Update on ViewPoint's Reward Checking Account - New Accounts Now Limited to Texas

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One bank has just fallen off my list of the five best nationwide reward checking accounts. ViewPoint now states on its Absolute Checking webpage that:

You must live in the State of Texas in order to be eligible for this account.

If you could get through the difficult application process and if you could avoid the gotchas, ViewPoint's Absolute Checking was the best nationwide reward checking with a 4.00% APY on balances up to $50,000. Most reward checking accounts have lower rates, and the top rates only apply to balances up to $25,000.

For those who already have this account, I guess this could be considered good news. If they were taking in too many deposits, they could have decided to reduce demand by lowering the rate and/or balance cap. Over the last year we have seen many banks reduce the availability of their reward checking accounts. So if you are thinking about opening a hot nationwide reward checking account, you may not want to wait too long.

Thanks to reader 51hh who mentioned this news on ViewPoint Bank in the discussion forum.

Other High-Interest Reward Checking Accounts

Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.

Comments
Anonymous
Anonymous   |     |   Comment #1
Next time we hear about ViewPoint's Absolute Checking, it will be that the rate has come down and the upper limit will go down to $25K.
Anonymous
Anonymous   |     |   Comment #2
All of the rewards Checking accounts are in danger of collapsing do to the new banking regulation laws. It may take few months for the bank to realize that.

 
anter
anter   |     |   Comment #3
i don't think is bank regulation's fault, but people abusing the system, like using ACH and 15 x $1 Mcdoubles purchases.
Anonymous
Anonymous   |     |   Comment #4
why doesn't Farmers and Merchants Bank in Va. show up on the rewards page? IT still pays 3.25% (down from 3.51%) last week, but the kicker---- up to 50K gets the high interest!! I live in upstae NY and had this acct for 2 years, The banking and statemwnt page is a littl primative tho but they have a high maximun.
Anonymous
Anonymous   |     |   Comment #5
I am out of state and was approved on 7/21 and sent in the paper work and $100 deposit.  I hope they do not renege on me
Jo
Jo (anonymous)   |     |   Comment #6
I have an established checking account at Erie General Electric FCU; it's a reward account with a rate of 5.12%. Yes, you do have to qualify to become a member of this credit union. By simply living in one of the two counties and providing proof of residency, it was very easy to set up the accounts (share account and checking).

I am aware that it's quite possible the rate will go down, but the fact that this credit union is strong to begin with is another reason why I joined.
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