0.74% Reward Checking Account at First Community Bank N.A. in Texas - Local Only

Update 1/4/2010: The top rate has plummeted to 0.74% APY.

First Community Bank N.A. is offering a rewards checking account with the following rates and features if certain monthly requirements are met:

• 0.74% APY on balances up to $25,000
• 0.49% APY on portion of balance over $25,000
• 0.05% base rate if monthly requirements are not met
• Refunds ATM fees nationwide up to $15 per cycle

The monthly requirements include:

• 12 debit card purchases
• 1 direct deposit or automatic payment
• Enroll and 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 bill pay
• 24/7 online banking

A reader reported being told by the bank that they can open accounts for out-of-state people. After you call a branch number, they'll mail you the documents that must be notarized, signed and returned. Please make sure to check with the bank for the latest instructions since small banks often change their availability policy. Branches are scattered throughout Fort Bend County (adjacent to Houston), communities north of Houston, Central Texas (includes Waco and Dallas) and San Antonio.

The bank's ratings for safety and soundness are 2 star (below peer group) at Bankrate and a 3 star (adequate) at BauerFinancial. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1985 (FDIC Certificate # 26435).

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:
12/02/09: 0.74% APY up to $25K; 0.49% over
07/14/09: 4.01% APY up to $25K; 1.01% over; 0.05% base

Tags: Texas, checking account, First Community Bank N.A., reward checking account