3.60% Reward Checking Account at CornerStone Bank in North Dakota


Update 10/22/09: The bank now only accepts new customers from ND and MN. Rates are no longer listed at the bank's website. Call bank for latest rates.

CornerStone Bank is offering a rewards checking account that pays 3.60% APY for balances up to $50,000 (1.50% for above) and refunds ATM fees nationwide if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit or automatic payment
  • electronic statements
  • log into online banking
If these are not met, the rate falls to 0.25%. Minimum initial deposit is $100. There are no minimum balance requirements and no monthly fees.

The top yield of 4.35% as of 12/12/08 is a little low for reward checking accounts, but this is good for balances up to $50K. Another plus is a high yield of 3.01% for balances over $50K. Typically, the yield for balances over the cap is 1% or lower.

Update 10/22/09: It has been reported that the bank has changed its policy and now only accepts applications from residents of North Dakota and Minnesota.

I spoke with a banking rep, and I was told they can open accounts by mail from people outside of North Dakota. They'll mail you the documentation. They require a copy of your driver's license and a notarized signature card. Their toll-free number is 1-888-297-2100. I learned they started this reward checking account in October 2007, and the top APY had been 5.01%.

Branches are located in the North Dakota cities in Enderlin, Fargo, Sheldon, Fort Ranson, Lisbon and Bismark. The bank has been FDIC insured since 1934 (FDIC Certificate # 13198).

Other Rewards 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.

Edit: Added info on its availability for people outside of ND.

Rate History:
10/22/09: No longer available nationwide. Bank only accepts ND and MN residents.
03/11/09: 3.60% APY up to $50K; 1.50% APY over $50K
12/12/08: 4.35% APY up to $50K; 3.01% APY over $50K

Edit 6/14/09: Removed link to out-of-date checking page.
Related Pages: checking account, reward checking account

  |     |   Comment #1
I called 888-297-2100... eventually xferred to Cindy who informed me the rate has dropped to:

3.60% APY 0-50000
1.50% APY 50000+
  |     |   Comment #2
Also Cindy said they pull Experian as part of the Debit card application process
Banking Guy
  |     |   Comment #3
Thanks for the updates!
  |     |   Comment #4
Cornerstone no longer taking national applications - only from MN and ND.
Banking Guy
  |     |   Comment #5
Thanks for the updates.

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