5.01% Reward Checking Account at Citizens First Bank in Iowa - Local Only

Citizens First Bank is offering a high-yield rewards checking account called Smart e-Checking with the following rates and features if certain monthly requirements are met:

• 5.01% APY on balances up to $25,000
• 1.25% APY on portion of balance over $25,000
• 0.50% base rate if monthly requirements are not met
• Refunds all ATM fees nationwide up to $25 ($4.99/transaction)

The monthly requirements include:

• 10 debit card purchases (excludes ATM transactions)
• 2 electronic transactions: e.g., direct deposit, ACH auto debit, bill pay
• Access online banking (requires valid e-mail address)
• Receive e-statements (when available)

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

• $100 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Unlimited check writing
• Internet banking & touchtone banking

A branch visit is required to verify identity in order to complete the application process.

Branches are located in the Iowa cities of Clinton and Camanche with service to Fulton, Illinois. Ashford University is located in Clinton.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com, both based on 6/30/09 data. The bank has been FDIC member since 2000 (FDIC Certificate # 35477).

Other Reward Checking Accounts

5% reward checking accounts are becoming rare. Hopefully, this one will last for a while.

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.