- 2.25% APY on balances up to $25,000
- 1.00% APY on portion of balance over $25,000
- 0.05% base rate if account requirements are not met
- 10 signature based debit card purchases
- 1 ACH direct deposit
- Log into online banking
- Receive e-statements
- $500 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Nevada State Bank's $1.50 foreign ATM fee is waived, but the fees charged by other banks are not reimbursed
Branches are located throughout Las Vegas and in several other Nevada cities including Reno, Carson City, Henderson, Boulder City, Elko and Pahrump.
The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 3/31/09 financial data. Nevada State Bank has been a FDIC member since 1959 (FDIC Certificate # 18113).
Community Bank of Nevada’s reward checking and its closure
The reader who sent me this reward checking info mentioned that Nevada State Bank was planning to offer rewards checking starting in October, but since they are overseeing the shutdown of Community Bank of Nevada, they decided to offer it immediately to anyone who wants it. So in addition to Nevada State Bank branches, it’s also being offered at former Community Bank of Nevada branches until it’s permanently closed in a few weeks.
Community Bank of Nevada was closed by regulators on August 14, 2009. The FDIC wasn’t able to find a buyer, so all of its offices are being closed. Community Bank of Nevada had been offering a reward checking account. So with this new reward checking account from Nevada State Bank, at least customers will continue to have a local option for a reward checking account.
Other Reward Checking Accounts
This Nevada State Bank account is not a great rewards checking, but it’s currently the best one available in Nevada. Unfortunately, Nevada has very few reward checking account options, and all have below-average rates.
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.
Edit 9/03/09: Credit union now has account listed on website. Updated post accordingly.