High-Yield Rewards Checking Account at a Missouri Bank (RCSBank)

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Update 7/17/10: The top yield has fallen to 2.02% APY. Refer to the bottom of the post for the rate history.

RCSBank is offering a rewards checking account it calls e-Global Checking. It offers a yield of 2.02% APY on balances up to $25,000 (0.50% for above) and up to $25 in ATM fee refunds per month if the following monthly requirements are met: 8 check card transactions (signature based), one direct deposit or ACH auto debit, and receive electronic statements. If these conditions aren't met, the yield drops to 0.50% APY.

Branches are located in New London, Center and Hannibal, Missouri. It's a community bank, and it likely requires a branch visit to open an account. The bank has been FDIC insured since 1944 (Certificate # 16170).

For other high yield checking account options, please refer to my best checking account summary post.

Rate History:

  • 07/17/10: 2.02% APY up to $25K; 0.50% over $25K (reported by reader)
  • 11/06/09: 3.56% APY up to $25K
  • 02/28/09: 4.07% APY up to $25K; 1.01% over $25K
  • 03/31/08: 5.37% APY
  • 04/27/07: 6.17% APY up to $25K; 1.26% over $25K


Edit 12/30/08: Added APY for above $25K. Added rate history.

Comments
Anonymous
Anonymous   |     |   Comment #1
The debit requirements are getting very tiresome. Is it a new thing? I never remember seeing them before a few months ago.
Cole
Cole (anonymous)   |     |   Comment #2
I agree. The point is to move people away from paper checks but they should just put limits on those. In the past 3 years, I have made exactly 1 debit transaction and written less than 10 checks. The rest gets charged with an ACH payment. Even though these accounts would be perfect for me, I will not do it because of the ridiculous amount of debit/check card transactions.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #3
I've been seeing more and more of these types of accounts acound the country. The debit card usage is part of the trade-off for a high yield. If you're able to get in a habit of making a few small debit card transactions a week, it may be worth it if you have a large enough balance in the checking. If you only have $1K, you'll be better off in ING or Charles Schwab earning around 4%. The extra 2% would only earn you an extra $20/year. We'll have to wait and see if these rates will continue to be 2% above the others.
Anonymous
Anonymous   |     |   Comment #4
I just got one of these accounts and will now be debiting my coffee purchase every day. But I am not one who has a history of debiting either. As long as the rates remain high, it's worth it to have some cash in a liquid account.
Anonymous
Anonymous   |     |   Comment #5
How did you get the account? Do you live near one of the branches?
I emailed a CSR asking if I could open up the account thru the internet. This was their reply:

A visit to one of our three RCSbank Locations at either Center, New London, or Hannibal Mo. is a requirement to open up an account at RCSBank according to the RCSBank Policy. It is not a requirement to reside within the state of Missouri to maintain the account.

If you have any other questions or we can be of further assistance feel free to visit our website at www.rcsbank.com or you may contact us by phone at 573-985-4611.


Tarasa Pemberton
RCSBank
573-985-4611
Listless Lawyer
Listless Lawyer (anonymous)   |     |   Comment #6
Rate is down to 5.37% according to their website.
Anonymous
Anonymous   |     |   Comment #7
Along with the 5.37% for up to $25K goes 1.26% APY for amounts over $25K.
Anonymous
Anonymous   |     |   Comment #8
Click on "News & Events", top rates are down to 4.07% and 1.01%