0.88% Reward Checking Account at Olmsted National Bank in MN


Update 12/17/09: The top rate has fallen to 0.88% APY. Refer to the bottom of the post for the rate history.

Olmsted National Bank is offering a rewards checking account that pays 0.88% APY on balances up to $25,000 (0.40% for above) and refunds up to $25 in ATM fees per cycle if the following monthly requirements are met:
  • 12 debit card purchases
  • One automatic payment or direct deposit transfer
  • receive electronic statements
If these are not met, the rate falls to 0.15%. Minimum initial deposit is $25. There are no minimum balance requirements and no monthly service fees. Multiple accounts can be opened, but the qualifications must be met for each to qualify for the high yield.

Update 4/16/09: According to the bank's CheckingFinder application, this account is now limited to residents of Southern Minnesota and surrounding communities.

Note, as of 1/31/09 there's a discrepancy between the bank's CheckingFinder page and the bank's FAQ page in terms of the monthly requirements. The FAQ page does not list the direct deposit/auto payment requirement, but the CheckingFinder page does.

Branches are located in Rochester, Minnesota.

The bank has been FDIC insured since 1996 (FDIC Certificate # 34171).

Thanks to the reader who mentioned this reward checking account in the Finding the Best Deals post.

Other 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.

Account History:
12/17/09: 0.88% APY up to $25K; 0.40% over; 0.15% base
10/22/09: 3.51% APY up to $25K
05/18/09: 4.11% APY up to $25K
04/16/09: Eligibility restricted to Southern MN
01/31/09: Available nationwide via CheckingFinder
11/27/08: 5.01% APY up to $25K; 1.01% over; 0.15% base rate
Related Pages: checking account, reward checking account

  |     |   Comment #1
I am in California, attempted to apply for this account and was turned down because I am not in the "local service area."
Banking Guy
  |     |   Comment #2
Thanks. Looks like they changed back to offering this only to locals. This flip-flopping has been common with banks lately. I've updated the post with this change.
  |     |   Comment #3
Rate dropped to 4.11% APY.
  |     |   Comment #4
Don't know why the website isn't updated, but received the following e-mail:

"Effective May 18th the rate on your Eagle Rewards checking account will decrease to 4.0123% APR
with 4.11% APY."
  |     |   Comment #5
0.88% now, must be on the C&D List.

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