High-Yield Reward Checking Account at an Arkansas Bank (Heartland Community)

Update 7/03/10: The top rate has fallen to 3.25% APY. Refer to the bottom of the post for the rate history.

Heartland Community Bank is offering a reward checking account called Interest Plus Checking. It pays 3.25% APY on balances up to $30,000 (1.21% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 check card transactions, 2) one direct deposit or ACH auto debit, 3) access online banking and 4) receive electronic statements. If these are not met, the rate falls to 0.20%. The minimum opening deposit is $100. There are no monthly service charges or minimum balance requirements.

There's an online application link on their Interest Plus Checking page. They used to allow people from any state to apply. However, as of 9/26/09, the application limits new accounts to residents of Arkansas. For residents of Arkansas, you'll need to mail the deposit and signature card.

Branches are located in the Arkansas cities of Bryant, Fordyce and Sheridan. The bank has been FDIC insured since 1934 (Certificate # 28761).

Credit for this find goes to FW member jowaju who posted it on this FW thread.

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:
05/12/10: 3.25% APY up to $30K
02/??/10: 3.51% APY up to $30K
12/08/09: 3.76% APY up to $30K; 1.21% over; 0.20% base rate
09/23/09: The account is now limited to Arkansas residents (per online application)
04/15/09: 4.02% APY
04/09/08: 5.06% APY
02/21/08: 6.01% APY up to $30K; 1.31% over; 0.30% base rate; available nationwide