UPDATE April 15, 2018: $10k+ up to $50k now earns 2.01% APY
UPDATE April 4, 2018: First Advantage Bank is now limiting new accounts to residents of Kentucky and Tennessee.
UPDATE March 16, 2018: The Maximum Earnings Checking account is available nationwide.
First Advantage Bank (FAB) has added 146 bps to its Maximum Earnings (ME) Checking account, giving it a 4.50% APY on qualifying balances up to $10k. The ME Checking account is structured differently than the standard rewards checking account, in that it has a second competitive APY tier: 2.01%
1.40% APY on qualifying balances of $10,000.01 up to $50k. Qualifying balances of $50k+ and non-qualifying balances earn 0.05% APY.
|4.50*%||-||$10k||First Advantage Bank (TN)||Maximum Earnings (ME) Checking|
|OTHER TIERS: 0.51% → $50k+ | 2.01% → $10k - $50k|
DA has been tracking the ME Checking account since March 2010, when the APY was 2.75%. Over the next year, the APY fell to 1.50%, where it remained for more than five years. In the past six months, a total of 310 bps were added in two rate increases.
ME Checking Qualification Requirements
- At least 10 debit card purchases per statement cycle.
- At least one Direct Deposit or one ACH per statement cycle.
- Sign up for eStatements.
The ME Checking account has no minimum balance requirement or monthly service fees, although it does require a minimum $100 opening deposit. There is a limit of two accounts per household. Unlimited nationwide ATM fees will be reimbursed if the above qualifications are met each statement cycle. Receipts are not required to receive refunds, no matter the amount of the ATM fee. There is no companion Savings account.
Headquartered in Clarksville, Tennessee, First Advantage Bank’s market area is primarily north central Tennessee, but the Maximum Earnings Checking is available to residents of Kentucky and Tennessee.
nationwide through FAB’s online banking platform
UPDATE: Existing FAB customers are permitted to open new accounts, regardless of residency. FAB has changed the address drop-down menu on their online application, with only Kentucky and Tennessee listed.
CSR confirmed that anyone, regardless of residency status, is welcome to apply for the ME Checking account.
First Advantage Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.63% (excellent) based on December 31, 2017 data. In the past year, FAB has increased its total non-brokered deposits by $38.64 million, an excellent annual growth rate of 9.5%. Please refer to our financial overview of First Advantage Bank (FDIC Certificate # 30698) for more details.
First Advantage was founded in 1953 as First Federal Savings Bank, for the benefit of Clarksville, a small town of about 20,000 residents at the time. While reading FAB’s website concerning the history of the Bank, there was one statement that stood out:
The very nature of banking as a service demands
constant adaptation to mirror that of the people it serves.
By 2011, Clarksville had become a vibrant city, with a population of approximately 140,000, and the Bank had become more than a simple savings and loan. The philosophy of the tail not wagging the dog probably contributed to the 2011 decision to change the federal charter to a state charter and rebrand as First Advantage Bank. FAB is currently Tennessee’s 34th largest bank, with assets in excess of $571 million.
How the Maximum Earnings Checking Compares
When compared to the 53 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are nationally available
in the Bank’s market area and have maximum qualifying balances of at least $10k, First Advantage Bank’s Maximum Earnings Checking APY currently ranks second.
The above rates are accurate as of 3/16/2018.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account rates table page.