High-Yield Reward Checking Account at Millennium Bank in Colorado - Local Only


It seems like fewer banks are coming out with worthwhile reward checking accounts these days. This new one being offered by a Colorado bank doesn't have the best rates, but for those in Colorado, it may be a good deal.

Millennium Bank is offering a high-yield reward checking account called Peak Rewards Checking that has the following rates and features if certain monthly requirements are met (as of 10/22/2010):

  • 3.25% APY for balances up to $25,000
  • 0.50% APY for portion of balance over $25,000
  • 0.05% base rate if requirements are not met
  • Nationwide ATM fee refunds up to $25 per month

Monthly requirements include:

  • 12 check card purchases
  • one direct deposit or one automatic withdrawal
  • Access online banking at least once
  • Receive Electronic statements

There's no minimum balance, and there's no monthly fee regardless of meeting the above requirements.

The bank also offers a companion savings account called Peak Rewards Savings. It requires that you have the Peak Rewards Checking account. If you meet the monthly reward checking account requirements, you'll receive the following rates (as of 10/22/2010):

  • 2.00% APY for balances up to $25,000
  • 0.50% APY for portion of balance over $25,000
  • 0.05% base rate if requirements are not met

The above rates are listed in the bank's deposit rates page. At the top of this page it states that the rates are for Colorado customers only. It also appears that a branch visit is required to open an account.

Branches are located in the Colorado cities of Englewood, Edwards, Vail, Fraser, Steamboat and Breckenridge.

One thing to note about this bank is that it's not in the best financial shape. In addition to the risk of bank failure, there's also the risk that the bank could be put into the category of less than well capitalized by the FDIC. When this has occurred at other banks that have offered reward checking accounts, the banks were forced to lower its rates to the FDIC rate caps for regular interest checking accounts.

The bank's overall health score at DepositAccounts.com is 1 out of 5 with a Texas Ratio of 88.45% (poor) based on 6/30/2010 data. Please refer to our financial overview of Millennium Bank for more details. The bank has been a FDIC member since 2001 (FDIC Certificate # 57175).

Other High-Yield Reward Checking Accounts

To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.