Commerce Union Bank is offering a high-yield reward checking account called Max Rewards Checking. The account has the following rates and features if certain monthly requirements are met (as of 3/26/2010):
- 3.51% APY on balances up to $30,000
- 1.01% APY on portion of balance over $30,000
- 0.05% base rate if requirements are not met
- Unlimited ATM fee refunds nationwide
Monthly requirements include:
- 10 MasterCard debit card purchases
- 1 direct deposit or ACH debit
- Access online banking
- Receive electronic statements
Other features of the account include:
- $100 minimum initial deposit
- No monthly service fees
- No minimum balance requirement
There's an online application at the Max Rewards Checking website, however, it implies that you must come in to a branch location to complete the application process.
Branches are located in Springfield and Gallatin, Tennessee.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 2006 (FDIC Certificate # 58366).
Other High-Yield Reward Checking Accounts
Compared to other reward checking accounts this account has two nice features: 1) balance cap of $30K which is a little higher than the typical $25K, and 2) unlimited ATM fee refunds. Most reward checking accounts limit fee refunds to around $25. As someone who doesn't use ATMs much, I see this unlimited refunds of ATM fees more of a negative. If there are too many customers taking advantage of this feature, it could make it harder for the bank to keep the interest rate high.
Refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.