Update 5/14/2012: Updates made to rates and features. For the latest information, please refer to the bank's website.
Consumers National Bank is offering a reward checking account called Brilliant High Yield Checking. This is another new reward checking account with a low balance cap of $10K. As I mentioned before, the $10K balance cap is becoming more common especially for new reward checking accounts. At least the rate is very competitive. Hopefully, it will last. The following are the rates if certain monthly requirements are met (as of 5/14/2012):
- 4.00% APY on balances up to $10,000
- 0.02% APY on portion of balance over $10,000
- 0.02% APY if requirements are not met
Monthly requirements include:
- 25 check card purchases
- 1 direct deposit
There are no monthly fees or minimum balance requirement. Instead of ATM fee reimbursements, it looks like the bank decided to just offer free ATM transactions at the MoneyPass ATM network.
In addition to the $10K balance cap, the debit card requirement of 25 purchases per month is harsh. Most other reward checking accounts require only between 10 and 15. Like the shrinking balance cap, higher debit card usage requirement is becoming more common.
The bank also has a savings account that pays 5.00% APY. However, this has a balance cap of only $1,000. It’s called the Dime to Dollars Savings, and it’s designed to be similar to a Bank of America’s Keep the Change program. If you open the checking account, I don’t see any reason not to open this savings account. The 5% on $1K will add $50 of interest each year without any work.
Limited to Parts of Ohio
There’s an online application. However, I was told by the CSR that they can't accept new account applications outside of their market area which is Stark & Columbiana Counties of Ohio.
Some of the cities where Consumers National Bank branches are located include East Canton, Lisbon, Malvern and Salem.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 6.04% (excellent) based on December 2011 data. Please refer to our financial overview of Consumers National Bank for more details. The bank has been a FDIC member since 1965 (FDIC Certificate # 19482).
How It Compares with the Best Nationally Available Reward Checking Accounts
For those who don't expect to maintain balances over $10K, the $10K balance cap may not be a major downside. For those who don’t mind this small balance cap, Consumers Credit Union (no relationship to Consumers National Bank) has the best deal with a 4.09% APY for up to $10K. This credit union makes it easy for anyone to be eligible to join.
If you want at least a $25K balance cap, the best rate is only 3.01% APY for a nationwide reward checking account.
To compare reward checking accounts based on interest rates and balance caps, you can use our reward checking rate table. Refer to this post for details on how to use the rate tables.
- 05/14/12: Brilliant High Yield Checking: 4.% APY up to $10K; 0.02% over (requires 25/mo card purchases
- 05/20/11: High Yield Checking: 4% APY up to $10K; 0.10% over (requires 30/mo card purchases)