HCSB in Texas is now offering its reward checking account nationwide. I first mentioned this account in this February review. At that time, I was told they required a branch visit to open the account. However, I was just informed by one of their banking reps that they now have the application at CheckingFinder.com and it shows up for any zip code. I have more details in my February review.
At 3.51% APY for balances up to $25K (as of 3/09/2010), HCSB's reward checking rate isn't the best. However, the rate for balances over $25K is above average at 1.51% APY. If you look at the interest that would be earned on a $100K balance, it comes out to be about $2,000 which would be equal to a blended APY of around 2%.
It's important to note that HCSB is a relatively small bank with $321 million in deposits (based on 12/31/09 FDIC data). Like many small banks in the past, HCSB may decide to restrict availability. If you see that the account no longer shows up for your zip code at CheckingFinder.com, please leave a comment.
Also note, don't confuse HCSB in Texas with the banking giant HSBC.
High-Yield Reward Checking Account Resources
- reward checking overview
- math behind reward checking accounts
- reward checking accounts with a history of high rates
- Reward checking accounts (tables include both local-only and nationwide)