Dedicated to Deposits: Deals, Data, and Discussion

5.00% Reward Checking Account at Village Bank in MN - Local Only

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Village Bank
Village Bank is offering a high yield rewards checking account called eChecking with the following rates and features if certain monthly requirements are met:
  • 5.00% APY on balances up to $10,000
  • 1.00% APY on portion of balance over $10,000
  • 0.10% base rate if monthly requirements are not met
The monthly requirements include:
  • 5 debit card purchases (excludes ATM transactions)
  • Receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • No minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • First 5 checks free, thereafter $3.00 each
  • Trial (free) bill pay for 3 months, thereafter $5.95 per month
Presently this is the highest yield, 5%, and lowest cap, $10K, in Minnesota. Note that the usual direct deposit or ACH debit/credit is not required, plus required debit card count is one of the lowest anywhere. On the downside, no ATM foreign fee refunds are mentioned.

Also, they also offer an attractive youth College Savings Fund that pays 10% on the first $500, 3% for any amount over that, contingent upon $100 minimum contributions annually.

A branch visit is required to verify identity when opening an account. Branches are located in five communities just north of Minneapolis: Blaine, Ramsey, Oak Grove, St. Francis and East Bethel.

The bank's ratings for safety and soundness are mixed: 2 stars (problematic) at BauerFinancial and 4 stars (sound) at Bankrate.com, both based on 6/30/09 data. The bank has been a FDIC member since 1993 (FDIC Certificate # 33761).

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.

  Tags: Minnesota, Village Bank, checking account, reward checking account

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