5.01% Reward Checking Account at First National Bank of Syracuse in Kansas - Local Only

First National Bank of Syracuse is a high yield reward checking account called Dream Checking. The account offers the following rates if certain monthly requirements are met:

• 5.01% APY on balances up to $35,000
• 1.01% APY on balances over $35,000
• 0.15% base rate if qualifications are not met
• ATM fees refunds up to $25 per cycle

The monthly requirements include:

• 10 debit card purchases
• One direct deposit or automatic payment
• 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 Online Bill Pay

There's an online application, however, I was told by the bank's representative that the account is only available to local residents. Update 11/09/09: A reader reported the following: "This account was available in Kansas and will now be limited to customers living in a 100 mile radius around their main office."

Branches are located in the Kansas cities of Syracuse, Johnson and Garden City.

The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 4779).

Other Reward Checking Accounts

Note the $35,000 cap. This is higher than any of the Kansas reward checking accounts that offer 5% or higher rates. Most reward checking accounts only pay the high interest on balances up to $25,000.

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.

Tags: First National Bank of Syracuse, Kansas, checking account, reward checking account