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3.00% Reward Checking Account at First American Bank in New Mexico - Local Only

POSTED ON BY

First American Bank

Update 4/06/10: The top rate has fallen to 3.00% APY. Please refer to the bottom of the post for the rate history.

First American Bank is offering a reward checking account called First Rewards Checking. The account has the following rates and features if certain monthly requirements are met:

  • 3.00% APY on balances up to $25,000
  • 0.20% on portion of balance over $25,000
  • 0.15% APY base rate if requirements are not met

Note, these rates are based on a conversation with a bank representative on 8/31/09. The website currently doesn't list the rates. The monthly requirements include:

  • 12 electronic transactions for purchases
  • 1 direct deposit or ACH credit (see note below)
  • Receive e-statements

Additional features of the account regardless of the monthly requirements include:

  • $100 to open account
  • No minimum balance requirement
  • No monthly service charge
  • Free bill payment
  • Check images not returned
  • Bank allows up to 2 accounts per household

There is no mention on the website about foreign ATM fee refunds, but when outside of their service area one should look for these logos: VISA, NYCE and CIRRUS.

Branches (banking centers) include Alamogordo, Artesia, Chaparral, Hobbs, Las Cruces, Lovington and Roswell.

The bank has some strong ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com based on 3/31/09 data.

The bank began in 1903 and has been a FDIC member since 1934 (FDIC Certificate # 2240).

Thanks to the reader Steve who mentioned this account in the comments.

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.

Note 2/12/10: The reward checking account rate is no longer listed on the website. I called the bank and verified the 5% is still valid.

Note 9/12/09: A reader emailed me the following info regarding the direct deposit requirement:

FAB Rewards Account requires an ACH deposit, but only accepts SS or Payroll--no phone or utility bill w/ds and not an ACH from another bank.

Rate History:

04/01/10: 3.00% APY (not listed on website. Phone call is required)

08/31/09: 5.00% APY


  Tags: First American Bank, New Mexico, checking account, reward checking account

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
No rate, no forms; equal dead end.

1
Comment #2 by Anonymous posted on
Anonymous
Still 5% ...

1
Comment #3 by 51hh posted on
51hh
What happened to this 5% club member, disappeared suddenly from the list???

1
Comment #4 by 51hh posted on
51hh
Still 5%.

1
Comment #5 by KenBDG posted on
KenBDG
Did you call and confirm it's still 5%? We want to keep the rate table accurate, and we're able to do that fairly automatically (except for the occasional glitch) when the banks include the rates on their website. However, if they're not on the website, I have to call or email. So for the sake of accuracy, we are removing rates that we have not been manually verified after 3 months. If you can help verify the rates, that would be very helpful.

1
Comment #6 by 51hh posted on
51hh
Strcitly local (NM), rate still 5%!

1
Comment #7 by 51hh posted on
51hh
The RCA rate dropped from 5% to 3%, as of 1 April 2010.

Wow!

1