3.01% Reward Checking Account at a Florida Bank - Nationally Available (First East Side Savings)


Update 10/19/12: This bank has been closed by regulators and the FDIC has arranged for Stearns Bank, N.A. to assume all deposits.

Update 11/13/09: The top yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

First East Side Savings Bank is offering a reward checking account that pays 3.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit or auto debit
  • access online banking
  • receive electronic statements
If these are not met, the rate falls to 0.50%. The minimum intial deposit is $100. There are no monthly fees or minimum balance requirements. Online Bill Pay is free.

Update 3/21/09: The bank appears to have restricted availability of this account to Florida residents. If you search on CheckingFinder, you only find this account if you use a Florida zip code. The online application is available for Florida residents at CheckingFinder.com. When I contacted this bank in June 2008, they were offering this account nationwide. If you apply online, they'll mail you a signature card to complete. You'll also need to mail back a copy of your driver's license.

It's a small bank located in Tamarac, Florida. It has been FDIC insured since 1938 (FDIC Certificate # 28144).

Note: This bank also offers a money market account with very competitive yields for large balances. The APY as of 12/03/08 is 3.75% for balances of at least $100,000. Refer to the bank's rate table for the latest rates on all the tiers.

Other High Yield 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.

Rate History:
11/09/09: 3.01% APY
06/01/09: 3.51% APY
03/19/09: Account availability restricted to Florida residents
12/28/08: 4.02% APY
06/05/08: 5.36% APY
Anonymous   |     |   Comment #1
This bank has an outstanding MM rate of 3.75% (FDIC Insured) with virtually no restrictions on the account save those imposed by Fed Reg.

This is compared to the current NON FDIC INSURED brokerage MM rates of about 2.2%
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks for pointing out this money market account. I've noted this in the post.
Anonymous   |     |   Comment #3
Interesting as of this date: homepage slideshow flash states 4.02% APY for Rewards Checking but... follow up gives the complete presentation, voila.. 5.36% APY.