Update 7/29/10: Readers have reported that the bank has lowered the top rate to 0.87%. A reader mentioned that "the feds came in and apparently ordered the bank to drop it's rates." This rate is very close to the FDIC's rate cap for interest checking accounts.
Community Bank of Pickens County is offering a rewards checking account that pays 5.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees nationwide if the following monthly requirements are met:
- 10 MasterCard check card purchases
- one direct deposit or one automatic payment
- receive electronic statements
If these are not met, the rate falls to 0.10%. The minimum initial deposit is $100. There are no monthly service charges.
A branch visit appears to be required to open an account. Branches are located in Jasper, Georgia. The bank has been FDIC insured since 2000 (FDIC Certificate # 35513).
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.