4.50% Reward Checking Account with Rate Guaranteed to 9/2010 at First Security Trust Bank in KY - Local Only

First Security Trust Bank is offering a high-yield reward checking account called Free Extreme Checking. The account has the following rates and features if certain monthly requirements are met:

• 4.50% APY on balances up to $25,000 (guaranteed to 9/01/2010)
• 1.01% APY on portion of balance over $25,000
• 0.10% base rate if monthly requirements are not met
• Refunds ATM fees worldwide up to $25 per cycle

The monthly requirements include:

• 10 debit card purchases
• 1 direct deposit or automatic debit
• 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
• Free first order of 150 checks

A branch visit is required to open the account. Branches are located in the Kentucky cities of Florence, Edgewood and Crescent Springs. These are located in the Cincinnati-Northern Kentucky metropolitan area.

The bank is a sister of Commonwealth Bank & Trust Company. Both are under the Commonwealth Bancshares holding company. Commonwealth Bank & Trust Company is also offering a rate guarantee for its 4.50% reward checking account, but only to May 2010. One advantage of Commonwealth is that the reward checking can be opened online if you live in KY, OH or IN (see review).

The bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3½ stars at BauerFinancial. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1999 (FDIC Certificate # 34863).

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.