Update 1/11/11: The top rate has fallen to 3.75% APY. Refer to the bottom of the post for the rate history.
Legend Bank has a reward checking account called Ultimate Checking that pays 3.75% APY on balances up to $15,000 (0.75% for above) and refunds ATM fees if the following monthly requirements are met:
- 12 debit card purchases
- one direct deposit or ACH auto debit
- receive electronic statements
If these are not met, the rate falls to 0.05%. The minimum initial deposit is $100. There are no minimum balance requirements or monthly service fees.
Update 6/30/09: The bank now has an online application via CheckingFinder.com. The application is available at their Ultimate Checking page. However, according to the first page of the application, you must reside in one of the eligible Texas communities. These include zip codes in the Texas counties of Denton, Wise, Tarrant, Collin, Grayson, Fannin, Hunt, Clay, Montague, Cooke, Wichita, Archer, Jack, Parker, Harris, Liberty, Hardin and Chambers.
Update 10/24/09: It has been reported that anyone can open an account if they visit one of the bank's branches.
Branches are located in several cities northwest of Fort Worth, Texas. The bank has been FDIC insured since 1934 (FDIC Certificate # 3108).
Thanks to the reader who emailed me about this bank.
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.
- 12/31/10: 3.75% APY up to $15K; 0.75% over; 0.05% base
- 10/28/09: 4.09% APY up to $25K
- 10/20/09: 4.07% APY up to $25K
- 05/11/08: 5.13% APY up to $25K; 1.02% over; 0.51% base