It has been a while since I've reviewed a reward checking account. I just came across one in New Mexico that has a respectable yield. It's at BANK'34, and the reward checking account is called GrOw Green Checking. The account has the following rates and features if certain monthly requirements are met (as of 3/30/2011):
- 3.40% APY for balances of $500 to $20,000
- 0.25% APY for portion of balance over $20,000
- 0.00% APY and $5 service charge if requirements are not met
Monthly requirements include:
- 15 credit/signature-based debit card purchases
- 3 online bill pay transactions
This is one of the rare reward checking accounts that has a service charge if you do not meet the monthly requirements. So if the rate goes way down, you can't just move your money and leave the account idle. If you do that, you'll be losing money.
It appears that a branch visit is required to open an account. BANK'34 branches are located in the New Mexico cities of Las Cruces and Alamogordo.
If you're wondering what's the meaning of 34 in the name, the bank was established in 1934. The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 32.84% (below average) based on December 2010 data. Please refer to our financial overview of BANK'34 for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 29087).
How It Compares?
It's getting hard to find reward checking accounts paying over 3.00% APY on balances of at least $20K. As of 3/30/2011, there continues to be two nationally available reward checking accounts with yields around 3% for balances up to $25K. These are at Danversbank and Coulee Bank.
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.