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
- 10 Visa check card purchases
- 1 direct deposit or ACH automatic payment
- Receive e-statements
- $100 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Free Bill Pay
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.
