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5.02% Reward Checking Account at Goldwater Bank in Arizona - Local Only


Goldwater Bank

Update 2/12/10: It has been reported that Goldwater Bank is no longer offering the reward checking accounts to new customers. The account still pays 5.02% APY for existing customers as of 2/12/10

Goldwater Bank is offering a rewards checking account with the following rates if certain monthly requirements are met:

  • 5.02% APY on balances from $100 to $20,000
  • 0.10% on portion of balance over $20,000
  • No interest if requirements are not met

The monthly requirements include:

  • 10 debit card purchases
  • one direct deposit
  • 3 bill pay transactions
  • Receive e-statements

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

  • $1,000 minimum initial deposit
  • Minimum balance of $1,000 to avoid service charge of $15 per month
  • ATM fees reimbursed automatically within a day

According to the CSR, a branch visit is needed to open an account. The bank has one office located in Scottsdale, AZ.

The bank's ratings for safety and soundness are a little weak: 2 stars (below peer group) at and 3 stars (adequate) at BauerFinancial. Both ratings are based on 6/30/09 financial data. Goldwater Bank has been a FDIC member since 2007 (FDIC Certificate # 58405).

Other Reward Checking Accounts

I'm glad to include another reward checking account for Arizona. This is only the fifth one. Goldwater Bank's reward checking rate just tops the previous Arizona leader, Bank1440 which offers a 5.01% APY reward checking account as of 11/12/09. However, Bank1440's rate applies up to $25K, and there's a very competitive rate of 2.01% APY for the portion of the balance over $25K (see account review).

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: Arizona, checking account, reward checking account, Goldwater Bank

Related Posts

Comment #1 by Anonymous posted on
This bank is listed as nationally available at; which is incorrect. many Arizona banks (e.g., Sonoran) disappeared!

What a mess! I missed the old site!

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the notes. I think the complication is that Goldwater offers CDs nationwide, but not this reward checking account. About Sonoran and another recent AZ reward checking account, these were newly posted so they haven't been added to the tables yet. I'll make sure these get added.

Don't forget you can click on the Arizona label link to see my recent Arizona posts including the recent reward checking posts.

Comment #3 by Anonymous posted on
Thanks, Banking Guy.

Did not mean to be critical, but the old site was much better and more clear for my use.

Best wishes.

Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
No problem. Feel free to let us know of anything we've missed.

Besides some missing and wrongly labeled reward checking accounts, what other features do we need to match the old site? Thanks.

Comment #5 by Anonymous posted on
Hi Ken,

We need a global forum (like the old one) for readers to add rate change/new RCAs to the list; in addition to the individual RCA forum.

A global forum is very beneficial as an interchange forum to get the quickest update on existing RCA rate change as well as brand new RCAs.

Thanks a lot to open for improvment/enhancement to your website!!

Comment #6 by Anonymous posted on
Also, as you can see in the recent FDIC/CD forums and many others: There are several trolls (most likely kids or immature teens) that were both annoying and distracting.

One uses "Quotes" with >>... He/she picked fights with everybody, using controversial and irrational thinking. I spent a lot of time last night only to find out that he/she was there solely for the purpose of being a troll, picking fights.

This type of people is very annoying and distracting to the general constructive readers/contributors to your forum. Some monitor (like FWF) is definitely needed to get rid of such noise.

Just a constructive suggestion.