High-Yield Reward Checking & Savings Accounts at First National Bank of Hereford in Texas

First National Bank of Hereford is offering a high-yield reward checking account and also a companion savings account called Real Saver. A companion savings account is becoming more common at banks that offer reward checking. These savings accounts can be useful for those with large balances.

The following are the reward checking account rates and features if certain monthly requirements are met (as of 4/21/2010):

• 3.51% APY on balances up to $25,000
• 1.01% APY on amount of balances over $25,000
• 0.25% base rate if requirements are not met
• Unlimited ATM fee refunds nationwide

Monthly requirements include:

• 10 check card purchases
• 1 direct deposit or automatic payment
• Receive e-statements

Other features of the account include:

• $100 minimum initial deposit
• No minimum balance requirement
• No monthly service fees

The Real Saver Account offers the following rates if the Reward Checking requirements are met:

• 2.01% APY on balances up to $100,000
• 0.51% APY on portion of balance above $100,000
• 0.25% base rate if requirements are not met

Note, I just noticed a discrepancy. The $100,000 tier is based on the Real Saver summary section. However, the "more info" section states a $25,000 tier. I've sent an email to find out which is correct.

Like the reward checking, the Real Saver has no monthly fees and no minimum balance requirements.

According to the bank rep, they can open accounts by mail for those out-of-state. They will mail you the account information. You will be required to mail in copies of your driver's license and social security card. Note, these policies can often change at small banks.

Branches are located in Northwest Texas.

The bank's ratings for safety and soundness are strong: 5 stars (superior) 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 1999 (FDIC Certificate # 34918).

Other High-Yield Reward Checking Accounts

Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.