3.51% Reward Checking Account at Renasant Bank


Update 6/27/09: The yield has fallen to 3.51% APY. Refer to the bottom of the post for the rate history.

Renasant Bank is offering a reward checking account that pays 3.51% APY on balances up to $25,000 and refunds ATM fees if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit or automatic bill payment
  • receive electronic statements
  • Log into Online Banking
If these are not met, the rate falls to 0.10%. The minimum initial deposit is $50. There are no monthly maintenance fees and no minimum balance requirements. If account balance exceeds $25,000 and the rewards requirements are fulfilled, then the APY will range from 3.51% to 1.06% (based on a balance of $100,000).

A branch visit appears to be required to open an account. Branches are located in Tennessee, Mississippi and Alabama. Note, rates may vary by location. Please leave a comment if you come across a different rate. The bank has been FDIC insured since 1934 (FDIC Certificate # 12437). It's one of the larger banks that offer reward checking (bank has $3.7 billion in assets).

Other Rewards Checking Accounts

To find reward checking accounts in other areas of the nation (many with higher yields) or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
06/18/09: 3.51% APY up to $25K; 1.06% to 3.51% for $25K to $100K
12/23/08: 4.01% APY up to $25K; 1.18% to 4.10% for $25K to $100K
06/20/08: 4.26% APY

Edit 1/27/09: Removed reference to ad. Rates are now listed on the bank's website.
Anonymous   |     |   Comment #1
Rate change effective Dec 19, 2008: 4.01% APY up to $25K; over $25K applies a sliding scale from 4.01% to 1.18% (based on balance of $100K). Go figure!?
Anonymous   |     |   Comment #2
Please remove your short paragraph stating the rates are not listed on their website.
3.50% Reward Checking Account at M&F Bank - Branches in MS, AL, TN & FL
Update 5/31/09: The yield has fallen to 3.50% APY. Refer to the bottom of the post for the rate history.

M&F Bank has a reward checking account called Summit Checking that pays 3.50% APY on balances up to $25,000 (1.25% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH debit, 3) log into online banking, and 4) receive electronic statements. If these are not met, the rate falls to 0.10%. The...

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5.05% 7-Month CD at a Tennessee Bank
Renasant Bank is offering 5.05% 7-month CD with a minimum deposit of $2.5K. The offer is for a limited time and is not listed at the bank's website. It was advertised in the Memphis Commercial Appeal newspaper. The ad is available online here.

The ad does not mention if the CD is only available at the Memphis branches. The bank has branches in Tennessee, Mississippi, Alabama and Florida.

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