Malvern Federal Savings Bank Cuts Reward Checking Rate to 1.50%

The reward checking rate fell from 2.00% to 1.50% APY. This applies to balances up to $35K. Malvern's reward checking was popular when it was launched in early 2008. Through most of 2008 the yield was 5.01%, and the account was available nationwide. In April of 2009 it was limited to only certain states, and later in 2009 the rates started to fall.

Please refer to my account review for the rate history and account details.

Thanks to the reader who mentioned this rate change in the comments.