Update 9/07/2010: The top rate is scheduled to fall to 2.83% APY on 9/09/2010.
- 2.83% APY on balances up to $25,000
- 1.00% APY on portion of balance over $25,000
- 0.17% base rate on all balances if requirements are not met
- Refunds ATM fees nationwide
The monthly requirements include:
- 10 check card POS (point of sale) transactions
- one direct deposit or ACH debit
- Online banking access
- 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
There's an online application at the reward checking website, and according to the bank representative, they do allow out-of-state accounts. Update 5/13/2010: The bank has changed its availability policy. The application now states that they only accept applications from people residing in Iowa and Minnesota.
The bank has six offices in Iowa. It's a small bank with $245 million in assets and $191 million in deposits based on 3/31/09 data from the FDIC. The bank has been a FDIC member since 1934 (FDIC Certificate # 1852).
Other Reward Checking Accounts
There are not too many banks offering reward checking accounts nationwide. My nationwide list currently has 43 banks and credit unions with reward checking accounts nationally available. Several banks that had been offering their accounts nationwide have changed their policies and now restrict them to their local markets. So make sure to check with the bank for their latest policy before applying.
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.
- 09/09/10: 2.83% APY up to $25K; 1.00% APY over; 0.17% base rate
- 05/13/10: Availability reduced to IA & MN
- 06/30/09: 4.01% APY up to $25K; 1.00% APY over; 0.40% base rate (nationwide)