If you're leaving your megabank, here's one reason to choose a community bank instead of a credit union. Community Bank and Trust continues to offer a very competitive reward checking account that it calls PowerInterest Checking. I first reviewed this account in January 2010. One nice change is that they now have an online application which appears to allow all Wisconsin residents to apply. One nice thing that has not changed is the rate and balance cap. It has the following rates and features if certain monthly requirements are met (as of 10/28/2011):
- 3.05% APY on balances up to $25,000
- 0.50% on portion of balance between $25,000 and $100,000
- 0.25% on portion of balance above $100,000
- 0.10% base rate if requirements are not met
There have been some changes to the monthly requirements which make it a little more difficult to qualify for the high rates. Each debit card purchase must now be at least $10, and each direct deposit must be at least $200. Here are the full list of monthly requirements:
- 12 signature based Debit Card transactions of at least $10.00 each
- 1 ACH direct deposit into the account, minimum of at least $200.00, such as Payroll, Pension or SSI
- Access online banking at least once
- Receive e-statements and maintain a valid email address
I don't see any mention of monthly fees. Also, I don't see any mention of refunds of ATM fees. According to the bank's ATM and Debit Cards page, customers have surcharge-free access to more than 400 ATMs in Wisconsin through the Community Bank ACCE$$ Network.
Community Bank and Trust branches are located in the Milwaukee suburbs of Glendale and Greenfield, and in the Wisconsin cities of Sheboygan, Plymouth, Elkhart Lake, Chilton and Appleton.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 28.82% (average) based on June 2011 data. Please refer to our financial overview of Community Bank and Trust for more details. The bank has been a FDIC member since 1989 (FDIC Certificate # 27507).
Finding Other Reward Checking Accounts
To find the best reward checking accounts in your area or that are available nationwide, please refer to our reward checking account table. Use the "Filter Accounts" button on top of the table to select either nationwide accounts and/or your state. Also, you can use this button to select the investment amount. This allows you to compare accounts with different rate tiers. For more details about how to use the rate tables, please refer to our rate table guide.