Update 6/4/11: The top rate has fallen to 3.75% APY. Refer to the bottom of the post for the rate history.
- 3.75% APY on balances up to $25,000
- 0.50% APY on the portion of the balance over $25,000
- 0.05% base rate if qualifications are not met
- ATM fees refunded nationwide
The monthly requirements include:
- 12 debit card purchases
- 1 direct deposit or automatic payment
- Receive e-Statements
Additional features of the account regardless of the monthly requirements include:
- No minimum balance requirement
- No monthly service charge
- Free online Bill Pay
There's an online application, however, I was told by a bank representative that a branch visit is required to complete the application process. Update 12/11/09: The application now states that the bank only serves "areas of Collin, Dallas, Denton, Rockwall, Tarrant and other contiguous counties within the state of Texas."
It's a small bank with one office located in Richardson, Texas which is in the suburbs of Dallas.
Vision Bank - Texas has a 4-star rating (sound) for safety and soundness at Bankrate.com based on 3/31/09 financial data. BauerFinancial still has it labeled as a start-up with no rating. The bank has been a FDIC member since 2007 (FDIC Certificate # 58447).
Thanks to the reader who mentioned this reward checking 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.
- 06/02/11: 3.75% APY up to $25K
- 08/11/10: 4.00% APY up to $25K
- 03/23/10: 4.18% APY up to $25K; 0.50% over
- 08/19/09: 5.01% APY up to $25K; 1.01% over; 0.05% base