4.50% Reward Checking Account at a Texas Bank (Alliance)


Update 6/07/09: The top yield has fallen to 4.50% APY. Refer to the bottom of the post for the rate history.

Alliance Bank has a reward checking account called Freedom Checking that pays 4.50% APY on balances up to $25,000 (0.75% for above) and refunds ATM fees (up to $50 per cycle) if the following monthly requirements are met:
  • 10 check card purchases
  • one direct deposit or ACH debit
  • receive electronic statements
  • maintain valid e-mail address
If these are not met, the rate falls to 0.10%. The minimum initial deposit is $100. There are no minimum balance requirements. One notable perk is free checks.

It's not clear if this bank requires a branch visit to open the account. There is an online enrollment application. I'll check on this today. Update 8/25/08: I've received a reply from the bank on this issue, and they do require new customers to come into a branch to open this account.

Branches are located in several Texas towns east of Dallas. These include Sulphur Springs, Greenville, Commerce, Wolfe City and Rockwall. The bank has been FDIC insured since 1934 (FDIC Certificate # 11569).

Other High Yield 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.

Rate History:
06/02/09: 4.50% APY
01/05/09: 5.00% APY
05/14/08: 5.25% APY
Anonymous   |     |   Comment #1
did you ever find out if you need a branch visit?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
I just sent them an email asking about this. I'll update the post when I receive a reply. Thanks.
Anonymous   |     |   Comment #3
As of 1/5/09 the top rate is 5.00% APY. Other rates remain same.
4.50% 12-Month and 18-Month CD at Alliance Bank in California
Update 2/06/09: Alliance Bank has been closed. Please refer to this post for more details.

Alliance Bank is offering a CD promotion with a yield of 4.50% APY for terms of 12 and 18 months. The minimum deposit is $25,000, and the deposit must be new funds. This special doesn't seem to be listed at the bank's website. A reader commented that it was advertised in yesterday's Los Angeles Times.

It appears that a branch visit is required to open an account. Branches are located throughout the Los Angeles metro area.

The bank...

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The bank has been FDIC insured since 1938 (FDIC Certificate # 29882). It has a 4 star rating (excellent) at BauerFinancial based on 3/31/08 data.

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Update: This CD has ended. Please check the bank's website for the latest CD rates.

Alliance Bank is offering a 6.98% APY 36-month variable rate IRA certificate of deposit (pdf of rate page). The minimum is $500. The interest rate is 6.75%. The rate is tied to the Prime Rate minus 1.5%. There's a 3-month interest penalty for early withdrawals. According to the CSR, this IRA can be opened by mail from any state. Alliance Bank also offers some competitive regular CD rates ranging from 5.50% APY 2-year CD to a...

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Alliance Bank has branches...

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