Update 12/7/2010: It has been reported that MidCarolina Bank has discontinued their reward checking account.
MidCarolina Bank is offering a high-yield reward checking account called MidCarolina Reward Checking. The account has the following rates and features as of 3/03/2010 if certain monthly requirements are met:
- 4.25% APY on balances up to $25,000
- 1.01% APY on portion of balance over $25,000
- 0.05% base rate if requirements are not met
- Nationwide ATM fee refunds
Monthly requirements include:
- 10 check card purchases
- 1 direct deposit or automatic withdrawal
- Receive e-statements
Additional features of the account include:
- $500 minimum opening balance
- No monthly fees
- No minimum balance requirements
There's an online application at the bank's micro-website, but the first page of the application implies that you have to come in to a branch location to complete the application process.
Branches are located in the North Carolina cities of Burlington, Greensboro, Graham and Mebane.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1997 (FDIC Certificate # 34454).
Other Reward Checking Accounts
It's nice to find a reward checking account these days with a yield over 4.00%. It's not getting easy. You can't get much above 4% for nationwide reward checking accounts.
To find nationwide reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.