Update 12/2/10: The top yield has fallen to 2.50% APY. Refer to the bottom of the post for the rate history.
Opportunity Bank, N.A. has started a reward checking account called Opportunity Reward which pays 2.50% APY on balances up to $20,000 (0.75% APY over) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or ACH Auto Debit, 3) receive E-estatements, and 4) access online banking. If these requirements are not met, the rate falls to 0.10%. The minimum opening balance is $100, but after opening, there are no minimum balances and no monthly fees regardless of meeting the above requirements.
One thing nice about this reward checking is that the yield for balances above the $25K cap is decent at 4.01% APY. Of course, it would be better if there were not a cap, but typically on these reward checking accounts, the yield drops off to 1% or less for balances over the cap.
Earlier this month I posted on a 5% money market account special this bank was advertising in which they would guarantee the 5% through June 2008. I think this guarantee has ended, but the money market account is still listed with a yield of 5% APY for balances of $1,500 and over. This is also available on business money market accounts.
The bank is located in Richardson, TX. Phone number is 469-385-2800. The bank was just established in June. It is FDIC insured (FDIC Certificate # 58567).
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.
12/02/10: 2.50% APY up to $20K; 0.75% APY over $20K
04/01/10: 3.50% APY up to $25K; 1.01% APY over $25K; 0.10% base
07/01/09: 4.01% APY up to $25K; 1.35% APY over $25K
02/04/09: 4.01% APY up to $25K; 2.01% APY over $25K
02/04/08: 5.01% APY up to $25K; 3.01% APY over $25K
09/28/07: 6.01% APY up to $25K; 4.01% APY over $25K; 0.25% if requirements not met