Update: The top yield has fallen to 2.74% APY.
Farmers & Merchants Bank is offering a rewards checking account that pays 2.74% APY on balances up to $50,000 (0.74% for above) and refunds ATM fees without limit if the following monthly requirements are met:
- 10 check card purchases
- one direct deposit or ACH debit
- receive electronic statements
- access NetTeller online banking
If these are not met the rate falls to 0.10%. The minimum initial deposit is $10. There are no monthly service charges or minimum balance requirements.
More details of this account are listed at the bank's Platinum Reward Checking webpage. According to the FAQ page, you can open multiple checking accounts, but requirements for each must be met to receive the top yield.
Update 12/12/09: Readers have reported being told by the bank's reps that they are no longer offering this account to out-of-state customers.
Update 8/04/08: It was just reported that out of state applicants are welcome. The bank's Marketing VP provided the following details:
Farmers & Merchants Bank does open accounts for customers outside the immediate trade area. Bank representatives contact the applicant via phone or e-mail, and request identifying documents to be mailed to the bank; the entire transaction can be completed via mail. Out of state applications welcome!
Update 8/08/08: I received some new information from the bank's customer service rep: You may be required to have some forms and copies of IDs notarized. The CSR said the application process does pull your credit from the bureaus so this may be a hard credit pull. The first box of 100 checks is free.
Branches are located in the western part of Virginia in the cities of Timberville, Broadway, Elkton, Bridgewater, Edinburg, Woodstock, Harrisonburg and Luray. The bank has been FDIC insured since 1934 (FDIC Certificate # 8668).
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.
- 11/18/10: 2.74% APY for up to $50,000; 0.74% over
- 07/22/10: 3.25% APY for up to $50,000
- 12/17/09: 3.51% APY for up to $50,000
- 05/17/09: 4.01% APY for up to $50,000, 1.04% APY for above; 0.10% base rate
- 12/18/08: 4.51% APY for up to $50,000, 1.54% APY for above
- 06/25/08: 5.02% APY for up to $50,000, 2.05% APY for above; 0.15% base rate