Andrew Johnson Bank Offers Rewards Checking in GA, NC, TN, and VA
I last wrote about Tennessee-based Andrew Johnson Bank’s (AJ Bank) rewards checking account, Sky High Checking, almost two years ago. While the current 1.76% APY on qualifying balances up to $25k is a far cry from the 3.05% APY offered in 2019, the 1.76% APY is nonetheless a competitive rate today. Qualifying balances greater than $25k earn 0.08% APY, with non-qualifying balances earning 0.01% APY.
DA has been tracking the Sky High Checking account since late 2009, when the rate was 4.75% APY on qualifying balances up to $25k. While there have been several rate changes in the past twelve years, the $25k balance cap has remained constant. The APY settled at 2.02% in 2012 and remained there for nearly five years. In the past four years, there have been three rate increases (103 bps) and two rate decreases (129 bps).
Qualifying Requirements
- At least 20 debit card purchases.
- At least one direct deposit or electronic bank draft (Online Bill Pay).
- Receive eStatements.
- Log into Online Banking at least once per statement cycle.
The Sky High Checking can be opened with a minimum $100 deposit. There is no monthly service fee or minimum balance requirement, but there is a $10 early closure fee if the account is closed within 180 days of opening. Unlimited check writing is available and a fee-free debit card will be issued following account opening. Four non-AJ Bank ATM fees will be reimbursed each statement cycle. A U.S. checking or savings account is required to fund a Sky High Checking account opened online. POD beneficiaries can be added, with full name, date of birth, and Social Security number required for each beneficiary.
Availability
Headquartered in Greeneville, Tennessee, Andrew Johnson Bank offers the Sky High Checking account through an online application to U.S. citizens (18 years of older) who have a valid Social Security number and live in Georgia, North Carolina, Tennessee, or Virginia.
Opening a Sky High Checking account can be done online, or at any of eight eastern Tennessee branches located in Cleveland (2), Greeneville (3), Johnson City, Jonesborough, and Morristown. As stated on the COVID-19 Update page,
We encourage our customers to wear a mask upon entering our branches. While in the branch, an employee will greet you, and ask that you remove your mask briefly for video identification purposes. This security measure is important, protecting all customers and staff, and we kindly ask that everyone comply, even if you are familiar with our staff, and they are familiar with you.
Bank Overview
Andrew Johnson Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.24% (excellent) based on December 31, 2020 data. In the past year, AJ Bank has increased its total non-brokered deposits by $57.72 million, an excellent annual growth rate of 16.85%. Please refer to our financial overview of Andrew Johnson Bank (FDIC Certificate # 22015) for more details.
Founded in 1975 as the City & County Bank of Greene County, Andrew Johnson Bank is a community bank that provides personal and business banking services in East Tennessee. The Bank changed its name in 1980, paying homage to Andrew Johnson, the mayor of Greeneville between 1830-1834 (and one of the most maligned U.S. President). Andrew Johnson Bank is currently Tennessee’s 51st largest bank, with assets in excess of $449 million.
How Sky High Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the online market area and have maximum qualifying balances of at least $25k, Andrew Johnson Bank’s Sky High Checking APY currently ranks third.
The above information and rates are accurate as of 5/28/2021.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
