Dedicated to Deposits: Deals, Data, and Discussion

Updated Review of the R Bank Reward Checking in the Austin Metro Area

POSTED ON BY

R Bank

I first reported on R Bank and its R Best Checking account about four years ago. Like all reward checking accounts, the rates and balance cap have fallen. However, it remains very competitive and a good deal for those in the Austin metro area. Below is an updated review of the account. The rates and features are listed on the bank’s home page as of 11/12/2013:

R Best Checking rates and features if monthly requirements are met:

  • 3.25% APY on balances up to $15,000
  • 1.01% APY on portion of balance over $15,000
  • 0.10% APY on entire balance if requirements are not met
  • ATM fee refunds

Back in 2009, the account had a 4.13% APY on balances up to $35K. As you can see, the rate and balance cap have fallen, but the fall isn’t that bad compared to reward checking accounts at other banks and credit unions.

R Best Checking’s monthly requirements to qualify for the above rates and ATM fee refunds include:

  • 12 debit card purchases
  • 1 automatic payment (ACH) or direct deposit
  • enrolled and receive e-statements

Additional account features include:

  • $100 minimum initial deposit
  • No monthly service charge
  • All new accounts automatically qualify for the first monthly cycle

This account is listed in the CheckingFinder.com page as of 11/12/2013. There's an online application at that page available for people in the Austin metro area.

Bank Overview

R Bank’s main office is located in Round Rock, Texas. There are also branches in Austin and Georgetown.

The bank has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 4.08% (excellent) based on June 2013 data. Please refer to our financial overview of R Bank for more details. The bank has been a FDIC member since 2009 (FDIC Certificate # 58935).

How This Reward Checking Account Compares

The highest rate on balances up to $15K on a reward checking account that’s available nationwide is 3% APY. That’s available at the all-access credit unions INOVA FCU ($20K balance cap) and Lake Michigan Credit Union ($15K balance cap).

The highest rate on balances up to $15K for any reward checking regardless of availability is 4.11% APY. That’s at Gibsland Bank & Trust in Louisiana, and a branch visit is required to open the account.

The above rates are accurate as of 11/12/2013.

Other Reward Checking Accounts

To find reward checking accounts available in your state, please refer to our reward checking table. You can also use the table to find reward checking accounts available nationwide. Refer to this post to learn how to use the table.

To learn more about reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.

  Tags: R Bank, Texas, checking account

Related Posts

Comments
5 comments.
Comment #1 by anon2 posted on
anon2
I have been a member of this bank for several years after finding it on this website.  I have always had excellent customer service when interacting with the employees.  I was not too happy wiith the rates dropping over the years and lowering the maximum balance to $15,000, but I know they had to do it with the current interest rate environment.  I have tried to refer co-workers and friends to the bank but they seem clueless about the money they are throwing away by leaving their money in non-interest bearing checking accounts.

7
Comment #2 by Anonymous posted on
Anonymous
Does one have to live in the Austin area.  I live in Houston and wonder if it is possible to open on line?  It sounds like an excellent deal to me particularly with the 1.1% over $15,000.00.

2
Comment #3 by anon2 posted on
anon2
I applied in person when I joined and did not know what the residency requirement was at that time.  I just now reviewed questions on the checkingfinder.com online application, and it asks you to check the box "I am a resident of Travis or Williamson county."  So they would most likely screen you out if you did not check the box.  You could always call one of the branches to ask if you have to live in one of those counties though.

The last time I actually went to the bank I had asked if they relaxed the rule on 1 account per household but they said "no."  I was hoping to avoid opening a lower rate account elsewhere.

4
Comment #7 by gli (anonymous) posted on
gli
Just called R Bank - awesome phone conversation with the sweetest gal!

Anyway - NO - if you are out of the Texas area that this bank serves - they will not open an account - you must be present at the bank to deliver the signature information etc...

Tis a shame - this seems like just the kind of bank that I would be interested in placing my money.

1
Comment #4 by Anonymous posted on
Anonymous
Thanks anon 2 I will probablygive them a call today.  I had forgotten about checking finder website since last time I looked deals for the Houston area were very low.

2
Comment #5 by SnowSkier posted on
SnowSkier
Ken, Why doesn't R Bank show up in the list of Rewards Checking Accounts in Texas with high interest rates?  After finding your Nov 2013 review, I opened a Rewards Checking Account at rbanktexas , and have been very satisfied.  Pays 3.25% on the first 15k, and then 1.01% on the balance above 15k.

1
Comment #6 by Ken Tumin posted on
Ken Tumin
Thanks for alerting me of this missing rate. We should be re-adding this soon to our reward checking table for Texas.

1