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2.75% Reward Checking Account at First Federal Savings Bank in Tennessee - Local Only

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Update 11/08/09: The top rate has fallen to 2.75% APY.

First Federal Savings Bank is offering a high yield reward checking account called Maximum Earnings Reward Checking. It has the following rates and features if certain monthly requirements are met:
  • 2.75% APY on balances up to $50,000
  • 1.50% APY on portion of balance over $50,000
  • 0.50% base rate if monthly requirements are not met
  • Refunds ATM fees nationwide of up to $20 per cycle
The monthly requirements include:
  • 10 non-pin based check card purchases
  • 1 direct deposit or ACH auto debit
  • Signing into your internet banking account
  • 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
It appears that a branch visit is required to open an account. Branches are located in Clarksville, Tennessee.

First Federal Savings Bank has been a FDIC member since 1954 (FDIC Certificate # 30698).

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:
10/27/09: 2.75% APY up to $50K
08/05/09: 3.00% APY up to $50K
06/22/09: 3.50% APY up to $50K; 1.50% over; 0.50% base
  Tags: Tennessee, First Federal Savings Bank, checking account, reward checking account

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Comments
Comment #1 by Mike from Cash Flow Moe (anonymous) posted on
Mike from Cash Flow Moe
I have a rewards checking account with Renasant Bank that pays 4.00% with no minimums. There are a few requirements each month similar to those mentioned above. If you check with banks in your area, I bet you can find a similar deal.

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