Update 1/4/2012: The balance cap has fallen to $20K
There used to be a few institutions in Louisiana with some very attractive reward checking accounts. However, the ones with the best rates have reduced the balance caps. The reader 51hh recently mentioned a new Louisiana reward checking at Home Federal Bank which has both a top rate and a respectable balance cap. The account is called Smart Rewards Checking and it has the following rates and features if certain monthly requirements are met (as of 1/4/2012):
- 4.00% APY on balances up to $20,000
- Foreign ATM fee refunds of up to $10
Monthly requirements include:
- 12 signature debit card purchases
- Direct deposit of at least $100
- Receive imaged checks in a monthly E-Statement
- Minimum balance requirement of $250
The account has no monthly service charge, and the first order of basic checks are free.
You must be a Louisiana resident to open this account. Home Federal Bank branches are located in the Shreveport.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 0.24% (excellent) based on December 2010 data. Please refer to our financial overview of Home Federal Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 27654).
How It Compares?
It's getting hard to find reward checking accounts paying over 3.00% APY on balances of at least $25K. As of 4/1/2011, there's now only one nationally available reward checking account with a 3% APY for balances up to $25K. Danversbank is now the only one (and its reward checking future is in doubt.) A reader just reported that Coulee Bank is now limited to Wisconsin, Minnesota and Iowa residents.
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.
01/04/2012: 4.00% APY up to $20K
04/01/2011: 4.00% APY up to $25K