Update 4/27/11: The top rate has fallen to 3.01% APY
1st Commonwealth Bank of Virginia has recently launched a high-yield reward checking account. It has the following rates if certain monthly requirements are met:
- 3.01% APY on balances up to $25,000
- 0.75% on portion of balance over $25,000
- 0.10% base rate if requirements are not met
The monthly requirements include:
- 12 debit card purchases
- One bill pay (through 1CBV Online Banking) OR one direct deposit/ACH transaction
- Receive e-statements and maintain a valid email address
Additional features of the account regardless of the monthly requirements include:
- $5 minimum initial deposit
- No monthly fees
- No minimum balance requirements
Note, I don't see any mention of refunds of ATM fees.
Since the account was just launched (1/18/2010), hopefully, it will maintain the 4.01% for a while.
It appears that a branch visit is required to open an account. It's a small, one-office bank located in Arlington, Virginia.
The bank was just established in February of this 2009, so it doesn't have any ratings for safety and soundness. The bank is a member FDIC (FDIC Certificate # 58773).
- 04/26/11: 3.01% APY up to $25K
- 01/18/10: 4.01% APY up to $25K; 0.75% over; 0.10% base