Update 5/15/2010: The reward checking account is no longer listed at the bank's website. The rate has fallen to 3.50% APY.
MBT Bank is offering a reward checking account called Ultra Checking. The account has the following rates and features if the certain monthly requirements are met:
- 3.50% APY on balances up to $25,000
- 1.01% APY on portion of balance over $25,000
- 0.25% base rate if monthly requirements are not met
- Refunds ATM fees nationwide up to $15 per cycle
The monthly requirements include:
- 10 debit card purchases
- 1 direct deposit or ACH auto debit
- 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
Details of the account are explained in a video located at the bottom of this bank page.
Only residents of north central Iowa (MBT's market area) are eligible to open the account. Branches are located in the Iowa cities of Crystal Lake, Forest City, Clear Lake and Lake Mills.
The bank has been a FDIC member since 1996 (FDIC Certificate # 16307).
Other Reward Checking Accounts
With rates continuing to drop, rate guarantees like this are nice. There are a few other reward checking accounts that are guaranteeing rates for a period of time. I mentioned a few of them in this June post. Unfortunately, none of them are available nationwide. 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.
05/15/10: 3.50% APY up to $25K
09/18/09: 5.15% APY up to $25K (guaranteed to 5/15/10), 1.01% over
09/01/09: 5.15% APY up to $25K (guaranteed to 5/15/10), 1.21% over, 0.25% base
07/13/09: 5.15% APY up to $25K (guaranteed to 5/15/10), 1.01% over, 0.25% base