The Berkshire Bank is offering a reward checking account called Power NOW Checking. It doesn't have the best rate for a reward checking account, but it has some features that may be of interest to some. Also, for those in New York City looking for a local reward checking account, this may be something to consider.
The Power NOW Checking account has a 2.50% APY for balances up to $25,000 if the customer makes 6 debit card purchases totaling at least $100 per statement cycle. This rate is listed in the bank's checking account page as of 11/30/2010. It doesn't list the rate for over $25K or the rate if requirements are not met. Minimum opening deposit is $500, and it's for new customers only.
The yield is a little low compared to other reward checking accounts. However, the requirement of 6 debit card purchases a month is below average. The $100 total purchase requirement is something unique. The vast majority of reward checking accounts are based on BancVue and lack this type of requirement. This Power NOW Checking appears to be one of the rare reward checking accounts that isn't from BancVue.
It appears that a branch visit is required to open an account. Branches are located in New York City, Brooklyn, Harriman, Goshen, Bloomingburg. They also have branches in Ridgefield and Teaneck, New Jersey.
The bank has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 1.72% (excellent) based on 9/30/2010 data. Please refer to our financial overview of The Berkshire Bank for more details. The bank has been a FDIC member since 1989 (FDIC Certificate # 27503).
Other High-Yield Reward Checking Accounts
To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.