Legacy Bank of Florida is offering a high-yield rewards checking account that has the following rates and features if certain monthly requirements are met:
- 2.00% APY on balances up to $50,000
- 0.50% APY on portion of balance over $50,000
- 0.10% base rate if requirements are not met
- Refunds ATM fees nationwide up to $20 per month
- 10 debit card purchases
- 1 direct deposit or ACH auto debit
- Log into online banking
- Receive e-statements
- $100 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Free Bill Pay
It appears that a branch visit is required to open an account. Branches are located in the South Florida cities of Boca Raton, Delray Beach, West Palm Beach, Fort Lauderdale and Pompano.
The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. On the plus side, I can't find any public enforcement actions against the bank from regulators. The bank has been a FDIC member since 2006 (FDIC Certificate # 58247).
Other Reward Checking Accounts
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.
12/15/09: 2.00% APY up to $50K; 0.50% over; 0.10% base
12/02/09: 4.00% APY up to $50K; 1.00% over; 0.25% base