The bank's FAQ page is fairly thorough. It states that this account can be opened by phone or online. It looked like this might be another nationally available reward checking account. However, according to the banking rep, it still requires a branch visit for ID verification. I also learned from the banking rep that the rate just dropped today from 5.01% to 4.01%. The account started in early March.
The FAQ also mentioned that you're allowed to open multiple e-Blue Checking accounts (each checking must still meet requirements). Another perk is that your first order of checks is free.
Branches are located in St. Louis and Southeast Missouri. There's also a branch in Ft. Myers, Florida. The bank has been FDIC insured since 1934 (Certificate # 8255). It has $964 million in assets and $694 million in deposits.
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
01/06/09: 4.01% APY for up to $25K; 0.74% for above
04/07/08: 4.01% APY for up to $25K; 1.51% for above;
03/01/08: 5.01% APY for up to $25K;
Edit 2/6/09: Updated reward checking URL