We have been tracking the reward checking rates at Eagle Bank and Trust Company of Missouri for just over a year, and during that the account has remained very competitive. The bank calls its reward checking account SmartMoney Checking, and it has the following rates if the certain monthly requirements are met (as of 6/11/2012):
- 3.00% APY for balances up to $30,000
- 0.40% APY for balances over $30,000
- 0.20% APY for all balances if requirements are not met
Monthly requirements include:
- 10 debit card purchases
- 3 online bill payments through Eagle Bank's Online Bill Pay
- Direct deposit
- No more than 8 written checks per statement cycle
Minimum deposit to open is $100. There's a limit one account per household.
I don't see any mention of ATM fee refunds. The bank is a member of an ATM cooperative network, the AlphaLink Alliance, which is an alliance among community banks which agree not to surcharge each other.
It appears that a branch visit is required to open an account. Eagle Bank branches are located in St. Louis and its southern suburbs.
Eagle Bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 31.90% (below average) based on March 2012 data. Please refer to our financial overview of Eagle Bank for more details. The bank has been a FDIC member since 1956 (FDIC Certificate # 17691).
How This Reward Checking Account Compares
There's only one Missouri institution that's offering a higher reward checking rate than Eagle Bank's SmartMoney Checking rate. It's at Mid America Bank & Trust Co. which is offering a 3.76% APY for balances up to $25K. However, this is a small bank located in the middle of Missouri far away from the large cities.
For nationally available reward checking accounts, the best rate for balances up to $25K is 2.52% APY at ABCO Federal Credit Union. In addition to the higher rate, Eagle Bank's SmartMoney Checking has the advantage of a larger balance cap ($30K). Balance caps over $25K have become rare.
The above rates are accurate as of 6/11/2012.
To find the highest reward checking rates in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.
If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.