4.50% Reward Checking Account at Texas Heritage Bank - Local Only

POSTED ON MONDAY, NOVEMBER 9, 2009 BY Ken Tumin

Update 11/09/09: The reward checking account is no longer listed at the bank's website. Here is the reply I received from the bank: "Due to the overwhelming response to the Reward Checking product we have found it necessary to temporarily suspend the offering to new customers."

Texas Heritage Bank is offering a rewards checking account with the following rates and features if certain monthly requirements are met:

4.50% APY on balances up to $25,000
1.01% APY on the portion of the balance over $25,000
0.05% base rate if qualifications are not met
ATM fees refunded nationwide up to $40

The monthly requirements include:

10 Visa debit card purchases
1 direct deposit or ACH debit
Receive e-Statements

Additional features of the account regardless of the monthly requirements include:

$50 minimum intial deposit
No minimum balance requirement
No monthly service charge
Multiple accounts can be opened, but requirements must be met for each account to qualify for the top rate

More details are provided at the bank's reward checking microwebsite. According to the FAQ #41, you may complete your application remotely. However, you will need to sign the account signature cards in one of the bank locations. Branches are located in the Texas cities of Boerne, Cross Plains and San Antonio.

The bank's ratings for safety and soundness are solid: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 11903).

Other Reward 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.