Worthington Federal Bank is offering a reward checking account called High Interest Plus (HIP) Account. The account pays 1.75% APY on all balances if the following monthly requirements are met:
- 10 debit card purchases
- One direct deposit or ACH auto debit
- One online Bill Payment
- Receive e-statements
- $100 minimum initial deposit
- Free ATM usage worldwide
- Free online Bill Pay
- Free first order of basic wallet checks
It appears a branch visit is required to open an account. Branches are located in Huntsville, Alabama and Elizabeth City, North Carolina.
The bank has some decent ratings for safety and soundness: 3½ stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1989 (FDIC Certificate # 32649).
Thanks to the reader who emailed me about this checking account.
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.
01/08/10: 1.75% APY
11/20/09: 2.00% APY
07/14/09: 2.50% APY