Update 2/28/11: The top rate is scheduled to fall to 2.51% APY for balances up to $15K effective 4/1/2011.
Bank of Ripley has a reward checking account that pays 2.51% APY on balances up to $15,000 (0.75% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) receive electronic statement, and 3) access online banking. If these are not met, the rate falls to 0.25%. The minimum opening deposit is $100. There are no monthly fees.
I noticed on the home page it's stated that the APY for the Reward Checking is correct as of 6/01/07. So this shows that the account has a long history with this high yield.
Update 3/16/09: The account appears to only be available to Tennessee residents. The checking account is no longer listed at CheckingFinder.com for all zip codes. It now only shows when you enter zip codes inside Tennessee. The account had been available nationwide at the time of the last update of this post on 1/31/09. At the time, CheckingFinder was listing this account for all zip codes. When I contacted the bank in January, I was told that once approved, you will be mailed forms for signatures, codes, etc. This should still apply for those in Tennessee.
Branches are located in Covington and Ripley, Tennessee. The bank has been FDIC insured in 1939 (Certificate # 15673).
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
- 03/01/11: 2.51% APY up to $15K
- 09/01/09: 3.51% APY up to $25K; 0.75% over
- 04/01/09: 4.26% APY up to $25K
- 04/06/08: 5.26% APY up to $25K; 1.00% over; 0.25% base