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