4.01% Reward Checking Account at New Mexico Bank & Trust

POSTED ON BY

Update 3/31/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

New Mexico Bank & Trust is offering a reward checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees (up to $20 per cycle) if the following monthly requirements are met:
  • 15 signature-based debit card purchases
  • one direct deposit
  • receive eStatements
If these are not met, the rate falls to 0.25%. The minimum initial deposit is $25. There are no minimum balance requirements or monthly service fees.

It appears a branch visit is required to open an account. Branches are located in the New Mexico cities of Albuquerque, Clovis, Los Lunas, Melrose, Portales, Rio Rancho and Santa Fe. The bank has been FDIC insured since 1998 (FDIC Certificate # 34726).

Other High Yield Reward Checking Accounts

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.

Rate History:
03/31/09: 4.01% APY up to $20K; 1.01% over
12/06/08: 5.01% APY, 15/mo debit card purchases required.
05/21/08: 6.01% APY up to $20K; 1.51% over; 12/mo debit card purchases required

Edit 3/07/09: Automatic payment is no longer listed as an alternative to direct deposit.
Comments
Anonymous
Anonymous   |     |   Comment #1
When a bank says a branch visit is necessary, is that a code for "local residents only"?

For example, if I were to pass through Albuquerque on vacation from another state, could I open an account by visiting a branch of NMB&T?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Yes, it's essentially code for local only. I have seen some banks accept new customers who come into a branch even though they don't live in the area. These policies can change often at small banks, so you'll need to check with them shortly before you make any plans.
Anonymous
Anonymous   |     |   Comment #3
New Mexico Bank & Trust is getting greedy. Their original requirement for 12 credit card (not debit) transactions per month has been raised to 15 and a teller informed me today that it will go up to 20 per month in 2009.
Anonymous
Anonymous   |     |   Comment #4
Reading the FAQ page closely, it appears that for your account opening month (regardless of the date) you must meet all requirements to receive the top rate. This is contrary to many banks that offer reward checking where the opening month (usually partial) is a freebie--you receive the top rate regardless. For NMB&T, if you don't meet the requirements opening month, you receive only 1.51% (>$20K) or 0.25% (<$20K). Choose your opening date with care in order to give yourself enough time to meet the transaction count.
Anonymous
Anonymous   |     |   Comment #5
Automatic payment is no longer listed as an alternate requirement.
Anonymous
Anonymous   |     |   Comment #6
Top rates have fallen: 4.01% APY up to $20K; 1.01% over.