4.25% Reward Checking Account at MidCarolina Bank in NC - Discontinued


Update 12/7/2010: It has been reported that MidCarolina Bank has discontinued their reward checking account.

MidCarolina Bank is offering a high-yield reward checking account called MidCarolina Reward Checking. The account has the following rates and features as of 3/03/2010 if certain monthly requirements are met:

  • 4.25% APY on balances up to $25,000
  • 1.01% APY on portion of balance over $25,000
  • 0.05% base rate if requirements are not met
  • Nationwide ATM fee refunds

Monthly requirements include:

  • 10 check card purchases
  • 1 direct deposit or automatic withdrawal
  • Receive e-statements

Additional features of the account include:

  • $500 minimum opening balance
  • No monthly fees
  • No minimum balance requirements

There's an online application at the bank's micro-website, but the first page of the application implies that you have to come in to a branch location to complete the application process.

Branches are located in the North Carolina cities of Burlington, Greensboro, Graham and Mebane.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1997 (FDIC Certificate # 34454).

Other Reward Checking Accounts

It's nice to find a reward checking account these days with a yield over 4.00%. It's not getting easy. You can't get much above 4% for nationwide reward checking accounts.

To find nationwide reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.

Anonymous   |     |   Comment #1
Just wanted to let everyone know that this bank does a Hard Inquiry to Equifax on new accounts.
Anonymous   |     |   Comment #2
This bank no longer offers new applicants its reward checking account effective October 1, 2010.