Slades Bank is offering a reward checking account it calls Power Checking. When the typical reward checking conditions are met, the yield is 6.01% APY for balances up to $100K and all ATM fees are refunded. The monthly requirements include at least 12 debit card purchases, receive direct deposit or make ACH payments and receive electronic monthly statements. If these conditions aren't met, the yield drops to 0.05% and no ATM fees are refunded. The minimum opening deposit is $50. There are no monthly fees or minimum balance requirements. Another perk is that checks are free.
The nice thing about this reward checking account is that the 6.01% APY applies on balances up to $100K. Most of these checking accounts have a limit of $25K. This helps to offset the extra debit card usage requirements. Most of the others only require 10 purchases per month.
Branches are located in the Massachusetts cities of Somerset, New Bedford, Assonet, Seekonk, Fairhaven, Fall River and Swansea. The bank is FDIC insured (FDIC Certificate # 18085).
For other reward checking accounts in other parts of the country, please see my best checking account post.
Thanks to the reader who emailed me info on this checking account.