Arizona Bank & Trust has a reward checking account called Cash Rewards Checking that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees (up to $20 per statement) if the following monthly requirements are met: 1) 15 signature-based debit card purchases, 2) one direct deposit, and 3) electronic statement delivery. If these are not met, the rate falls to 0.25%. There are no minimum balance requirements or monthly fees.
Update 5/21/08: Readers have reported that the bank no longer accepts applications from outside Arizona (As of 8/10/08, the website now states that they're accepting accounts only from its local service areas.) The bank also changed its policy regarding the maximum number of checking accounts allowed per household. The new limit is now 2.
I also asked once more about opening an account by mail. Last time they said new customers had to come into a branch. This time I was told that
Branches are located in the Phoenix metro area. The bank has been FDIC insured since 2003 (Certificate # 57620).
Other High Yield Reward Checking Accounts
For other reward checking accounts and for more information on these accounts, please refer to the following posts:
- reward checking overview
- reward checking accounts available nationwide
- reward checking accounts around the nation
Thanks to the reader who mentioned this bank in the comments.
06/14/10: 3.03% APY up to $20K; 0.26% over; 0.05% base
03/30/09: 4.01% APY up to $20K; 1.01% over
12/06/08: 5.01% APY, 15/mo debit card purchases required. Previously opened accounts still get 6.01% APY guaranteed through April 1, 2009.
02/25/08: 6.01% APY up to $20K; 1.51% over; 12/mo debit card purchases required.
Edit 2/8/09: ACH debit is no longer listed as an alternative to direct deposit.