Kentucky Deposit Account Rates and Deals

Commonwealth Bank and Trust Company is offering up to $150 for opening its Extreme Checking Account and making 15 payments using its internet Bill Pay service. You'll get $15 for each bill payment for up to $150. Refer to the bank's promo page for more details. Below is the offer's small print:

Offer valid for new Extreme Checking accounts only. Account must be open for at least 60 days to earn cash bonus. One bonus per customer. Maximum bonus of $150. No minimum balance required; however, you must deposit $100 to open account. Miscellaneous income reportable to the IRS.

The Extreme Checking account is a high-yield reward checking account that I first reported on in 2008. It's currently paying 4.50% APY on balances up to $25K, and the rate is guaranteed through the Derby 2010 (starts on the first Saturday in May). Refer to my account review for more details. A commenter in that post reported that there's no hard pull in the application. I've sent an email to confirm. Update: I received the following reply about the credit inquiry: "It is a soft inquiry that will not impact your credit score."

It's rare to see both an attractive bonus and reward checking account.

There's an online application for the account, but it states on the Extreme Checking page that it's only available for residents of Kentucky, Ohio and Indiana.

Thanks to the reader who commented on this deal.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

Update 1/21/2010: The special CD rates have fallen, but they remain competitive: 1.75% APY 9-month and 2.00% APY 13-month.

Commercial Bank is offering two very competitive CD rates: 2.10% APY for 9 months and 2.25% APY for 15 months. The 9-month CD is a special. Both have a $500 minimum deposit. These rates are listed in the bank's rates page as of 12/18/09. Note, on the front page they're listing the 15-month CD with a 2.15% APY. I've emailed the bank to find out which rate is correct.

The bank also offers a high-yield reward checking account with a 3.01% APY for balances up to $25K (see my review).

It appears that a branch visit is required to open an account. Branches are located in several cities in Tennessee and Kentucky. Some of the cities include Harrogate, Knoxville, Kingsport, Luttrell, Pineville, Cumberland and Barbourville.

The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1976 (FDIC Certificate 22354).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

Commercial Bank is offering a high-yield reward checking account called Hometown Rewards Checking. It has the following rates and features if certain monthly requirements are met:

• 3.01% APY on balances up to $25,000
• 0.51% APY for portion of balance over $25,000
• 0.05% base rate if requirements are not met
• Reimburses ATM fees nationwide per cycle

The monthly requirements include:

• 10 debit card purchases
• 1 Automatic Payment or Direct Deposit

Additional features of the account regardless of the monthly requirements include:

• $100 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Free Bill Pay

It appears that a branch visit is required to open an account. Branches are located in several cities in Tennessee and Kentucky. Some of the cities include Harrogate, Knoxville, Kingsport, Luttrell, Pineville, Cumberland and Barbourville.

The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1976 (FDIC Certificate 22354).

Other Reward Checking Accounts

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

Regions Bank has adjusted its special CDs, but they remain competitive in many states. All areas appear to have the same long-term CD special rates: 2.50% APY for 23 months and 3.00% APY for 42 months. The 7-month CD special also appears common for all areas, but it's not nearly as competitive with a 1.25% APY. They used to have a 12-month special, but the term is now 15 to 17 months. The APY is 2.00% for many states (I've confirmed this for AL, GA, IL and TX). In some states it's only 1.75% APY (I've confirmed this for FL and IN). The rates vary by area, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The above rates were checked on 12/16/09.

Minimum deposit for the above specials is $10,000 with a $1 million maximium, and new money is required. Also, the CD page states that you must have or open a Regions checking account. A reader in my last Regions post mentioned that his Texas branch hasn't required him to open a checking account. So you may be able to get out of the checking requirement if you have some nice reps at your local branch.

When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.

Regions lost $473 million in the third quarter, and it's in the process of cost-cutting which includes closing some branches. According to this Herald Tribune article, it's closing 22 offices in Florida and 121 in its 16-state footprint. Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).

Regions Bank's rating for safety and soundness at Bankrate.com is 1 star (lowest) based on 6/30/09 data. At BauerFinancial it was 3 stars (adequate) when it was based on 6/30/09 data. It remains 3 stars based on 9/30/09 data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

National City continues to offer its $300 checking account promotion. I first reported on this promo in November. They're advertising it again, and it's now scheduled to end on 12/19/09. Refer to my November post for the details. The latest ad for this promo was in the Sunday edition of the St. Louis Post-Dispatch. The ad is available online here.

A branch visit is required, and this promo appears to only be available in areas where National City has branches that have not yet been converted to PNC branches. So this would exclude Florida. Other states with National City branches include IL, IN, KY, MI, MO, OH, PA and WI. All markets are scheduled to be converted by the end of June. More details about the conversions are provided at the PNC transition website.

For those with nearby PNC branches, PNC is offering another $100 checking account bonus. This was advertised in the Sunday edition of the Treasure Coast Newspaper. The ad is available online here. This is in Southeast Florida, so the promo may not be available in all markets. According to the ad:

Open a select new PNC Personal Checking Account with qualifying direct deposit and get more than you expected, like $100 deposited in your account

The offer is scheduled to end on 12/19/09.

PNC continues to offer a $100 bonus for opening its Virtual Wallet account. Refer to my September post for more details. One thing that has changed is that the small print now states that the offer is limited to residents of: DC, DE, IN, KY, MD, NJ, OH, PA, VA.

Other Bank Bonus Deals:

• my last 40 posts on checking and savings account bonuses

Fort Knox Federal Credit Union is offering one competitive special CD rate of 2.15% APY for a 13-month term. The other special isn't quite as competitive: 1.60% APY for 7 months. There are also some competitive long-term regular CD rates. The best is the 5-year CD with a 3.50% APY. An extra 0.25% is added for a Jumbo CD with a $100,000 minimum. These rates are listed in the credit union's CD rates page as of the morning of 12/09/09.

