I first reported on the reward checking account at The First National Bank of Dieterich in 2010. It’s called Prime Rewards Checking, and after over three years, the bank is still offering this same account. Rates have fallen, but they remain competitive. In addition, the bank has held the balance cap steady. The bank has also expanded who is eligible to open this account. Below are the rates and features of this account as listed in the bank’s Prime Rewards Checking page as of 5/31/2013:
Rates and ATM fee refunds if monthly requirements are met:
- 2.55% APY on balances up to $25,000
- 0.50% APY on portion of balance over $25,000
- 0.10% base rate if requirements are not met
- Nationwide ATM fee refunds
The monthly requirements include:
- 10 debit card purchases
- Access Online Banking
- Receive electronic statements
Minimum to open is $25. Once it’s opened, there is no minimum balance requirement. Also, there’s no monthly maintenance fee.
There's an online application link at the Prime Rewards Checking page. However, the page states that the account is available only for residents of the following Illinois counties: Effingham, Jasper, Shelby, Fayette, Clay, Richland, Crawford, Clark, Cumberland, Coles, Randolph, Monroe, St. Clair, Madison, Washington and Clinton. The number of counties has grown since 2010, and it now includes St. Clair which is a sizable county in the suburbs of St. Louis.
Branches are located the cities of Dieterich, Newton and Effingham.
The bank’s financial health was strong back in 2010, and it remains strong. It now has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 6.22% (excellent) based March 2013 data. Please refer to our financial overview of The First National Bank of Dieterich for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 3787).
How This Reward Checking Account Compares
This reward checking account has advantages over what’s nationally available. For a $25K balance cap, the highest rate is 2.02% APY at ABCO Federal Credit Union. You can get a higher rate, but you’ll have to settle for a lower balance cap. Great Lakes Credit Union offers 4.00% APY for balances up to $10K, and Belvoir Federal Credit Union offers 3.25% APY for balances up to $15K. These rates are accurate as of 5/31/2013.
To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.