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
- 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 Bankrate.com 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.