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Westfield Bank FSB2.01%-$15kDream Big Checking
Accounts mentioned in this post. Rates as of August 30, 2014

High-Yield Reward Checking Account at Westfield Bank in Ohio


Westfield Bank FSB

Update 11/01/2010: Westfield Bank has changed the availability of the account to primarily Ohio residents.

Westfield Bank has just launched its high-yield reward checking account called Dream Big Checking. It's currently listed for all zip codes at The account has the following rates and features if certain monthly requirements are met:

  • 3.50% APY on balances up to $25,000
  • 0.75% APY on portion of balance over $25,000
  • 0.10% base rate if requirements are not met
  • Reimburses up to $12 in ATM fees nationwide per month

The above rates are listed at the bank's Dream Big Checking page as of 5/20/2010. Monthly requirements include:

  • 12 debit card purchases
  • 1 automatic payment or Direct Deposit
  • Receive electronic statements

Other account features include:

  • Minimum initial deposit of $100
  • No minimum balance requirement
  • No monthly service fee
  • Free online bill pay

Update 11/01/2010: Westfield Bank is now restricting accounts. Here is what the application and the bank's micro-website application state:

Westfield Bank is a community bank serving the residents of the state of Ohio and Westfield Insurance appointed agencies.

I just noticed this account listed for all zip codes at The link to an online application is available at this page. When banks launch a reward checking account, many start offering it nationwide at However, it has been common for banks to restrict it to their local area after a few months. So it can be advantageous to get in early before geographic limitations are put in place. The rate and balance cap are competitive but nothing great. This may actually be a plus since it should reduce the chance the bank will get overloaded with depositors.

Westfield Bank is based on Ohio with branches in Akron, Westfield Center, Medina and Wooster. It's not a large bank with only $360 million in deposits (based on 12/31/09 FDIC data).

The bank's ratings for safety and soundness are at or above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at and an overall health score of 4 out of 5 at (see our Westfield Bank rates and reviews page). The bank has been a FDIC member since 2001 (FDIC Certificate # 57077).

Other High-Yield Reward Checking Accounts

It has been getting harder to find nationwide reward checking accounts these days. It's nice to find a new one. As I mentioned above, many banks that have offered accounts nationwide have restricted them to their local market area. Most banks that have continued to offer reward checking accounts nationwide have lowered rates and/or the balance caps. As of 5/20/2010, there are only four institutions offering nationwide reward checking accounts with yields above 3.50% and with balance caps of at least $25K.

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

Related Pages: Westfield Bank FSB, reward checking account, Ohio, checking account

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Comment #1 by 51hh posted on
(3.5%, $25K) seems to be the ongoing "market rate/limit" for RCAs, especially when it is nationally available.

Comment #2 by Anonymous posted on
*Rate change

3.01% APY interest rate on balances up to $25,000

I also got a letter in the mail talking about my small purchases, how they want to be my primary checking account and my account may be closed as they eval it during feburary. Anyone else gotten a letter?

Comment #3 by Anonymous posted on
This bank closed my account citing low amounts on debit cards.  They closed the account 3 days before the end of the cycle and refused to pay the interest due on the 25K for the month.  This is a little way of scamming the consumer out of one month's interest. 

Comment #4 by KenBDG posted on
Closing an account like that is awful. How much per month were you spending with the debit card?