Reliabank (SD) Boosts Ultimate Checking To 4.01% APY


Deal Summary: Ultimate Checking, 4.01% APY on qualifying balances up to $25k.

Availability: All residents of South Dakota.

Reliabank recently raised the rate on its Ultimate Checking account to 4.01% APY on qualifying balances up to $25k. Qualifying balances above $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. The Ultimate Checking account requires a minimum $50 opening deposit.

5.03*%-$25kReliabank DakotaUltimate Checking
OTHER TIERS: 0.25% $25k+
Rates as of February 28, 2024.

Qualification Requirements

  • At least 15 debit card transactions per cycle.
  • Enroll in and receive eStatements.
  • At least one direct deposit, one automatic debit, or one online bill payment per cycle.


Headquartered in Estelline, South Dakota, Reliabank offers its Ultimate Checking account to all South Dakota residents. (Prior to 2010, the Ultimate Checking account was available nationwide, which always makes me hopeful whenever I see a rate change.)

Opening an Ultimate Checking account can be done either online, or at any of the nine full-service South Dakota branches located in Estelline, Hartford, Hayti, Hazel, Humboldt, Tea, Sioux Falls, and Watertown (2).

Bank Overview

Reliabank has an overall health grade of "A" at, with a Texas Ratio of 2.64% (excellent), based on December 31, 2018 data. In the past year, Reliabank has increased its total non-brokered deposits by $27.5 million, an excellent annual growth rate of 8.98%. Please refer to our financial overview of Reliabank (FDIC Certificate # 16221) for more details.

Chartered in 1920, Reliabank was originally known as The Farmers National Bank of South Shore. The Bank’s founder, South Dakota farmer Fred Beskow, established the Bank with capital of $25,000, the 2019 equivalent of approximately $332,318. In the mid-1940s, the Bank’s Managing Officer, Walter Johnson, entered into an agreement allowing Johnson to buy the Bank after Beskow’s death. Johnson purchased the Bank in 1967, beginning the multi-generational ownership and management of the Bank. Currently the 20th largest bank in South Datoka, Reliabank has assets in excess of $391 million.

How the Ultimate Checking Compares

When compared to 30 High Yield Reward Checking Accounts tracked by that are available to South Dakota residents and have maximum qualifying balances of at least $25k, Reliabank’s Ultimate Checking APY currently ranks first.

The above rates are accurate as of 3/8/2019.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Sioux Falls checking accounts, reward checking accounts

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When I last posted on Reliabank Dakota, they were offering a 3.05% 55-month CD special that was available nationwide. It appears they received too much demand. Just a day after the post, they cut the rate to 2.70%, and now they have changed the availability to only South Dakota residents. For those in South Dakota, it's still a good deal, and it has actually improved. The special 55-month CD now has a rate of 2.85% APY. Also, there's a special 43-month CD with a 2.35% APY. Minimum deposit is $5,000,...

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Special 55-Month Online CD at Reliabank Dakota - Available Nationwide

Update 10/15/2010: The 55-month CD rate has fallen to 2.70% APY.

Reliabank Dakota is offering a competitive long-term CD with a 3.05% APY for a 55-month term. Minimum deposit is $5,000. The special is listed in the bank's savings rates page as of 10/14/2010.

As a comparison the best 60-month CD from an internet bank has a rate of only 2.75% APY (at Sallie Mae Bank as of 10/14/2010).

This special can be opened using the bank's online application (link on the left sidebar). I called the bank yesterday at their toll-free number...

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This special can be opened using the bank's online application (link on the left sidebar), and according to the CSR, it's available nationwide. This is the same application to open the bank's reward checking account that I reported on in January.

Update: I received some additional CD details from the CSR:

The bank is also listing other competitive CD specials...

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High-Yield Reward Checking Account at Reliabank Dakota in South Dakota

Update 10/19/10: The top rate has fallen from 4.07% to 3.50% APY.

Reliabank Dakota is offering a reward checking account called Ultimate Checking that pays 3.50% APY on balances up to $25,000 (0.75% for above) if the following monthly requirements are met:

  • 15 check card purchases
  • one direct deposit or ACH auto debit or bill pay
  • receive electronic statements

If these are not met, the rate falls to 0.10%. Minimum initial deposit is $50. There is no monthly service change or minimum balance requirement.

There's an online application. I contacted the bank on 10/07/2009, and I...

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