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5.01% Reward Checking Account at First National Bank of Scottsdale in AZ - Local Only

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Update 12/31/09: The bank has stopped offering the MoneyMaker Checking Account.

First National Bank of Scottsdale is offering a high-yield reward checking account called MoneyMaker Checking. The account has the following rates and features if certain monthly requirements are met:
  • 5.01% APY on balances up to $35,000
  • 1.01% APY on portion of balance over $35,000
  • 0.05% base rate if requirements are not met
The monthly requirements include:
  • 10 Visa 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
  • Free Bill Pay
One of the features mentioned is "Free ATM/Visa check card transactions nationwide." It's unclear if this is only at in-network ATM locations or if they refund ATM fees at out-of-network ATMs.

There's an online application at the MoneyMaker Checking page. However, the bottom of the page states that they only accept deposits on this account from Maricopa County, Arizona. Also, a branch visit is required. This is stated in the application:
You may transmit this application via the internet, but you MUST sign the signature card and account agreement at the bank location you specified above.

The bank is located in Scottsdale, Arizona.

It's a fairly new bank that was established in December 2007. Thus, it's still labeled as a start-up at BauerFinancial. Its rating for safety and soundness at Bankrate.com is 3 stars (performing) based on 6/30/09 financial data. The bank is a FDIC member (FDIC Certificate # 58744).

Other Reward Checking Accounts

Reward checking accounts with rates around 5% and with balance caps over $25K are rare. You'll have to check locally since nationwide reward checking rates max out in the low 4% range.

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.

Edit 12/08/09: Added county restriction.
  Tags: First Scottsdale Bank, Arizona, checking account

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Comments
9 comments.
Comment #1 by dugggg (anonymous) posted on
dugggg
Their website is a virtual clone of First National Bank of Olathe in Kansas, right down to the bank logo and the same RCA moniker.

Not surprisingly, a little research shows that FNB of Olathe recently acquired FNB of Scottsdale.

Olathe abruptly discontinued the Kansas RCA after only a few months despite it being local only; I hope a similar fate is not in store for the new one in AZ, as the $35K max is very tempting.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Good catch. First National Bank of Olathe. I sent them an email to see why they stopped offering this account. I don't know if they'll reveal anything, but perhaps we'll get some clues.

1
Comment #3 by dugggg (anonymous) posted on
dugggg
The website now specifically says "We only accept deposits on this account from Maricopa County, Arizona."

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. Wonder if there were a lot of people considering a long trip to Phoenix. I've updated the post with this restriction.

About First National Bank of Olathe in Kansas, here is the reply I received from the bank:

We are no longer offering the MoneyMaker Checking account. With rates dropping the way they are and the shape the economy is in we have decided to not offer this account at this time.

So if FNB of Olathe officials do take active management of FNB Scottsdale, it would seem likely that the MoneyMaker Checking may have the same fate here.

1
Comment #5 by Anonymous posted on
Anonymous
Well that didn't take long. MoneyMaker checking is no longer available on the bank's web site.

1
Comment #6 by 51hh posted on
51hh
The rate for the grandfathered accounts is down (below 1%?) big time, too.

1
Comment #7 by Anonymous posted on
Anonymous
The rate even for gradn-fathered account has dropped significantly, FYI.

1
Comment #8 by Anonymous posted on
Anonymous
Above Post: Sorry, posted already (about rate change).

1
Comment #9 by Anonymous posted on
Anonymous
And now, according to their website, the 'moneymaker' checking account is no longer available.

1