Update 9/29/10: First Clover Leaf Bank has lowered its rate and balance cap, and it is no longer available nationwide. The bank now requires new customers to open the account at one of its branches.
I just confirmed with First Clover Leaf Bank that their reward checking account, My Great Rate Checking, is now available nationwide (except in Nevada). An online application link is located at the bank's My Great Rate Checking page. I first reported on this bank's reward checking account in May 2008 when they required a branch visit to open the account.
As of 9/14/2010, My Great Rate Checking has the following rates and features if certain monthly requirements are met:
- 4.01% APY for balances up to $25,000
- 0.50% APY for portion of balance over $25,000
- 0.25% base rate if requirements are not met
- Refunds of ATM fees nationwide
Monthly requirements include:
- 10 debit card purchases
- one direct deposit or ACH debit
- 3 online bill payments
- receive electronic statements
There are no minimum balance requirements and no monthly fees.
Note the online bill pay requirement. Most reward checking accounts don't have this as a separate requirement from the direct deposit.
I'm not sure why Nevada residents are excluded. This is stated on the first page of the application:
Due to Nevada State Law, residents of Nevada are ineligible
The bank CSR stated this same thing. This is the first time I've seen a bank exclude Nevada because of this supposed law. If you know more about this law, please leave a comment.
Please note that it's common for small banks to change their policies on new account availability. If too many people apply, they can make the account only available to residents of their home state or even to their local market area. Recent examples of this happened at ViewPoint Bank and Randolph Bank & Trust Company.
First Clover Leaf Bank is a small bank in Illinois with $437 million in deposits and 82 employees. It has an overall health score of 3 out of 5 with a Texas Ratio of 22.89% (above average) based on 6/30/10 data. Please refer to our financial overview of First Clover Leaf Bank for more details. The bank has been a FDIC member since 1948 (FDIC Certificate # 30330).
Credit for noting this availability change goes to Riki at Best Cash Cow.
Other High-Yield Reward Checking Accounts
With the addition of First Clover Leaf Bank, the number of nationwide 4% $25K reward checking accounts is now up to three. As I mentioned in this recent post, Danversbank and South Division Credit Union continue to offer 4.01% APY on their reward checking accounts for balances up to $25K.
To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.