Tennessee-based Community Bank’s rewards checking account, Community Advantage Checking, has been part of the product line for more than nine years. The initial 3.10% APY on qualifying balances up to $20k was in effect for about four years before it was lowered to 2.08% APY. Qualifying balances >$20k earn 0.25% APY, with non-qualifying balances earning 0.26% APY (an unusually high rate for non-qualifying balances).
The monthly qualification requirements include,
- At least 15 debit card transactions
- Have one ACH transaction (debit or credit)
- Enroll to receive in e-Statements
- Access your account through Internet Banking (inquiries, transfers, Bill Pay)
The Community Advantage Checking account can be opened with a $100 minimum opening deposit. Unlimited checking writing is available and a free Visa debit card will be issued following account opening. While there is no minimum balance requirement to earn the stated APY, a $1,500 minimum daily balance is required to waive the $7.95 monthly maintenance fee. The $7.95 fee can also be waived by using the Visa debit card 15 times per month OR at least $300 in transactions. Three nationwide ATM fees will be reimbursed up to an aggregate of $6 per statement cycle, if qualifying requirements are met. There is a limit of one account per Social Security number.
Headquartered in Lexington, Tennessee, Community Bank has a brick-and-mortar presence in Henderson and Madison Counties in western Tennessee, but according to the bank official who is the administrator for checking accounts, the Community Advantage Checking account is available on a nationwide basis.
Community Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.58% (excellent) based on June 30, 2021 data. In the past year, Community Bank has increased its total non-brokered deposits by $13.34 million, an excellent annual growth rate of 9.39%. Please refer to our financial overview of Community Bank (FDIC Certificate # 31272) for more details.
Opening its doors for the first time in 1961, Community Bank was originally known as Lexington First Federal Savings and Loan Association. In 1992, the S&L became a stock savings bank and rebranded as Lexington First Federal Savings Bank. Five years later, the Bank joined the Federal Reserve System, changed its organization type to a commercial bank, and rebranded as Community National Bank of Tennessee. The most recent rebrand occurred in 2004 when the Community Bank name was adopted. Locally owned and managed, Community Bank is currently the 98th largest bank headquartered in Tennessee, with assets in excess of $192 million.
How Community Advantage Checking Compares
When compared to the nationally available High Yield Rewards Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $20k, Community Bank’s Community Advantage Checking APY currently ranks third.
The above information and rates are accurate as of 9/10/2021.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.