3.50% Reward Checking Account at an Oklahoma Bank (First National)

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Update 3/13/09: The top yield has gone down to 3.50% APY. Refer to the bottom of the post for the rate history.

First National Bank of Midwest City is offering a rewards checking account that pays 3.50% APY on balances up to $25,000 (0.40% for above) and refunds ATM fees up to $25 if the following monthly requirements are met:
  • 12 signature-based check card purchases
  • one direct deposit or debit
  • view statements online
If these are not met, the rate falls to 0.10%. There is no minimum balance. One nice perk is free checks.

It appears to require a branch visit. Branches are located in the Oklahoma cities of Choctaw, Del City, Harrah, Midwest City and Tinker Air Force Base. The bank has been FDIC insured since 1944 (FDIC Certificate # 16127).

Thanks to the reader who emailed me on this reward checking account.

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:
03/11/09: 3.50% APY up to $25K
12/22/08: 4.00% APY up to $25K, 0.40% APY for above, 0.10% if requirements not met
05/27/08: 4.25% APY up to $25K, 0.50% APY for above, 0.35% if requirements not met
Comments
Tony
Tony (anonymous)   |     |   Comment #1
Coulee Bank ( http://www.couleebank.net ) offers an incredible 6.01% APY with their Rewards Checking account. The rate is easy to earn. All you have to do is make 10 check card transactions a month, use e-statements, and do 1 automatic payment a month (they call it ACH). Coulee Bank pays 6.01% on the first $25,000 and 1.01% on anything above that. The best thing about this account besides the rate is it is FREE, you can apply online, and it is from a great bank with real people that answer the phone. And as they like to say, Banking Green has its Rewards. The Rewards Checking account saves paper and preserves our natural resources. No wonder I feel good about recommending this to everyone I know. Check it out. I guarantee you will love it.
Anonymous
Anonymous   |     |   Comment #2
Banking Guy,
The rate has been lowered to 4% APY up to $25K and above $25K is 0.4%.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #3
Thanks.
Anonymous
Anonymous   |     |   Comment #4
Top rate has fallen to 3.50% APY. Other rates remain same.
Anonymous
Anonymous   |     |   Comment #5
The footnote clarifies the checkcard requirement to be only signature based.
5.15% Rewards Checking Account at an Oklahoma Bank (First National)
First National Bank has a Free Reward Checking Account which earns 5.15% APY on the first $25K. The two main requirements include 12 signature-based point of sale (POS) debit card transactions per month and one direct deposit or ACH auto debit per statement month. You are also required to receive monthly statements electronically. The rate falls to 0.35% if these requirements are not met. Balances above $25K earn 0.50%. The account offers free checks, free online bill-pay and has no minimum balance requirements or monthly service charges.

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