High-Yield Reward Checking Account at Crescent State Bank in North Carolina


Update 3/18/2010: The rates have fallen. Please refer to the rate history below.

Crescent State Bank is offering a rewards checking account that pays 3.01% APY on balances up to $25,000 (0.75% for above) and refunds ATM fees nationwide up to $25 if the following monthly requirements are met:

  • 10 debit card purchases
  • 1 direct deposit or automatic debit
  • accept e-statements

If these are not met, the rate falls to 0.05%. Minimum initial deposit is $100. There is no monthly service charge and no minimum balance requirement.

It appears that a branch visit is required to open an account. Branches are located in several North Carolina cities including Raleigh, Wilmington, Pinehurst, Sanford and Clayton.

The bank has been FDIC insured since 1998 (FDIC Certificate # 35006).

The News & Observer has an article on Crescent State Bank and this reward checking account. It was also reported that the bank is one of only two Triangle-based banks to receive federal money as part of the Treasury's bailout program. The bank intends to use the capital to create a discount mortgage program.

Thanks to the reader who commented on this reward checking account.

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.

How can banks offer 5% checking accounts? I discuss the issue in this recent post.

Rate History:

  • 03/18/2010: 3.01% APY up to $25K; 0.75% over; 0.05% base
  • 09/11/2010: 3.75% APY up to $25K; 1.01% over; 0.10% base
  • 05/24/2010: 4.51% APY up to $25K
  • 01/21/2009: 5.01% APY up to $25K; 1.01% over; 0.25% base
K. Robert
K. Robert (anonymous)   |     |   Comment #1
Coulee Bank Rewards Checking:

-5.01% APY
-Up to $20 back on ATM fees
-It's FREE
-Available nationwide
K. Robert
K. Robert (anonymous)   |     |   Comment #2
Anonymous   |     |   Comment #3
The zip code killed my application... Darn!!!
Anonymous   |     |   Comment #4
WTF with Coulee here???
Anonymous   |     |   Comment #5
I have three Crescent State Bank Reward Checking Accounts paying the 5.01%.  I was set to open a fourth one when, much to my disappointment, I learned that the number is now capped at two.  No grandfathering according to the CSR I've been working with.  Still, I'm glad to be earning 5.01% on three accounts.
Anonymous   |     |   Comment #6
#5:  Your accounts are grandfathered, or else, they would take away your third account.
Anonymous   |     |   Comment #7
Anonymous   |     |   Comment #8
This bank is in trouble.  Bad leadership in the CEO. 
Darpan Shah
Darpan Shah (anonymous)   |     |   Comment #9
Just came back from local branch of Crescent State Bank. Starting June 15, 2010 rate will be reduced to 4.51% APY.
Anonymous   |     |   Comment #10
Rate is now at 3.75%.  Still better than I can find anywhere else locally (Wilmington).  One caveat:  You have to make sure all your debit transactions actually post to your account during the cycle.  If any are pending, which could be several days after you actually make them, you will get .1% instead.  So you have to make sure you have 10 transactions done a week or so before your cycle ends.