3.01% Reward Checking Account at Indiana Bank & Trust Company - Indiana State Only

Update 12/23/09: The top rate has fallen to 3.01% APY.

Indiana Bank & Trust Company is offering a high-yield reward checking account called Maximum Yield (MY) Checking. It has the following rates and features if certain monthly requirements are met:

• 3.01% APY on balances up to $25,000
• 0.10% on portion of balance over $25,000
• 0.10% base rate if requirements are not met
• free ATMs nationwide

The monthly requirements include:

• 10 debit card purchases
• 1 direct deposit or automatic ACH payment or Online Bill Payment
• Log on to Online Banking
• Receive e-statements

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

• $500 minimum initial deposit (listed in application)
• No minimum balance requirement
• No monthly service charge
• Free bill payment

Accounts can be opened at a branch or online. I called the bank to see if they have any restrictions. According to the CSR, they only accept Indiana residents. A branch visit is not required. They can mail you the signature cards and other documentation after you complete the online application.

There may be a hard credit inquiry in the application process. The following must be selected at the start of the application: "By applying for an account, I also agree that my credit and account history may be reviewed with consumer reporting agencies."

Branches are located in the Indiana cities of Indianapolis, Austin, Batesville, Brownstown, Columbus, Greensburg, Hope, Madison, North Vernon, Osgood, Salem and Seymour.

The bank's ratings for safety and soundness are a little above average: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1943 (FDIC Certificate # 28285).

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.

Rate History:
12/23/09: 3.01% APY up to $25K
12/08/09: 4.01% APY up to $25K; 0.10% over; 0.10% base