Update 11/01/2010: Westfield Bank has changed the availability of the account to primarily Ohio residents.
Westfield Bank has just launched its high-yield reward checking account called Dream Big Checking. It's currently listed for all zip codes at CheckingFinder.com. The account has the following rates and features if certain monthly requirements are met:
- 3.50% APY on balances up to $25,000
- 0.75% APY on portion of balance over $25,000
- 0.10% base rate if requirements are not met
- Reimburses up to $12 in ATM fees nationwide per month
The above rates are listed at the bank's Dream Big Checking page as of 5/20/2010. Monthly requirements include:
- 12 debit card purchases
- 1 automatic payment or Direct Deposit
- Receive electronic statements
Other account features include:
- Minimum initial deposit of $100
- No minimum balance requirement
- No monthly service fee
- Free online bill pay
Update 11/01/2010: Westfield Bank is now restricting accounts. Here is what the CheckingFinder.com application and the bank's micro-website application state:
Westfield Bank is a community bank serving the residents of the state of Ohio and Westfield Insurance appointed agencies.
I just noticed this account listed for all zip codes at CheckingFinder.com. The link to an online application is available at this CheckingFinder.com page. When banks launch a reward checking account, many start offering it nationwide at CheckingFinder.com. However, it has been common for banks to restrict it to their local area after a few months. So it can be advantageous to get in early before geographic limitations are put in place. The rate and balance cap are competitive but nothing great. This may actually be a plus since it should reduce the chance the bank will get overloaded with depositors.
Westfield Bank is based on Ohio with branches in Akron, Westfield Center, Medina and Wooster. It's not a large bank with only $360 million in deposits (based on 12/31/09 FDIC data).
The bank's ratings for safety and soundness are at or above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Westfield Bank rates and reviews page). The bank has been a FDIC member since 2001 (FDIC Certificate # 57077).
Other High-Yield Reward Checking Accounts
It has been getting harder to find nationwide reward checking accounts these days. It's nice to find a new one. As I mentioned above, many banks that have offered accounts nationwide have restricted them to their local market area. Most banks that have continued to offer reward checking accounts nationwide have lowered rates and/or the balance caps. As of 5/20/2010, there are only four institutions offering nationwide reward checking accounts with yields above 3.50% and with balance caps of at least $25K.
Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.