Update 6/24/10: The balance cap has fallen to $15K.
Center National Bank is offering a high-interest reward checking account called Centers Rewards Checking. The account has the following rates and features as of 3/09/2010 if certain monthly requirements are met:
- 4.11% APY on balances up to $15,000
- 0.75% APY on portion of balance over $15,000
- 0.25% base rate if requirements are not met
- Unlimited ATM fee refunds nationwide
Monthly requirements include:
- 10 debit card purchases
- One direct deposit or authorize one ACH automatic payment
- Receive e-statements
Other features of the account include:
- No minimum deposit requirement to open
- No minimum balance requirement
- No monthly maintenance fee
According to the banking representative, Center National Bank has been offering this account since May 2009, and the 4.11% APY has remained the same since then. Of course the rate is subject to change at anytime.
There is an online application, but they do require a branch visit for ID and signature verification. Branches are located in the Minnesota cities of Litchfield and Plymouth. Plymouth is just west of Minneapolis.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 10976).
Other Reward Checking Accounts
It's not easy these days to find a reward checking account with a yield over 4.00%. The best reward checking accounts that are available nationwide are just over 4% APY.
To find nationally available reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.
06/01/10: 4.11% APY up to $15K; 0.75% over
03/15/10: 4.11% APY up to $25K; 0.75% over
03/09/10: 4.11% APY up to $25K; 1.01% over