R Bank’s reward checking account (RCA), R Best Checking has a long history, dating back to 2009 when it earned 4.13% APY on qualifying balances up to $35k. A series of changes (both APY and balance cap) between 2010 and 2016 resulted in the current 3.00% APY on qualifying balances up to $10k. Qualifying balances of $10k+ earn 0.45% APY, with non-qualifying balances earning 0.01% APY.
While the competitiveness of the 3.00% APY is dampened by the $10k balance cap, there are two factors that improve the attractiveness of the R Best Checking account: 1) The 0.45% APY on qualifying balances above $10k isn’t bad, when you consider many online savings accounts currently have rates between 0.40% and 0.60%, and 2) While there is a limit of one R Best Checking account per tax ID number, two R Best Checking accounts are permitted per household.
To earn the stated APY, the following monthly qualifying requirements must be met.
- At least 6 R Bank Cash & Check Card purchases.
- Have at least one recurring direct deposit or ACH credit (minimum $250).
- Receive eStatements.
The R Best Checking account has no monthly service fee or minimum balance to earn rewards, but does require a $100 minimum opening deposit. Unlimited nationwide ATM fees will be automatically reimbursed up to a monthly aggregate of $20, if qualifications are met. Unlimited check writing is available and a free R Bank Cash & Check Card will be issued following account opening. There is a limit of one R Best Checking account per tax ID number and two per household.
Headquartered in Round Rock, Texas, R Bank currently offers its R Best Checking to U.S. citizens/resident aliens who live in Texas and have a valid Social Security number or Tax ID.
Opening an R Best Checking account can be done online, or at any of ten Texas branches located in Bertram, Cedar Park, Edna, Fort Worth, Georgetown, Jarrell, Rollingwood, Round Rock (2), and Schwertner. As stated on R Bank’s COVID-19 page,
Our banking center lobbies are now open. R Bank will continue to comply with local city and county orders. When coming into the lobby, our team members may ask you to briefly remove your mask for identification purposes.
R Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.72% (excellent) based on September 30, 2020 data. In the past year, R Bank has increased its total non-brokered deposits by $134.63 million, an excellent annual growth rate of 29.21%. Please refer to our financial overview of R Bank (FDIC Certificate # 58935) for more details.
Established in 2009, R Bank is currently the 113th largest bank headquartered in Texas, with assets in excess of $670 million and nearly 11,000 customer accounts. R Bank’s founders were a group of experienced business people and banks who sought to combine high tech with personal customer relationships. The emphasis on a personal touch figured into choosing a name for the new bank:
The businessmen and bankers who started the bank wanted to have a name that reflected the fact that R Bank was created for our community, our customers, our employees, our shareholders and our bankers. We wanted a short distinctive name that would accomplish the goals of this group and be easily recognizable. We substituted the letter "R" for the word "our" and the name was born.
How R Best Checking Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to all Texas residents and have maximum qualifying balances of at least $10k, R Bank’s R Best Checking APY currently ranks sixth.
The above rates are accurate as of 12/7/2020.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.