I just noticed that State Bank of Lizton is on top of our list of Indiana reward checking accounts. This appears to be a fairly new reward checking account. We just started to track this account since last September. The bank's reward checking account is called SBL High Growth Checking, and it has the following rates and features as of 6/7/2012:
- 3.00% APY on balances up to $25,000
- 0.20% APY on balances greater than $25,000
- 0.05% APY on all balances if requirements are not met
- ATM fees will be reimbursed automatically
Monthly requirements include:
- 12 debit card purchases (signature based only)
- Direct deposit or have a payment directly paid from account
- Access NetTeller Online Banking and pay one bill
Minimum opening deposit is $1,000. To avoid a paper statement charge, you have to elect to receive e-statements.
Parts of Indiana Only
At the top of the bank's checking page, there's a link to an online application. You have to enter your zip code in the application. If your zip code is outside their market area, you won't be give the checking accounts as an option to select. I was able to see the checking account with an Indianapolis zip code. However, it didn't show with a Fort Wayne zip code.
State Bank of Lizton branches are located just west of Indianapolis.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 17.84% (average) based on March 2012 data. Please refer to our financial overview of State Bank of Lizton for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 1833).
How This Reward Checking Account Compares
One Indiana credit union with a reward checking account that's close to SBL High Growth Checking is INOVA Federal Credit Union. It also has a top yield of 3.00%. However, this only applies up to a $20K balance. INOVA FCU's Indiana branches are located in the Elkhart/Mishawaka metro area. I also have INOVA's reward checking account on the nationwide list since anyone can qualify for membership via an association.
For nationally available reward checking accounts, the best rate for balances up to $25K is 2.52% APY at ABCO Federal Credit Union.
The above rates are accurate as of 6/7/2012.
To find the highest reward checking rates in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.
If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.