3.01% Reward Checking Account at a Michigan Bank (Monroe Bank & Trust)


Update 2/06/09: The top yield has fallen to 3.01% APY.

Monroe Bank & Trust is offering a reward checking account it calls Performance Checking which pays 3.01% APY on balances up to $25K (0.50% over) and refunds ATM fees if the following monthly requirements are met: 1) 15 debit card purchases, 2) one direct deposit of a payroll check or retirement or at least two third party direct debit transactions, 3) online statements and an up-to-date email address. If these requirements are not met, the rate falls to 0.25%. There are no monthly maintenance or transaction fees regardless of meeting the above requirements.

The 15 debit card usage requirement is higher than the typical 10. Another thing to watch out for is the early closing fee. It's $150 if you close the account within 180 days of opening.

It appears that a branch visit is required to open an account. Branches are located in several Michigan cities southwest of Detroit. The bank is FDIC insured (FDIC Certificate # 12181).

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.

Edit 3/13/09: Added alternative to direct deposit requirement.

Rate History:
02/01/09: 3.01% APY up to $25K; 0.50% over $25K
11/01/08: 3.51% APY up to $25K; 0.75% over $25K
03/21/08: 5.01% APY up to $25K
08/22/07: 6.01% APY up to $25K; 1.01% over $25K
Related Pages: Monroe Bank & Trust, Detroit, checking account, reward checking account

Anonymous   |     |   Comment #1
As of 11/1/08, rates lowered to 3.51% APY up to $25K; 0.75% over $25K.
Anonymous   |     |   Comment #2
As of 2/1/09, rates lowered to 3.01% APY up to $25K; 0.50% over $25K.
Anonymous   |     |   Comment #3
Another option to requirement(2), add "or two third party direct debits transactions (like utility bill)

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