e-statements

Additional features of the account regardless of the monthly requirements include:

• $1 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Multiple accounts allowed but requirements must be met for each
• No free paper checks provided

There's an online application at the Power Rate Checking Page, but it appears a branch visit is required to complete the new account process. Branches are located in northeast New Jersey in the counties of Bergen, Morris and Passaic.

The bank has been FDIC insured since 1985 (FDIC Certificate # 26390).

Thanks to the reader who mentioned this reward checking account in the Daily News & Deals Post.

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:

05/28/10: 3.75% APY up to $25K

04/15/09: 4.25% APY up to $25K; 0.90% APY over; 0.25% base