First United Security Bank is offering a high-yield reward checking account with the following rates and features if certain monthly requirements are met (as of 3/30/2010):
- 3.29% APY on balances up to $100,000
- 0.95% APY on portion of balance over $100,000
- 0.15% base rate if requirements are not met
- Unlimited ATM fee refunds
Monthly requirements include:
- 12 check card purchases
- 1 direct deposit or ACH auto debit
- Access online banking at least once
- Enroll and receive e-statements
Other features of the account include:
- $100 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
It appears that a branch visit is required to open an account. Branches are located in several cities in Alabama some of which include Brent, Butler, Columbiana, Fulton, Grove Hill, Jackson, Tuscaloosa and Woodstock.
The bank's ratings for safety and soundness are a little above average: 3½ stars (good) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1952 (FDIC Certificate # 17077).
Other High-Yield Reward Checking Accounts
It's not easy to find reward checking accounts with large balance caps. Most limit the balance that qualifies for the top rate to $25K. Those that had large balance caps have either cut the rates, lowered the balance cap or reduced availability (or all three). One example is City National Bank which had been offering a 3.28% APY reward checking account with no cap. The rate has fallen, and it now pays only 1.68% APY. On the plus side, it still has no cap, and it's still available nationwide (account review).
Refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.