High-Yield Reward Checking Account at Commerce National Bank in Texas - Local Only

Commerce National Bank is offering a high-yield reward checking account called AwardChecking with the following rates and features if certain monthly requirements are met:

• 2.12% APY on balances up to $25,000
• 0.60% APY on portion of balance over $25,000
• 0.10% on all balances if requirements are not met
• ATM fees refunded nationwide up to $15 per cycle

The monthly requirements include:

• 12 debit card purchases
• One direct deposit, ACH debit or Online Bill Payment
• Sign on to Online Banking
• Receive e-statements

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

• $500 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Free Online Bill Pay

The bank also offers a reward checking account called Senior AwardChecking that offers a lower rate but a much higher balance cap. The rates and features include:

• 1.11% APY on balances up to $500,000
• 0.60% APY on portion of balance over $500,000
• ATM fees refunded nationwide up to $15 per cycle

The monthly requirements include:

• 9 debit card purchases
• Two direct deposit or ACH debits
• Receive Truncated Statement

A branch visit appears to be required to open an account. Branches are located in the Texas cities of Austin, Bryan/College Station and Lubbock.

The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1978 (FDIC Certificate # 22752). The bank's actual name is Lubbock National Bank. It looks like they're trying to appeal to those outside of Lubbock with the Commerce name and website.

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.

Rate History:

• 06/27/11: 2.12% up to $25K; 0.60% over / Senior AwardChecking: 1.11% APY up to $500K; 0.60% over
• 04/25/11: 2.27% up to $25K
• 03/02/11: 2.74% up to $25K
• 01/26/11: 2.84% up to $25K
• 10/05/10: 2.89% up to $25K
• 09/09/10: AwardChecking: 3.04% APY up to $25K; 0.75% APY over / Senior AwardChecking: 2.00% APY up to $500K; 1.00% over
• 10/21/09: AwardChecking: 4.00% APY up to $25K; 1.26% APY over; 0.10% base / Senior AwardChecking: 2.50% APY up to $500K; 1.25% APY over