3.50% Reward Checking Account at Rio Bank in South Texas

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Update 1/14/10: The top rate has fallen to 3.50% APY. Refer to the bottom of the post for the rate history.

Rio Bank is offering a reward checking account called e-Checking Plus that pays 3.50% APY on balances up to $25,000 (0.30% for above) if the following monthly requirements are met:
  • 10 debit card purchases
  • 5 bill payments
  • one direct deposit
  • receive electronic statements
If these are not met, the rate falls to 0.30%. The initial minimum deposit is $100. There are no monthly maintenance fees and no minimum balance requirements. The bank also offers e-Checking which offers only a top yield of 4% APY. It has the same features and requirements except it does not require direct deposit.

A branch visit appears to be required to open an account. Branches are located in the South Texas cities of McAllen, McColl, Palmview, San Juan, Jackson and Brownsville. The bank has been FDIC insured since 1985 (FDIC Certificate # 25886).

Other Rewards Checking Accounts

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

Edit 7/03/09: Modified/corrected top rate from 5.51% to 5.50% APY.

Rate History:
01/13/10: 3.50% APY up to $25K (shown on home page)
06/25/08: 5.50% APY up to $25K; 0.30% over; 0.30% base
Related Pages: Rio Bank, Harlingen, checking account, reward checking account

Comments
Anonymous
  |     |   Comment #1
Nitpicking I suppose, but the website states 5.50% APY.
Anonymous
  |     |   Comment #2
Note that this account doesn't provide ATM fee rebates, unlike many reward checking accounts. If you look at the website it says "Free ATM Transactions" but from reading the note at the bottom, it appears this only refers to the bank not charging you to use ATMs - nothing about rebating ATM fees.
Anonymous
  |     |   Comment #3
5.50% APY is tough to beat, but five Bill Pay may be a drag.
Anonymous
  |     |   Comment #4
$200M three star at bankrate. No online forms available, definitely local!
Anonymous
  |     |   Comment #5
3.5%!!! as of 1/13/10.

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