Update 4/02/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.
United National Bank has a reward checking account that pays 4.01% APY on balances up to $25,000 (1.05% for above) and refunds ATM fees if the following monthly requirements are met:
- 10 debit card purchases
- one direct deposit or ACH debit/credit
- receive e-statements
- access online banking
If these are not met, the rate falls to 0.25%. There are no minimum balance requirements or monthly service charges.
Update 3/21/09: It appears the bank has restricted the availability of this account to local residents. If you search Checkingfinder.com, this account only shows up for zip codes near Cairo, Georgia. When I had contacted this bank in June of 2008, I was told it was available nationwide. If you live in or near Cairo, you can apply online.
Update 2/15/10: A reader reported the following about this bank:
I could not open the account online, but when I called them, expecting to be told that I was not eligible because I did not live in their area (I live in metro Atlanta and Cairo is over 250 miles away in deep southwest Georgia), the customer service rep was very nice and said if someone called them they would be happy to open an account for them.
It's a small one-office bank located in Cairo, Georgia that was established in 2000. It's a member FDIC (FDIC Certificate # 35427).
Other High Yield 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.
05/26/09: Base rate 0.25%
03/30/09: 4.01% APY up to $25K
03/21/09: It appears the account has been restricted to local residents.
01/02/09: 5.01% APY up to $25K; 1.05% for above $25K
06/02/08: 5.51% APY up to $25K; 1.15% for above $25K