Update 1/10/10: The top rate is scheduled to fall to 4% APY for balances up to $15,000 on February 8, 2010.
Bank2 is offering a reward checking account called Great Rate Checking. The account offers the following features if certain monthly requirements are met:
- 4.00% APY on balances up to $25,000
- 1.01% APY on balances over $25,000
- 0.01% base rate if qualifications are not met
- ATM fees refunded up to $50 (nationwide only)
The monthly requirements include:
- 12 check card purchases
- direct deposit (CSR said any ACH deposit also counts)
- receive e-statements
- access online banking
Additional features of the account regardless of the monthly requirements include:
- $100 minimum initial deposit
- no minimum balance requirement
- no monthly fees
- multiple accounts can be opened, but requirements must be met for each account As of 5/6/09, there's a limit of 2 accounts per household.
More details of this account are provided at the bank's micro-website.
As of 2/8/2010, the bank is starting a companion savings account, Great Rate Savings. It'll pay 2.01% APY for balances up to $35,000 if the above checking requirements are met.
The rate may be guaranteed through 1/01/2010. This is based on the bank's advertisement in today's (3/08/09) Oklahoma City newspaper. The ad is available online. Note, I only see this guarantee in the image of the ad. I don't see it in the ad's small print or at the bank's website. I recommend saving this ad for future reference.
Update 1/10/10: A reader reported receiving a letter from Bank2 informing customers that the top rate is scheduled to fall to 4% APY and the cap is scheduled to fall to $15,000 effective February 8, 2010.
The bank provides an online application, and the first page of the application states: We welcome all residents of the United States to apply. Please note that Bank2 is a small bank, and small banks often change their policies on account availability. Update 5/7/09: It looks like they have changed it. According to the website, it's now only available to Oklahoma residents.
The online application allows for electronic funding using your existing checking or savings account.
Bank2 has two offices in Oklahoma City. According to Bank2's About Page:
Bank2 is a subsidiary of the Chickasaw Banc Holding Company. The Holding Company and thus Bank2 are 100% owned by the Chickasaw Nation.
Bank2 has solid ratings for safety and soundness: 4 stars (sound) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both ratings are based on 9/30/08 financial data. Update 5/7/09: Their ratings have gone done. Current ratings based on 12/31/08 data: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.
Bank2 has been FDIC insured since 1934 (FDIC Certificate # 11521).
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.
02/08/10: 4.00% APY up to $15K (reader reported receiving a letter) debit card req = 12
03/08/09: 5.01% APY up to $25K (was guaranteed to 12/31/09); 1.01% over; 0.01% base; debit card req = 10