Update 12/03/10: The rates and balance cap are scheduled to fall on 1/1/2011. Please refer to the bottom of the post for the rate history.
Brookhaven Bank is offering a reward checking account called Elite.Checking. Starting 1/1/11, it will pay 1.50% APY on balances up to $15,000 (0.50% for above) and refunds ATM fees nationwide if the following monthly requirements are met:
- 10 debit card purchases
- one direct deposit or automatic payment
- receive statements electronically
If these are not met, the rate falls to 0.05%. Minimum initial deposit is $100. There are no monthly service charges or minimum balance requirements.
The "Apply Now" button on the Elite.Checking page takes you to an online application at CheckingFinder. If you search at CheckingFinder, this account only shows up for certain Georgia zip codes, so it appears to be limited to their market area. Branches are located in Atlanta, Georgia.
The bank is a new bank that was established in 2007. It's a member FDIC (FDIC Certificate # 58456).
Thanks to the reader Atlanta Wolf who mentioned this account in the comments.
Other 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.
- 01/01/11: 1.50% APY up to $15K; 0.50% over; 0.05% base
- 12/05/09: 3.00% APY up to $50K; 1.00% over
- 08/01/09: 4.00% APY up to $50K
- 03/06/09: 4.50% APY up to $50K; 1.25% over; 0.25% base