RCB Bank has two good deposit deals. The first is a high-yield checking account called Go Green Rewards Checking. I first reported on this account in 2008. The rate has fallen, but it's still very competitive for reward checking accounts. As of 8/9/2010, it pays 4.10% APY on balances up to $25K. The main requirement is 12 debit card purchases a month. It does not require direct deposit, but it does require that you log into your account at least once a month. As is typical, e-statements is also required.
The other deposit deal is a competitive 5-year CD rate of 3.00% APY as of 8/9/2010. Minimum deposit is $1,000 for the regular CD and $250 for the IRA Roth CD. This rate is listed in the bank's CD rate sheet as of 8/09/2010.
One thing that has changed since my 2008 reward checking review is that they have added branches outside of their home state of Oklahoma. They now have branches in Phoenix and Scottsdale, Arizona and in the Kansas cities of Wichita, Winfield and Arkansas City. In Oklahoma, they have branches in several cities including Oklahoma City, Edmond, Broken Arrow, Owasso and Stillwater. Please refer to the bank's location page for all of the addresses. Update 9/7/2010: The bank has sold the Arizona branches to First Fidelity Bank, N.A. (see press release). The conversion is scheduled to take place on 10/01/2010.
The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our financial overview of RCB Bank). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1936 (FDIC Certificate # 15399).
Searching for the Best Reward Checking Account
If you're in Arizona, there's another reward checking account that's a good deal. Sonoran Bank, N.A. continues to offer 4.26% APY on balances up to $30K (as of 8/09/2010). I have more details about this account in my 2009 reward checking review.
To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.