F&M Bank has a reward checking account that pays 3.01% APY on balances up to $25,000 (0.95% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met:
- 12 check card purchases
- direct deposit or ACH debit
- access online banking
- receive electronic statements
If these are not met, the rate falls to 0.15%. The minimum initial deposit is $100. There are no minimum balance requirements to maintain the account. One nice perk is free checks.
It appears a branch visit is required to open the account. Branches are located in Tulsa, Oklahoma. The bank has been FDIC insured since 1946 (FDIC Certificate # 16390).
Thanks to the reader who emailed me info on this reward checking account.
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
01/12/09: 3.01% APY for up to $25K
05/06/08: 4.01% APY for up to $25K; 0.95% for above; 0.15% if req's are not met