Dedicated to Deposits: Deals, Data, and Discussion

Best Reward Checking Accounts for Large Balances

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The top rates for most reward checking accounts apply only to the first $25,000. Balances over that typically earn a much lower rate. However, there are a some with larger balance caps. A few that are available nationwide have a $50,000 cap. You can view these using our new rate tables for reward checking accounts (learn about the new format). Select the "Filter Account" button, and type in the investment amount $50000. If you just select "Nationally Available", you should see the top 3 with yields that range from 4.00% to 3.00%.

The top one is at ViewPoint Bank in Texas which offers 4.00% APY on balances up to $50K (as of 4/07/2010). The second tier rate is also very high at 1.75% APY (up to $100K). As you can see in the reviews of this bank, several readers have been rejected in the application process. But not all readers have reported problems. A few have been accepted, and they were not Texas residents.

As you might expect, these top reward checking accounts can attract a lot of depositors, so it has been common for banks to reduce rates or balance caps. So it can make sense to sacrifice a top rate for the chance that the bank will be able to maintain a competitive rate longer. That may be a reason to go with the next two on the list.

The second top one is The Bank of Fayetteville which is offering 3.20% APY on balances up to $50K (as of 4/07/2010). As you can see in the products & rates tab, the rate goes way down for balances over $50K so that's another downside.

The third one is close behind The Bank of Fayetteville. It's North Country Savings Bank and it's offering a 3.00% APY on balances up to $50K (as of 4/07/2010). As you can see in the health tab, the bank is fairly small with $183 million in deposits so it may not stay nationwide for long.

It's common for small banks to change the availability of their accounts. So make sure to check with the bank for the latest information, and please leave a comment in the reviews tab on what you find. Banks are constantly changing the availability of these accounts, and this cannot be determined automatically. Your help on keeping these up-to-date is much appreciated!


  Tags: checking account

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Comments
5 Comments.


Comment #2 by Anonymous posted on
Anonymous
What happened to Farmers & Merchants farmersandmerchants.biz?  They are paying 3.51 up to $50k.

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Comment #3 by Anonymous posted on
Anonymous
ViewPoint Bank is a nightmare to deal with!  They pull a hard credit check.  For the paperwork to open the account, they require a hard copy of everything sent through the mail.  Mine was lost in the mail, so I missed the "deadline" they gave me to return the paperwork.  If I wanted to open an account w/them, I had to start the process all over again and have another hard pull on my credit report!  No thanks!  They may have the higher interest rate for larger balances, but their customer service is ungodly and not worth the hassle!  If you go back and look at old posts from when they first hit this blog, there are lots of complaints listed about them.  I think that's why they offer the higher rate on higher balances, it's the only way they can get any customers, otherwise no one would want to deal with them!

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Comment #4 by 51hh posted on
51hh
Anon. #2: Ken was talking about "nationally available RCAs" here, F&M is no longer nationally available; FYI.

1
Comment #5 by CD Interest Rates (anonymous) posted on
CD Interest Rates
Today its relly difficult to get a good ROI. But CD Interest Rates have been quite hot for sometime and are giving good returns.



 

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Comment #6 by Anonymous posted on
Anonymous
There's something very wrong with Viewpoint Bank. I passed their first "test" with the hard credit check along with some bank check to make sure I didn't have too many online accounts. I jumped through all their hoops and 3 1/2 weeks after I mailed everything in, I received a letter returning/rejecting my app and deposit check for "incomplete data" signed by a rep named Crysta. I didn't see anything incomplete about the application, so I called customer service but wasn't allowed to talk to Crystal because she was in the internet division. I had to communicate with her using online chat. Very annoying.

It turns out that she rejected my app because I had filled out "retired" in the blank for occupation. She said everything else was fine. When I told her I had been retired for 3 years, she said I needed to fill blank with my occupation before I retired. I asked her why she didn't email me or call me to correct this insignificant technicality, and she became very snotty and said "we don't do that". She said I would have to start all over with the application, credit check, notarizations, etc.

I made certain with her that this was the only incomplete data and restarted the applicationa and sent in all the required info along with a check to open the acct. 3 weeks and they said they never received it. Too many "lost in the mails" with these people. I stopped payment on the check and considered myself lucky that they didn't have my money.

If this is how they treat you when their trying to get your business, how would they treat you if something went wrong?

Stay away from Viewpoint Bank!

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