Update 9/28/2012: Readers have been told by the bank CSRs that the yield is scheduled to fall from 3.25% to 2.25% on October 15, 2012.
Community Trust Bank is offering a very competitive reward checking account that it calls Trust Plus Checking. Both the rate and the balance cap make this a good deal. The details are shown below. The rates and balance cap are based on what's listed at the bank's rates page as of 9/25/2012:
- 3.25% APY for balances up to $30,000
- 1.00% APY for portion of balance over $30,000
- 0.10% APY on all balance if requirements are not met
Monthly requirements that must be met to qualify for the above rates include:
- 12 posted and cleared debit card purchases (point of sale or signature based)
- 1 posted and cleared ACH debit or credit
- receive monthly eStatements
The checking account has no monthly service charge and no minimum balance requirement. More details about the Trust Plus Checking are provided in this bank's personal banking brochure. One thing that's stated in this brochure is "Fee free ATMs nationwide". This might only mean that the bank doesn't charge a fee if you use another bank's ATM. There may still be a fee from the other bank.
The bank has an online application. However, it states that "you must reside in a state where Community Trust Bank has an office - Louisiana, Mississippi, or Texas - to open an account online." It appears that people who live in any parts of those states are eligible.
The online application is powered by Andera which is common for online applications. It allows electronic funding using your checking account, savings account, debit card or credit card. Minimum deposit to open is $50.
Thanks to DA member pearlbrown who first reported on this reward checking account in this DA forum thread.
Other Deposit Accounts
The bank also has a good deal on 1-year CD. I reviewed this deal in February. The rate has fallen, but it's still a good deal especially if you have an active checking account.
Community Trust Bank branches are located in the Dallas/Fort Worth, Texas and in several cities in Louisiana and Mississippi including Farmerville, Monroe, Shreveport, Madison and Ridgeland.
The bank has an overall health score of 4 stars (out of 5) with a Texas Ratio of 9.38% (above average) based on June 2012 data. Please refer to our financial overview of Community Trust Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 12614).
How This Reward Checking Compares
This reward checking account is a much better deal than what you can get from nationally available reward checking accounts. The best reward checking account with a 3.00% APY is at Lake Michigan Credit Union. However, the balance cap is only $15,000. The best one with a $25K balance cap is at ABCO Federal Credit Union which offers a 2.52% APY. These rates and balance caps are accurate as of 9/25/2012.
Finding the Best Reward Checking Accounts
To find the best reward checking accounts today, please refer to our reward checking rate table. This can be used to find accounts available nationwide or in your state. If you're new to these tables, my rate table guide should be useful.
If you're new to reward checking, please refer to my post 10 Common Traits of High-Yield Reward Checking.