Randolph Bank became popular last year when they launched a nationally available reward checking account called Extra-Mile Choice Checking with a yield of 4.75%. Unfortunately, the availability and the yield didn't last. The bank reduced availability to North Carolina residents, and in late December, the yield fell to 2.50% APY for balances up to $25K. However, I just noticed two favorable changes.
First, the bank is allowing more people to apply. According to their reward checking page, in addition to North Carolina, they're accepting applications from residents of South Carolina, Georgia, Florida, Tennessee and Virginia. I've updated my Extra-Mile Choice Checking review with these details.
Second, they're offering a new savings account called Extra Mile Smart Savings that has a yield of 1.29% APY on all balances of at least $50 (as of 4/25/2011). It has no monthly service charge. Like the checking, there's an online application that's open to everyone in NC, SC, GA, FL, TN and VA.
A yield of 1.29% APY is very competitive these days. In my latest weekly summary I only have two nationwide accounts with higher yields.
The online application is provided by Andera.com. It allows you to open both the checking and the savings at the same time. You can fund the account with a charge card, debit card, or transfer money from another bank account. According to a reader who commented last year on the checking account application:
You do not need to get the signature card notorized. Just print out the bank signature card at the end of the process, sign it and mail it to them.
Randolph Bank branches are located in the North Carolina cities of Asheboro, Burlington, Randleman and Mebane.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 34.79% (below average) based on December 2010 data. Please refer to our financial overview of Randolph Bank for more details. The bank has been a FDIC member since 1978 (FDIC Certificate # 22746).