West Texas National Bank is offering a reward checking account called Ultimate Checking. It pays 2.01% APY on balances up to $25,000 (0.50% for over) and refunds ATM fees if the following monthly requirements are met: 1) 10 check card transactions, 2) one direct deposit or ACH auto debit or one online bill pay, and 3) access online banking with electronic statements. If these are not met, the rate falls to 0.25%. The checking account remains a free account with free online bill pay regardless of meeting the above requirements.
Update 4/08/08: According to the banking rep, you can apply online without having to come into a branch. At the end of the online application, you'll need to print out and mail in the signature card. Also, you'll need to mail in a copy of your driver's license and second form of ID along with your check for the initial deposit.
01/09/09: 2.01% APY for up to $25K; 0.50% for above; 0.25% if req's are not met
11/01/08: 4.01% APY
04/30/08: 5.01% APY
12/21/07: 6.01% APY for up to $25K; 0.85% for above; 0.51% if req's are not met