Farmers & Merchants State Bank has a reward checking account that pays 2.50% APY on balances up to $15,000 (0.40% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card point of sale transactions, 2) one direct deposit or ACH auto debit, and 3) receive online statements. If these are not met, the rate falls to 0.05%. The minimum initial deposit is $50. There are no monthly fees or minimum balance requirements.
It appears you have to come into a branch to open an account. Branches are located in northern Ohio and Indiana. The bank has been FDIC insured since 1934 (FDIC Certificate # 5969).
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
07/01/12: 2.50% APY for up to $15K; 0.40% over; 0.05% base
10/01/11: 2.50% APY for up to $20K
03/01/11: 2.75% APY
11/01/10: 3.01% APY
08/31/10: 2.76% APY
06/01/10: 3.06% APY
11/07/09: 3.36% APY for up to $25K
05/29/09: 3.56% APY for up to $25K
02/25/09: 4.08% APY for up to $25K
01/06/09: 4.41% APY for up to $25K
11/18/08: 5.01% APY for up to $25K, 0.81% for above
04/17/08: 5.25% APY for up to $25K, 1.01% for above (initial post)