The credit union has a history of competitive CD specials. My last report was on August when the 7-month CD rate was 2.50%. Last year the 7-month CD rate was 5% (the good old days).

Membership is open to those who live, work or worship in any of the following Kentucky counties: Boyle, Breckinridge, Grayson, Hart, Larue, Meade, Nelson and Taylor. There's also a large list of select employer groups. Relatives of any person who can be a member may also join. There's a $10 membership fee, and a minimum $5 deposit into a share savings account is required. Please refer to the credit union's membership eligibility page for the full details.

Branches are located in several cities in Kentucky including Fort Knox, Radcliff, Elizabethtown and Campbellsville.

The credit union continues to have strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). Fort Knox FCU is federally insured by the NCUA (Charter # 7000).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

First Federal Savings Bank is offering a 13-month no-penalty CD with a 2.11% APY. Minimum deposit is $500. This special is shown in the main banner on the bank's front page and in this promo page as of 12/02/09. According to the small print, the special APY is good for accounts opened through December 31, 2009.

The bank also has some competitive regular CD and IRA rates including a 2.51% APY 25-month CD. Note, you're required to provide your zip code to see the rates page. So rates may vary by location.

It appears that a branch visit is required to open an account. Branches are located in Kentucky and Indiana.

The bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3½ stars at BauerFinancial. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1936 (FDIC Certificate # 28610).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

Bluegrass Community Bank has a high-yield reward checking account called ABC Checking. The account has the following rates and features if certain monthly requirements are met:

• 4.07% APY on balances up to $25,000
• 0.40% APY on portion of balance over $25,000
• 0.15% base rate if requirements are not met
• Refunds ATM fees nationwide without limit

The monthly requirements include:

• 10 Visa debit card purchases
• 1 direct deposit or automatic payment
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• $100 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Two free boxes of checks per year

There's an online application at the bank's micro-website. However, the application makes it look like you'll need to come into a branch to complete the application process. The bank is located in Danville, Kentucky. In the bank's location page they provide directions on driving to the branch from Lexington, Louisville and Bowling Green.

It's a new bank that was just established in March 2009. Thus, it doesn't yet have any ratings for safety and soundness. It's a FDIC member (FDIC Certificate # 58848).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

First Security Trust Bank is offering a high-yield reward checking account called Free Extreme Checking. The account has the following rates and features if certain monthly requirements are met:

• 4.50% APY on balances up to $25,000 (guaranteed to 9/01/2010)
• 1.01% APY on portion of balance over $25,000
• 0.10% base rate if monthly requirements are not met
• Refunds ATM fees worldwide up to $25 per cycle

The monthly requirements include:

• 10 debit card purchases
• 1 direct deposit or automatic debit
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• $100 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Free online bill pay
• Free first order of 150 checks

A branch visit is required to open the account. Branches are located in the Kentucky cities of Florence, Edgewood and Crescent Springs. These are located in the Cincinnati-Northern Kentucky metropolitan area.

The bank is a sister of Commonwealth Bank & Trust Company. Both are under the Commonwealth Bancshares holding company. Commonwealth Bank & Trust Company is also offering a rate guarantee for its 4.50% reward checking account, but only to May 2010. One advantage of Commonwealth is that the reward checking can be opened online if you live in KY, OH or IN (see review).

The bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3½ stars at BauerFinancial. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1999 (FDIC Certificate # 34863).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Update 11/05/09: It has been reported that the promo code is good for only one use and the customer must have the physical coupon in order to qualify.

National City is offering a $150 Visa Gift Card in a checking account promotion. The offer doesn't seem to be listed at National City's website. They've been sending out flyers with this promotion, and it was mentioned in this SlickDeals thread. The offer code is DM1109657496, and the offer expires 11/27/2009. Here are the requirements to receive the $150 Gift Card:

• Open a Free Checking Plus account by 11/27/2009
• Set up direct deposit of your entire paycheck (of at least $400) into your account within the first 60 days
• Get a National City Visa CheckCard and make at least 10 purchases within the first 60 days

You can apply by phone (1-877-526-3604) or at nationalcity.com/checking. At the National City website, I discussed this promo with a National City CSR via online chat. Here is what the CSR stated:

This promotion does exist. To be eligible, you will need to apply through this chat and with approval, make the opening deposit at your local National City branch.

You can also apply using the online application, but the CSR said you'll only be able to get an instant decision on the application via the secure online chat. I would assume it would be similar if you call.

Some important details related to the Free Checking Plus Account include:

• $50 minimum opening balance
• Requires monthly automatic activity (direct deposit, online bill payment or ACH payment)
• Without automatic monthly activity, converted to Free Checking ($12 free for transfer)
• No maintenance fees
• Free checks
• No charges for use of non-National City ATMs (other bank may charge)

When I checked with National City last year I was told there is no hard credit inquiry in the application. They just use ChexSystem.

This promo appears to only be available in areas where National City has branches that have not yet been converted to PNC branches. National City has branches in FL, IL, IN, KY, MI, MO, OH, PA and WI.

$100 PNC Bonus

For those who don't live in National City's market area, PNC still has a $100 bonus for opening its Virtual Wallet Account. Refer to my bonus review for more details.

National City Branch Conversions

PNC finished the closing of its acquisition of National City on December 31, 2008. Conversion of National City branches into PNC branches were scheduled to start the second half of 2009. According to this Indy Star article, conversion of Florida and Pennsylvania branches are scheduled for November. Indiana branches are scheduled for conversion next summer.