4.01% Reward Checking For Up To $25K At Midwest Bank In Minnesota

Midwest Bank in Minnesota is offering a decent reward checking account (as of 1/11/2011)

• 4.01% APY up to $25K
• 0.50% APY for above
• automatic surcharges refund up to $5/time

Monthly requirements:

• 10 debit card Point of Sale (POS) transactions per statement cycle
• one direct deposit
• receive your monthly statement electronically

New customers must reside in bank's local market area to open this account.

Branches are located in the Minnesota cities of

• Barnesville
• Callaway
• Dalton
• Detroit Lakes
• Parkers Prairie
• Waubun

Update 1/11/2011: 2nd tier rate fell from 1.01% to 0.50%. Added note about market area.

I believe it's local to Minnesota.

The forum has the state availability info built in. The state is mentioned in the quick summary. Also, you can use the filter button on the top of the forum to show only nationwide deals and/or the state that you're interested in.