Update 10/8/2010: Prosperity Checking has changed to MyCash Checking, and the balance cap has fallen from $25K to $10K.
- 3.25% APY on balances up to $10,000
- 0.14% APY on portion of balance over $10,000
- 0.11% base rate if monthly requirements are not met
- Refunds ATM fees nationwide up to $25 per cycle and up to $5 per use
The monthly requirements include:
- 10 debit card purchases
- 1 automatic payment or direct deposit
- Receive e-statements
Additional features of the account regardless of the monthly requirements include:
- $50 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Free Online Banking with Bill Pay
Update 10/8/2010: The first page of the bank's online application now states that new accounts are limited to residents of Texas.
In addition to the online application available at the bank's website, there's also an online application at CheckingFinder.com. BankTexas currently shows up at CheckingFinder for any zip codes (Note, this may change in the future). Here's the direct link to the BankTexas CheckingFinder application.
Branches are located in the east Texas cities of Kilgore, Lindale, Hawkins, Mineola and Quitman.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 3402).
Other Reward Checking Accounts
The 3.25% APY is a little low compared to other reward checking accounts on my nationwide list. Nevertheless, it's always nice to find a reward checking account available nationwide. As I described in this recent post, many banks are cutting back on their 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.
- 09/21/10: 3.25% APY up to $10K; 0.14% over; 0.11% base; limited to TX residents
- 10/31/09: 3.25% APY up to $25K; 0.50% over; 0.21% base; available nationwide