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4.00% Reward Checking Account at Adams Bank & Trust in NE & CO - Local Only

POSTED ON BY

Adams Bank & Trust

Update 4/27/2010: The bank extended the rate guarantee to 8/31/2010.

Adams Bank & Trust is offering a high-yield reward checking account called SuperSmart e-Checking. It has the following rates and features if you meet certain monthly requirements:

  • 4.00% APY on balances up to $35,000 (guaranteed until 5/31/2010)
  • 2.00% on portion of balance over $35,000
  • 0.20% base rate if requirements are not met
  • ATM fee refunds up to $10 per month

The monthly requirements include:

  • 25 debit card purchases (PIN or signature based)
  • 1 direct deposit or direct payment (ACH)
  • Receive e-statements

Additional account features include:

  • $100 minimum initial deposit
  • $7 monthly membership fee if requirements are not met

For those who don't want to do 25 monthly debit card purchases, the bank offers the Smart e-Checking which has easier requirements but the rates are lower:

  • 2.00% APY on balances up to $25,000
  • 1.00% on portion of balance over $25,000
  • 0.15% base rate if requirements are not met
  • ATM fee refunds up to $10 per month

The monthly requirements include:

  • 15 debit card purchases (PIN or signature based)
  • 1 direct deposit or direct payment (ACH)
  • Receive e-statements

Another reason to choose this account over the SuperSmart e-Checking is that it lacks the monthly fee if you fail to meet the monthly requirements.

It appears that a branch visit is required to open an account. Branches are located in Nebraska and Colorado.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1962 (FDIC Certificate # 18489).

Other Reward Checking Accounts

The high debit card usage requirement and the monthly fee when requirements are not met are rare for reward checking accounts. Most only require 10 purchases a month and have no monthly fees regardless of meeting the requirements. The only good thing about these requirements is that it should encourage people to use the account as their primary checking account which should make it easier for the bank to maintain the high rates.

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.

Rate History:
4.00% APY up to $35K; 2.00% over (guaranteed to 8/31/10)
4.00% APY up to $35K; 2.00% over (guaranteed to 5/31/10)
4.00% APY up to $35K; 2.00% over (guaranteed to 2/27/10)

  Tags: Adams Bank & Trust, Colorado, Nebraska, checking account, reward checking account

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
25 debit transactions... I mean I will take 8, 10, even 12; but never, never on 25.

1
Comment #2 by Anonymous posted on
Anonymous
Well this day in age the debit/credit card are used for everything. The only ones who dont seem to use the debit card are of the older generation. So 25 is easy to reach for most people. I think it is a great product and rate especially for what the economy is going through right now.

2
Comment #3 by Anonymous posted on
Anonymous
25 debit card transactions is the most I have come across, but we went ahead and grabbed one of these accounts since is gives the best rates to us. All of our other reward accounts have dropped their rates significantly (or been closed by the FDIC!).

2
Comment #4 by Anon (anonymous) posted on
Anon
I see from their website that the rate guarantee has been extended until May 31st.  Not a bad deal.

2
Comment #5 by 51hh posted on
51hh
25 debit transactions: The point is that this is usually for 2-3 RCAs, thus it is not worthwhile, IMHO, to do just one RCA with that many debit transactions, especially if one plans to have multiple RCAs.

-1