Update 5/13/2011: It has been reported that the top rate will be falling to 1.51% starting 6/15/11. Refer to the bottom of the post for the rate history.
Patriot Bank has a reward checking account called Revolutionary Checking. The account offers the following rates and features if certain monthly requirements are met:
- 1.51% APY on balances up to $25,000
- 1.01% on balances over $25,000
- 0.05% base rate if qualifications are not met
- refunds of ATM fees of up to $25 per cycle
The monthly requirements include:
- 10 debit card purchases
- one direct deposit or automatic payment
- access 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 service charge
- Free Online Bill Pay
Update 3/02/10: The online application now states that they are only accepting applications from Florida.
There's an online application at the bank's Revolutionary Checking page. I sent an email to see if it's available nationwide, and according to the reply I received, they can open accounts through the mail without a branch visit. To open the account, they need a copy of your driver's license and copy of a utility bill (for address verification). These can be faxed or mailed. Make sure to check with the bank for the latest instructions since small banks often change their account availability policies.
Patriot Bank is located in west central Florida in the cities of Trinity, Port Richey, Palm Harbor, New Port Richey and Clearwater. The bank has been FDIC insured since 2004 (FDIC Certificate # 57789).
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.
- 06/15/11: 1.51% APY up to $25K
- 03/09/11: 2.21% APY up to $25K; 1.01% over; 0.05% base
- 03/10/10: 3.01% APY up to $35K
- 11/12/09: 3.01% APY up to $50K
- 05/08/09: 4.01% APY up to $50K; 1.01% over; 0.15% base