- 3.50% APY on balances up to $15,000
- 0.65% APY on the portion of the balance over $15,000
- 0.10% base rate if qualifications are not met
- ATM fees refunded nationwide for amounts up to $4.99 ($5 and over require receipts)
The monthly requirements include:
- 10 debit card purchases
- One direct deposit or ACH auto debit
- Access Online Banking once
Additional features of the account regardless of the monthly requirements include:
- $50 minimum intial deposit
- No minimum balance requirement
- No monthly service charge
- Free Online Bill Pay
There's an online application with no mention of a branch visit being required. Update 7/13/10: The online application now states the following:
First Federal is currently accepting applications from the following counties:
Harnett, Wake, Johnston, Cumberland, Hoke, Moore, Lee, Chatham, Durham, Granville, Franklin, Nash, Wilson, Wayne, Sampson.
Branches are located in the North Carolina cities of Dunn, Angier, Benson, Clayton, Erwin and Fuquay Varina.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 31077).
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.
- 09/09/10: 3.50% APY up to $15K; 0.65% over
- 11/02/09: 4.50% APY up to $25K; 1.01% over; 0.10% base