Coastal Carolina National Bank is offering a high-yield reward checking account called Coastal Rewards Free Checking. This is another example of a new reward checking account with a low cap. At least the rate is currently above average. Below are the rates and features as of 5/04/2010 when certain monthly requirements are met:
- 4.01% APY on balances up to $10,000
- 0.10% APY on portion of balance over $10,000
- 0.10% APY on entire balance if requirements are not met
- Unlimited ATM fees refunds nationwide
Monthly requirements include:
- 10 VISA debit card purchases
- 1 direct deposit, ACH transaction or automatic third party draft
- Receive e-statements and being enrolled in online banking
Other account features include:
- $50 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Free online bill pay
The bank also has a good deal on its Premier Money Market account. They don't list the rates online, but a reader mentioned the rate is 1.50% APY on balances of $100K as of 5/03/2010.
A branch visit is required to open an account. It's a small bank located at Myrtle Beach, South Carolina.
I first reported on this bank last year when the bank first opened in June 2009. At that time their reward checking account had monthly fees. I'm glad to see them making it inline with the typical free reward checking.
Since the bank is less than a year old, it doesn't have ratings yet at BauerFinancial or Bankrate.com. The bank is a FDIC member (FDIC Certificate # 58864).
Hat tip to the reader who emailed me news of this bank.
Other High-Yield Reward Checking Accounts
Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.