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.
- 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).
Reliabank has an overall health grade of "A" at DepositAccounts.com, 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 DepositAccounts.com 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.