- 4.25% APY on balances up to $25,000
- 1.01% APY on portion of balance over $25,000
- 0.15% on all balances if requirements are not met
- Refunds ATM fees nationwide without limit
The monthly requirements include:
- 12 Visa check card purchases
- One direct deposit or ACH auto debit
- Receive e-statements
Additional features of the account regardless of the monthly requirements include:
- $25 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Multiple accounts can be opened, but each must meet the monthly requirements to receive the high rate
There's an online application at the bank's micro-website. However, the FAQ states that you will be required to stop by a branch office to complete the documentation.
Branches are located throughout Tennessee. Some of the cities with branches include Nashville, Dyersburg, Lexington, Knoxville, Jackson, Union City, Hendersonville and Dresden.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 6/30/09 data) and 2 stars (below peer groups) at Bankrate.com (based on 3/31/09 data). The bank was established in 1887 and has been a FDIC member since 1934 (FDIC Certificate # 1479).
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.