High-Interest Reward Checking Account at a Texas Bank (Independent)


Update 1/7/2013: The top yield has fallen to 2.00% APY and the balance cap has fallen to $15K. Refer to the bottom of the post for the rate history.

Independent Bank is offering a reward checking account that pays 2.00% APY on balances up to $15,000 (0.15% for above) and refunds ATM fees if the following monthly requirements are met:

  • 12 debit card purchases
  • one direct deposit or ACH debit
  • Receive e-statements

The minimum opening deposit is $100. There are no minimum balance requirements or monthly fees. Information about this checking account is listed in their checking comparison table (pdf).

The bank also offers savings account linked with this reward checking account that's called REALSaver. If you meet the reward checking requirements, REALSaver pays 1.00% APY on balances up to $15K. If requirements are not met, the rate falls to 0.05%. There is no monthly fee or minimum balance requirement.

The bank requires a branch visit to open accounts. Branches are located in several Texas cities north of Dallas/Fort Worth including Mckinney, Anna, Celina, Prosper and Sherman.

Independent Bank has another website for its Central Texas branches. The same accounts are available. Central Texas branches are located in the Austin suburbs of Coupland, Georgetown, Manor, Round Rock, and in Waco.

The bank has been FDIC insured since 1934 (FDIC Certificate # 3076).

Thanks to the reader who mentioned this reward checking in the comments.

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:

  • 01/07/13: 2.00% APY up to $15K (12 debit card purchases), 0.15% over / REALSaver: 1.00% APY up to $15, 0.15% over
  • 09/20/12: 2.00% APY up to $25K / REALSaver: 1.00% APY up to $25K
  • 03/23/12: 2.00% APY up to $25K / REALSaver: 1.25% APY up to $25K
  • 09/22/11: 2.38% APY up to $25K; 1.00% APY over $25K; 0.20% base / REALSaver: 1.51% APY up to $25K; 0.20% base
  • 12/24/10: 3.01% APY up to $25K; 1.00% APY over $25K; 0.20% base rate / REALSaver: 2.00% APY up to $25K; 0.20% base
  • 10/17/09: Added REALSaver: 2.50% APY up to $25K; 0.30% base rate
  • 01/01/09: 4.01% APY up to $25K; 1.00% APY over $25K
  • 05/18/08: 5.01% APY up to $25K (8 debit card purchases)

[Edit 7/18/09: Added e-statements requirement.]
[Edit 5/19/08: Turns out the bank does not offer the first 50 checks free.]

Related Pages: checking account, Independent Bank (McKinney, TX), reward checking account

Anonymous   |     |   Comment #1
I actually opened this account on Friday. The bank doesn't give the first 50 checks free (bank error when I called initially) but all of the other terms are accurate. Unfortunately it does require a branch visit - and the bank's hours make it very difficult if you work 9-5.
Banking Guy
Banking Guy   |     |   Comment #2
Thanks for the info. I just updated the post with this.
Anonymous   |     |   Comment #3
As of 1/1/09 the rates will be: 4.01% APY up to $25K; 1.00% APY over $25K; 0.20% if requirements not met.
Duck   |     |   Comment #4
Edit 7/18/09: Added e-statements requirement.] They told me they still do not have online statements avail this was in May,2010

Opened at branch no problem got card/pin in mail fast(<than week) on-line banking was setup when account was opened. Fast and easy at home to adjust. Might be same program as SFGI uses. They use a third party site to initiate transfers(Bank to Bank) not sure about bill pay when I sign on next time I will get name. Oh another thing they give you the first months interest to set everything up and get your stuff in mail so there is not a rush to do your requirement's

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