Update 8/19/2013: The rates have fallen. Please refer to the account history at the bottom for a summary of the changes.
- 3.25% APY on balances up to $15,000
- ?.??% APY on portion of balance over $15,000
- 0.10% base rate if requirements are not met
- Refunds ATM fees up to $20 per cycle
The monthly requirements include:
- 12 check card purchases
- 1 direct deposit or ACH automatic payment
- Receive e-statements
Additional features of the account regardless of the monthly requirements include:
- $100 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
Note, the rates are not listed on the bank's website. The above rates are based on the bank's CheckingFinder.com page as of 8/19/2013. There's now an online application at that page available for people in the Austin metro area.
The bank CSR informed me in 2011 that they can open the account by mail. However, since it's such a small bank, they would likely have to limit the account to their market area if they get too many requests. Thus, I'm considering this a local deal. Update 6/27/2011: I was told they now require a branch visit, but anyone in the Austin metro area can open the account.
The bank is located in Round Rock, Texas which is just north of Austin.
It's a new bank that was just established in June 2009. Based on 9/30/09 FDIC data, the bank just has 12 employees and $14.7 million in deposits. Since it's so new, it doesn't have ratings for safety and soundness. The bank is a FDIC member (FDIC Certificate # 58935).
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.
- 08/19/13: 3.25% APY up to $15K; 0.10% base (per CheckingFinder.com)
- 12/01/10: 3.25% APY up to $25K; 1.25% over; 0.10% base (per CSR)
- 12/09/09: 4.13% APY up to $35K; 1.52% over; 0.10% base (per CSR)