Updated Review of the R Bank Reward Checking in the Austin Metro Area

I first reported on R Bank and its R Best Checking account about four years ago. Like all reward checking accounts, the rates and balance cap have fallen. However, it remains very competitive and a good deal for those in the Austin metro area. Below is an updated review of the account. The rates and features are listed on the bank’s home page as of 11/12/2013:

R Best Checking rates and features if monthly requirements are met:

• 3.25% APY on balances up to $15,000
• 1.01% APY on portion of balance over $15,000
• 0.10% APY on entire balance if requirements are not met
• ATM fee refunds

Back in 2009, the account had a 4.13% APY on balances up to $35K. As you can see, the rate and balance cap have fallen, but the fall isn’t that bad compared to reward checking accounts at other banks and credit unions.

R Best Checking’s monthly requirements to qualify for the above rates and ATM fee refunds include:

• 12 debit card purchases
• 1 automatic payment (ACH) or direct deposit
• enrolled and receive e-statements

Additional account features include:

• $100 minimum initial deposit
• No monthly service charge
• All new accounts automatically qualify for the first monthly cycle

This account is listed in the CheckingFinder.com page as of 11/12/2013. There's an online application at that page available for people in the Austin metro area.

Bank Overview

R Bank’s main office is located in Round Rock, Texas. There are also branches in Austin and Georgetown.

The bank has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 4.08% (excellent) based on June 2013 data. Please refer to our financial overview of R Bank for more details. The bank has been a FDIC member since 2009 (FDIC Certificate # 58935).

How This Reward Checking Account Compares

The highest rate on balances up to $15K on a reward checking account that’s available nationwide is 3% APY. That’s available at the all-access credit unions INOVA FCU ($20K balance cap) and Lake Michigan Credit Union ($15K balance cap).

The highest rate on balances up to $15K for any reward checking regardless of availability is 4.11% APY. That’s at Gibsland Bank & Trust in Louisiana, and a branch visit is required to open the account.

The above rates are accurate as of 11/12/2013.

Other Reward Checking Accounts

To find reward checking accounts available in your state, please refer to our reward checking table. You can also use the table to find reward checking accounts available nationwide. Refer to this post to learn how to use the table.

To learn more about reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.