3.00% Reward Checking Account at a Tennessee Bank (Wilson Bank and Trust)


Update 7/26/09: The top yield has fallen to 3.00% APY. See bottom of post for the rate history.

Wilson Bank and Trust is offering Reward Checking with a 3.00% APY on balances up to $50,000. Like the typical rewards checking account, the main requirement to obtain the high rate is 10 check card transactions per month. In addition, it requires direct deposit or ACH auto debit, access online banking and receiving e-statements. If these conditions aren't met the rate falls to 0.5%. Meeting these conditions also qualifies the customer to unlimited and automatic ATM refunds. The checking account has no minimum balance or monthly fees. Although ACH auto debit can be used instead of direct deposit as part of the requirements, online bill pay requires direct deposit to be free.

Branches are located in several Tennessee cities in areas east of Nashville. Accounts can be opened online for those in Tennessee. However, the Reward Checking is not included in the "Type of Account" field. Please call to see if they require a branch visit.

The bank has been FDIC insured since 1987 (FDIC Certificate # 26962).

For other rewards checking accounts and to learn more about these accounts, please see my High Yield Checking Website.

Rate History:
07/20/09: 3.00% APY per email from CSR
01/30/09: 3.04% APY Rates are no longer listed on website. Received new rate by emailing bank.
12/30/08: 3.51% APY
06/23/08: 4.00% APY
12/02/07: 5.75% APY
04/16/07: 6.25% APY for up to $50K

Edit 7/18/09: Updated reward checking URL
Related Pages: Wilson Bank and Trust, Nashville, checking account, reward checking account

  |     |   Comment #1
I live in KY and wanted to see if I could open an account from out of state. The main office is closed on Wednesdays, so I called one of the branches. I was told that I could only get a reward checking account if I lived in one of the counties served by the bank.

Just to be sure, I called another branch and asked the same question. This time, the CSR took my name and address and said she would mail me an application. She didn't seem to have a problem with me opening an account from out of state.

Moral seems to be, if you live out of state, call around. It's possible that my application will be rejected, but I'll follow up after I submit it.
Banking Guy
  |     |   Comment #2
That's a good point. Unlike credit unions, banks have fewer restrictions on who they can accept as customers. Often the banks don't seem like they think through the out-of-state/mail application issue. Ideally, they would decide early and stipulate their policy on their website. But few do this. So you could get some branches and CSRs who are more willing than others.
  |     |   Comment #3
Can you tell us which other branch you called. I just tried the Trousdale Branch 615-374-4133, and they would not send out an application. I spoke with a guy named Will. He was nice but would not budge on sending out the application.
I noticed that the online application won't let you put in another state other than TN. This might be a hard offer to get in to.
  |     |   Comment #4
I was told after 3 phone calls and 3 emails, to enter the city and state in the online application. Also, when I asked about the absence of the Rewards Checking selection in the online application, I was told to select Standard Checking.

After completing the application I immediately received an automatic message that I would be contacted soon. After 2 days, I call back and left a message. The following day I received a brief email denying the online application from out-of-state residents with no apology for the waste of time, since April 16 - ten days! Apparently, you have to be an in-state resident and walk-in to a branch to apply - bollacks!

They should have clearer advertising!

If this is how they treat prospective customers then I don't want to be a regular one.

What a waste...
  |     |   Comment #5
The rates have been lowered to 3.51% APY up to $50K; 1.00% over $50K.
  |     |   Comment #6
Correct me, but I am unable to find a rate table, regarding anything. Must one be forced to call the 1-800 "personal banker" number??
Banking Guy
  |     |   Comment #7
You are correct. I just sent them an email asking about the rates.

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