3.25% Reward Checking Account at Community Bank in MS/AL/TN

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Update 1/26/09: The top yield has fallen to 3.25% APY. Refer to the bottom of the post for the rate history.

Community Bank is offering a reward checking account called Big Money Free Checking. It pays 3.25% APY on balances up to $30,000 (1% for above) and refunds ATM fees (4 per month) if the following monthly requirements are met:
  • 12 debit card purchases
  • one ACH debit or credit
  • pay one bill online
  • receive electronic statements
If these are not met, the rate falls to 0.25%. The minimum initial deposit is $100.

According to the customer service rep, new customers are required to come into a branch to open an account. Branches are located in Memphis, Tennessee, in Mobile, Alabama, and in several cities in Mississippi including Jackson, Biloxi and Gulfport. The bank has been FDIC insured since 1971 (FDIC Certificate # 20329).

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.

Rate History:
10/09/09: Rate guarantee is no longer mentioned on website.
01/01/09: 3.25% APY up to $30K
08/17/08: 5.00% APY up to $30K; 1% over $30K; 0.25% if req's not met (had guaranteed 5% thru 12/31/08 and then the top rate was scheduled to fall to 3.25% APY)
Comments
Anonymous
Anonymous   |     |   Comment #1
Website gives advance notice rate will drop to 3.25% APY beginning 2009.
Anonymous
Anonymous   |     |   Comment #2
Correct me, but reward checking by any name seems to be ABSENT from the website. Still revamping their RC offering, or closed it down??
Banking Guy
Banking Guy (anonymous)   |     |   Comment #3
Thanks. I just sent the bank an email asking about this. Hopefully, it's still available. But you would think it would be listed on their website.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
Received email from the bank which said that it's still available with a top yield of 3.25% APY. Not sure why they no longer have it mentioned on their website.
Anonymous
Anonymous   |     |   Comment #5
Account again listed on their website...now showing a guaranteed 3.25% for $30K until 12/31/09.
Anonymous
Anonymous   |     |   Comment #6
Their website was recently reworked, and the statement about a guaranteed 3.25% until 12/31/09 seems to have disappeared.
Anonymous
Anonymous   |     |   Comment #7
Have been using this checking account since they first offered it in 2008! Awesome deal, especially when other banks like Regions are only offering 1.5% on their 36 month CDs
Craig
Craig (anonymous)   |     |   Comment #8
Interest rate dropped to 2.00% for $30K!