High-Yield Reward Checking Account at First National Bank in Ohio - Now Limited to Ohio

Updated 5/21/2011: The bank is now limiting new accounts to Ohio residents.

First National Bank in Ohio is offering a high-yield reward checking account that can be opened online from any state. It's nice to have a new nationwide reward checking account. Hopefully, it'll remain nationally available. As we have seen many times in the last year, if there's too much demand for the account, the bank will often reduce availability. One reason they may see more demand than expected is that the current rate is tied with Danversbank's reward checking rate which is the best nationally available reward checking account.

Here are the rates and features of First National Bank's reward checking account if certain monthly requirements are met (as of 4/22/2011):

• 3.01% APY for up to $25,000
• 0.75% APY for over $25,000
• 0.05% base rate if requirements are not met
• ATM fee refunds nationwide (up to $20 per month)

Monthly requirements include:

• 10 Visa debit card purchases
• 1 direct deposit or ACH debit
• E-statements

There are no monthly fees or minimum balance requirements regardless of meeting the above requirements.

The bank also offers a reward savings account, but the rate isn't more than what you can get at many internet banks. The rate is currently 1.00% APY for balances up to $250K. According to the bank's reward savings page, you must have the reward checking, but it appears you will earn the top rate on the savings account even if you don't meet the reward checking monthly requirements.

The online application link is located at the bank's reward checking page. It's also listed for all zip codes at CheckingFinder.com. I just called the bank this morning and confirmed it's available nationwide, but as I've mentioned above, banks often change this.

First National Bank branches are located in several cities in Northeast Ohio.

It is a small bank, but it's not tiny. It has 14 branches, 113 employees and $310 million in deposits. The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 13.00% (above average) based on December 2010 data. Please refer to our financial overview of First National Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 6667).

Other High-Interest 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.