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The Best Reward Checking Account in Florida and One of the Best in the Nation


Old Florida National Bank

Update: This reward checking account is no longer available. Please refer to this post for more details.

It used to be easy to find reward checking accounts with top yields of at least 3% for balances up to $25,000. These are now rare. In the entire nation, we only have 16 reward checking accounts with top yields of at least 3% for balances up to $25,000. None of these are easily available nationwide.

Seven of these 16 reward checking accounts are from credit unions which have limited membership. The best deal continues to be at Southwest Airlines Federal Credit Union which offers 4% APY on balances up to $25,000. As you might expect, membership is primarily limited to Southwest Airline employees (and other Select Employee Groups).

Nine of these 16 reward checking accounts are from community banks that are primarily located in sparsely populated areas of the country. For example, the three best bank reward checking accounts are at banks in Iowa.

There is one exception to these nine banks. Old Florida National Bank has several branches in the Orlando metro area (which is the 26th largest metro area in the U.S.). Its rewards checking account is called Optimum Checking, and it has been paying 3.04% APY for balances up to $25,000 for the last four years (rate as of 6/14/2013). My first review of this account was in December 2009.

One nice thing about this bank is that they allow people from any state to open this reward checking account. However, they require new customers to open accounts at a branch. They do not open accounts by mail. So if you are vacationing in Florida, you may want to stop at one of the bank’s branches to open this account. Please note that small banks often change their policies on account qualifications. So make sure to check with the bank for the latest policies.

Please refer to my Optimum Checking Account review for more details about this account. One important detail to note about this account is that you don’t want your balance to go above $25,000. If your balance exceeds $25,000, your entire balance will earn only 0.50% even if you meet all of the monthly requirements. For the vast majority of reward checking accounts (including those powered by BancVue), only the portion of the balance above the cap will earn the lower rate.

It’s hard to get too excited about reward checking accounts. Like savings accounts, there’s no guarantee how long the high rates will last. We have seen rates plummet at several banks and credit unions. Reward checking accounts also have another risk. The balance cap can also fall. There have been many reward checking accounts with balance caps that have fallen from $25,000 to $15,000 or $10,000. So instead of the top rate applying to balances up to $25K, the top rate applies to balances of only $15K or $10K.

One thing that can kill a reward checking account is a bank acquisition. A large bank acquires a small bank with a reward checking account, and the large bank decides to stop offering the reward checking account. Currently, there’s no indication that Old Florida National Bank is near that type of acquisition. In November, the bank did announce that it was acquiring the smaller New Traditions National Bank. I don’t see this as affecting the reward checking account.

Another thing that can kill a reward checking account is when a bank is having financial problems. There have been some cases in which the FDIC has ordered banks considered 'less than well capitalized' to lower their reward checking rates. One case last year impacted a Florida bank. Old Florida National Bank appears to be in good financial shape. We’re giving it a 4 star rating (out of 5) based on March 2013 data. Its Texas ratio is 12.54% (above average). Please refer to our financial overview of the bank for more details.

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of To learn more about reward checking, please refer to this reward checking overview.

Related Pages: Old Florida National Bank, Florida, checking account

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Comment #1 by Anonymous posted on
Go over the max balance and you lose all interest? That's the most ridiculous thing I've ever heard. Wouldn't trust this bank to be able to do accurate calculations.

Comment #2 by Anonymous posted on
The CSR told me, when I opened the account in April, that the rate would revert only for those days on which I was at or above $25K. He also observed that even the reduced rate of 0.5% is quite competitive. I did not get his words in writing, and have no desire to test them, so I monitor my balance very closely.

Comment #3 by pearlbrown posted on
What is even more ridiculous is the answer I got when I called one of the branches: "Our systems cannot calculate the difference in interest when you go over the $25k". 

According to a very friendly CSR, the bank has its own IT department, and in addition it works with different vendors of system software.  If such a basic system change is beyond the scope of the IT department to complete or coordinate with the vendors, that is an embarrassment. 

Many institutions offering RCAs with high rates count on the fact that some accountholders will fail to meet requirements.  In this case, if you make an error and accidentally keep too much in the account, you'll suffer the same fate. 

Just when you thought you'd heard everything....................

Comment #4 by Anonymous posted on
Still the best reward checking account around...Unlike other banks that cap at 10K or 15K with min /15 signature based debits/credit card transactions, some with $5 min purchase...but need to follow the rules & stay under 25K!

What happened to the good old days when you put your money in the bank & earned interest  got gifts for opening an account...without all the hassel of meeting all the reward qualifications? Bring back the good old days PLEASE!

Comment #6 by Anonymous posted on
I just spoke to a branch manager who informed me that as of January 1, 2014,  Optimum Checking will no longer be offered.  It is to be replaced by "Local Interest Checking" with similar requirements but with an interest rate of 0.25% (!)

I urge that others verify the information.

Comment #7 by gli (anonymous) posted on
FYI - I just spoke with OFNB today - Longwood Branch and they said that the formerly 3% interest rate will change to their local interest checking account which pays... wait for it... 0.25% interest.

HOWEVER - OFNB said that OFNB has not yet sent out letters to existing checking account holders or determined WHEN they are changing those who currently have existing 3% checking accounts over to this new checking account - so it could be a few months yet that those with current accounts get to enjoy the 3% rate.

Comment #8 by Anonymous posted on
Old Florida's reward checking was one of the best, paying 3% up to 25K. BUT...currently the rate is 1.65%. The new rate will be .025% (YES.... I/4 of 1% if all qualifications are met) starting August 31st 2014! Now, it appears that Old Florida will be just like all the other crappy banks out there

Comment #9 by Anonymous posted on
Less than 1/4 of 1% by my calculation