4.01% Reward Checking Account at First Bank & Trust in SD

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Update 5/24/2010: This account is no longer available nationwide. The bank is now restricting applications to residents of SD, ND, NE, MN and IA.

First Bank & Trust is offering a reward checking account called easyGROW Checking. The account has the following rates and features if certain monthly requirements are met:

  • 4.01% APY on balances up to $25,000
  • 0.75% APY on portion of balance over $25,000
  • 0.20% base rate if monthly requirements are not met
  • Refunds all ATM fees worldwide without limit

The monthly requirements include:

  • 10 Visa check card purchases
  • 1 automatic payment or direct deposit
  • Receive e-statements

Additional features of the account regardless of the monthly requirements include:

  • $100 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Requirements for the first statement cycle are waived

Update 5/24/2010: The following was added to the bottom of the easygrow webpage:

At this time we are only able to accept applications from residents of Iowa, Minnesota, Nebraska, North Dakota, and South Dakota.

There's an online application at the bank's microwebsite. I used the website's chat feature and asked the CSR if people from any state could apply. According to the CSR, they do accept applications nationwide. After you apply, they'll mail you some documents including a signature card that must be filled out and returned. When I asked about a hard credit pull, the CSR said they "do a credit check as part of the application process."

First Bank & Trust is one of five banks that offer this same easyGROW Checking. They are all part of the Fishback Financial Corporation, a bank holding company. The websites of all these banks can be accessed from the Fishback Financial Corporation's home page at BankEasy.com. First Bank & Trust is located in Sioux Falls, South Dakota. Three other of the banks are also located in South Dakota. The fifth bank, The First National Bank and Trust, is located in Pipestone, Minnesota.

First Bank & Trust has been a FDIC member since 1987 (FDIC Certificate # 27078). From the bank's FDIC page, you can get holding company info and the info on the other banks by clicking on the bank holding company link.

Other Reward 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.

Comments
Anonymous
Anonymous   |     |   Comment #1
There was no hard inquiry when I opened the account in May 2009.

The e-statement enrollment process was not intuitively obvious either - they ended up adding several users manually (I was told by a rep).
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks for the info.
Anonymous
Anonymous   |     |   Comment #3
This bank spams internet forums with a post that starts:
"I’m getting really competitive rates with a product called easyGROW Checking"
Google that term to see how much they spam, including several places on the blog here.

I DO NOT DO BUSINESS WITH SPAMMERS!
Anonymous
Anonymous   |     |   Comment #4
From trheir website:

PLEASE NOTE: At this time we are only able to accept applications from residents of Iowa, Minnesota, Nebraska, North Dakota, and South Dakota
Anonymous
Anonymous   |     |   Comment #5
They also fight and scam to keep from paying interest.
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