Community Bank is offering a reward checking account called Cash Cow Checking. The account offers the following features if certain monthly requirements are met:
- 4.00% APY on balances up to $25,000
- 1.00% APY on balances over $25,000
- 0.25% base rate if qualifications are not met
- ATM fees refunded up to $15 per cycle
The monthly requirements include:
- 15 check card purchases
- receive one ACH debit or credit
- receive e-statements
- one online bill payment through Internet Banking
Additional features of the account regardless of the monthly requirements include:
- $50 minimum intial deposit
- no minimum balance requirement
- no monthly fees
- Free bill pay
A branch visit is required for new customers to open an account. Existing account holders can open the Cash Cow Checking online. Branches are located in the Pennsylvania counties of Greene, Washington and Allegheny.
The bank has some decent ratings for safety and soundness: 3 stars (performing) at Bankrate.com (based on 9/30/08 data) and 4 stars (excellent) at BauerFinancial (based on 12/31/08 data). The bank has been FDIC insured since 1934 (FDIC Certificate # 7848).
Thanks to the reader who emailed me news of this checking account.
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.
10/07/09: 4.00% APY up to $25K; 1.00% over
05/01/09: 4.00% APY up to $25K; 1.20% over
03/13/09: 4.00% APY up to $25K; 1.36% over; 0.25% base rate
Edit 9/23/09: Updated account opening requirements based on input from bank rep.