2.79% Reward Checking Account at a Missouri Bank (Heritage State)

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Update 11/08/09: The yield has fallen to 2.79% APY. Refer to the bottom of the post for the rate history.

Heritage State Bank has a reward checking account called elite Checking which pays 2.79% APY on balances up to $25,000 (0.51% for over) and refunds ATM fees if the following monthly requirements are met: 1) 10 check card transactions, 2) one direct deposit or one ACH payment (i.e. utility payment), and 3) access statements online. If these requirements are not met the rate falls to 0.25%. There's a $25 minimum opening balance, but there are no minimum balances or monthly fees regardless of meeting the above requirements.

This appears to require a branch visit. Branches are located in Southwest Missouri in the cities of El Dorado Springs, Lamar, Nevada and Sheldon. The bank is FDIC insured (Certificate # 12617).

Thanks to the reader who mentioned this reward checking acocunt in the finding deals post.

Other Reward Checking Accounts

For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:
08/29/09: 2.79% APY (based on call to bank)
05/24/08: 4.51% APY
09/17/07: 6.01% APY

Edit 1/02/09: Corrected top APY from 4.41% to 4.51%
Comments
Anonymous
Anonymous   |     |   Comment #1
HSB has removed the elite checking link (the page still exists, but it is no longer linked to their home page), and has silently dropped the rate at least twice to 4.41%.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks for the update.
Anonymous
Anonymous   |     |   Comment #3
Actually the top e-rate is 4.51% (not 4.41%).
Anonymous
Anonymous   |     |   Comment #4
Banking Guy,
The elite Checking link should be updated as well to show the correct webpage (i.e., 4.51%).