4.01% Reward Checking Account at a Colorado Bank (Summit Bank and Trust)

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Update 4/04/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

Summit Bank & Trust is offering a rewards checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees (up to $20/month) if the following monthly requirements are met:
  • 15 signature-based debit card purchases
  • one direct deposit
  • receive electronic statements
If these are not met, the rate falls to 0.25%. The minimum initial deposit is $25. There are no monthly fees or minimum balance requirements.

It appears a branch visit is required to open the account. Branches are located in the Colorado cities of Broomfield, Erie and Thornton which are just north of Denver.

The bank is a member FDIC (FDIC website is currently down, so I'm unable to give its certificate number or link to financial stats).

Thanks to the reader who emailed me info on this reward checking account.

Other High Yield 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.

Rate History:
04/04/09: 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 June 30, 2009.
05/25/08: 6.01% APY up to $20K; 1.51% over; 12/mo debit card purchases required

Edit 2/10/09: Automatic payment is no longer listed as a direct deposit alternative.
Comments
Jon the Canadian
Jon the Canadian (anonymous)   |     |   Comment #1
(The FDIC Cert is 58458)

Thanks for the post - I checked it out and opened an account this week. The banker who opened my account said the rate is guaranteed at least through June of 2009, and has been at this rate since February. I know thank bank reserves the right to change their rates at any time, but it's nice to know they aren't just doing a short-term promotion with high interest.
Jon the Canadian
Jon the Canadian (anonymous)   |     |   Comment #2
Just got an email from summit. Starting 1/1/09, the required debitcard-as-credit purchases will be 15 per monthly statement cycle, rather than 12.

Also, while my interest is guaranteed at 6.01% through June of 2009, new accounts opened after 1/1/09 will get less interest.
Anonymous
Anonymous   |     |   Comment #3
Correct me, but I only see a requirement for direct deposit.
Jon the Canadian
Jon the Canadian (anonymous)   |     |   Comment #4
Here's from the Bank Website here:

http://www.summitbt.com/personalbanking_checking.cfm

Just Three Easy Steps to Earn Bonus Rates and Free ATMs Nationwide***
A... Simply have 15 or more signature-based purchases posted within the monthly qualification cycle.
B. Sign up for direct deposit...
C. Go electronic and eliminate paper statements with FREE eStatements
Anonymous
Anonymous   |     |   Comment #5
Top yield has fallen to 4.01% APY.
Anonymous
Anonymous   |     |   Comment #6
Top yield has fallen to 3.01% APY
Elijah
Elijah (anonymous)   |     |   Comment #7
Top rate has fallen
Earn 2.01% APY¹ on balances up to $20,000
Earn 0.21% APY¹ on balances over $20,000
5.80% 10-Month CD at a Colorado Bank (Summit Bank and Trust)
Summit Bank and Trust is offering a special 5.80% APY 10-month certificate of deposit. The minimum deposit is $1,000 and the maximum is $35,000. It requires that you open a checking account with direct depsoit. There's also a 5.75% APY listed that may not require direct deposit. Only one CD per household is allowed.

The main office is located in Broomfield, Colorado which is in the northern suburbs of Denver. The bank was just established in November of 2006. It's FDIC insured.

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