3.01% Reward Checking Account at Community Bank in Louisiana - Local Only

POSTED ON SUNDAY, NOVEMBER 8, 2009 BY Ken Tumin

Update 11/08/09: The top rate has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Community Bank is offering a reward checking account with the following rates and features if certain monthly requirements are met:

3.01% APY on balances up to $35,000
1.01% APY on balances over $35,000
Refunds all ATM fees nationwide

If requirements are not met, the rate falls to the bank's current NOW Account rate for the lower tier, and ATM fees will not be refunded. The monthly requirements include:

15 debit card purchases
Receive e-statements (paper statements mailed for $3 per statement)

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

$100 minimum initial deposit
No minimum balance requirement
No monthly service charge

There's an application link at the top right side of the reward checking page, however, at the bank's application page, it states that "these services are offered to prospective customers who reside in Community Bank's trade area." Branches are located in the Louisiana cities of Raceland, Thibodaux, LaPlace, Larose, Golden Meadow, Napoleonville and Houma.

The bank has been FDIC insured since 1964 (FDIC Certificate # 19143).

Other Reward Checking Accounts

Community Bank's rate and balance cap are competitive for reward checking accounts. The downside is the required 15 debit card purchases a month. Most reward checking accounts only require 10. It seems like this number has gone up with new reward checking accounts over the last six months.

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.

Rate History:
10/29/09: 3.01% APY (as shown on front page in rotating flash image)
05/26/09: 4.01% APY up to $35K; 1.01% over