F&M Bank is offering a reward checking account called Smart E-Checking. The account offers the following rates and features if certain monthly requirements are met:
- 2.75% APY on balances up to $50,000
- 1.00% APY on the portion of the balance over $50,000
- 0.50% base rate if qualifications are not met
- ATM fee refunds nationwide
- 10 check card transactions
- one direct deposit or automatic debit
- Access online banking
- Receive e-Statements
- No minimum balance requirement
- No monthly service charge
- Free online Bill Pay
- All requirements waived during the first qualification cycle
- No more than two accounts per person
F&M Bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 9963).
Other Reward Checking Accounts
F&M Bank's top rate is a little low for reward checking accounts, but the $50K balance cap helps make up for this. Most reward checking accounts cap the top rate at $25K.
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.
10/21/09: 2.75% APY up to $50K
10/15/09: 3.00% APY up to $50K; 1.00% over; 0.50% base