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.