Texas Bank is offering a high-yield reward checking account called Texas Reward Checking. The bank doesn't have many details about this account on its website except for the yields that are listed in the rate table. However, they recently advertised this account in the Tyler Morning Telegraph. The ad is available here, and it provides many details. The account has the following rates and features if certain monthly requirements are met (as of 8/18/2010):
- 4.07% APY on balances up to $25,000
- 0.25% on portion of balance over $25,000
- 0.25% base rate if requirements are not met
Monthly requirements include:
- 12 Visa check card purchases
- 1 direct deposit or direct debit
- Receive e-statements and maintain a valid email address
Other account features include:
- $100 minimum opening deposit
- No minimum balance
- No monthly fees
- Free bill pay
- First box of checks is free
- ATM refunds of up to $15 per statement period (doesn't appear to be dependent on meeting requirements)
It appears that a branch visit is required to open an account. Branches are located in the East Texas cities of Tyler, Tatum, Nacogdoches and Henderson.
The bank has an overall health score of 4 out of 5 based on 3/31/10 data at DepositAccounts.com (see our financial overview of Texas Bank). The bank has been a FDIC member since 1973 (FDIC Certificate # 21074).
Other High-Yield Reward Checking Accounts
It's nice to see another four-percent-plus reward checking account. These are becoming less common as many banks cut rates. Banks often advertise "CD-like rates" for these accounts. Hopefully, they won't notice that there are no longer any CD rates over 4% these days.
To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.