3.51% Reward Checking Account at a Virginia Bank (Valley)

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Update 11/02/09: The top rate has fallen to 3.51% APY. Refer to the bottom of the post for the rate history.

Valley Bank has a reward checking account called My LifeStyle Checking that pays 3.51% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees (including international ATMs) if the following monthly requirements are met:
  • 12 Visa Check Card Purchases
  • One direct deposit or ACH debit/credit
  • receive E-statements
If these are not met, the rate falls to 0.10%. The minimum initial deposit is $100. There are no minimum balance requirements or monthly service charges. Multiple checking accounts can be opened, but you must meet the requirements for each account.

There's an online application for this account, however, in the form, it only allows you to select the state of Virginia for your home address. So it appears anyone in Virginia may be able to apply online. Update 4/18/09: I contacted the bank about eligibility for opening this account, and here is the reply I received:
It is not limited specifically to just our market area. We welcome the opportunity to service you with all of your banking needs. Please feel free to contact me at 540-342-2265 should you have any questions.

So if you live outside of Virginia, you may still be eligible, but you may need to ask the bank about how to get around this limitation in the application.

Branches are located in the Virginia cities of Roanoke, Salem and Vinton. The bank has been FDIC insured since 1995 (FDIC Certificate # 34019).

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.

Rate History:
10/29/09: 3.51% APY up to $25K
06/06/08: 5.01% APY up to $25K; 1.01% above; 0.10% base
Comments
Georgi
Georgi (anonymous)   |     |   Comment #1
Bank of Little Rock has 5.01% as well and require only 10 debit transactions. Similarly ATM fees are refunded..
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks, It's on my list under Arkansas in my list at High Yield Checking.
Anonymous
Anonymous   |     |   Comment #3
Correct me, but is their ATM fee refund wording specific enough to definitely include international ATMs?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
International ATM refunds are mentioned in their FAQ page.
Anonymous
Anonymous   |     |   Comment #5
Hard check on Equifax, calls employer for verification, lots of hassles!
Anonymous
Anonymous   |     |   Comment #6
No problems so far. Got approved less than 48 hrs. Got on line to see my deposit with the 5.01% rate.I have not received the charge cards yet, but CSR said they are giving the 5.01% automaticaly the 1st month to allow time for all the processing.
Anonymous
Anonymous   |     |   Comment #7
As of October 29, 2009, Valley Bank dropped their rate to 3.51% on thier MyLifestyle Checking account.
Anonymous
Anonymous   |     |   Comment #8
Was going to open an account this week but glad I didn't now that their rate has fallen to 3.51%. Hopefully Royal Banks of Missouri doesn't follow suit!
Renirc
Renirc   |     |   Comment #9
Valley Bank has added a product called MyLifestyle Savings that links to your MyLifestyle Checking account and pays 2.01% APY provided that you meet the monthly requirements for your MyLifestyle Checking account.  No minimum deposit required (a $1.00 deposit is required to open the account).  One quirk is that the ATM withdrawal fee refunds and the interest that you earn from your checking account is automatically deposited into your savings account each month. 
3.50% 10-Month CD at a Virginia Bank - Add-On (Valley)
Valley Bank is offering a special 3.50% APY 10-month CD. The minimum deposit is $2,500. There's an add-on feature that allows additional deposits of at least $500 to be made anytime during the term. The maturity date will remain the same regardless of the add-on deposits.

The bank also has a 5.01% APY reward checking account. I just reported on this in a previous post.

Branches are located in the Virginia cities of Roanoke, Salem and Vinton. The bank has been FDIC insured since 1995 (FDIC Certificate # 34019).



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