Wisconsin Community Bank is offering a reward checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees (up to $20 per cycle) if the following three monthly requirements are met: 1) 15 or more debit card signature-based purchases, 2) one direct deposit, and 3) receive electronic statements. If these are not met, the rate falls to 0.25%. There's a $25 minimum opening balance, but there's no minimum balance thereafter.
I've noticed more reward checking accounts coming out with a $20K balance cap instead of $25K. Also, the number of required debit card purchases is a little higher than average (12 instead of 10). I hope the trend doesn't continue, but with the current interest rate environment it may become more common.
A branch visit appears to be required to open accounts. Branches are located in the Wisconsin cities of Cottage Grove, Fitchburg, Madison, Middleton and Monroe. The bank has been FDIC insured since 1934 (Certificate # 13023).
Thanks to the reader who mentioned this account in the finding-the-best-deals post.
Other High Yield Reward Checking Accounts
For other reward checking accounts and for more information on these accounts, please refer to the following posts:
- reward checking overview
- reward checking accounts available nationwide
- reward checking accounts around the nation
03/29/09: 4.01% APY up to $20K; 1.01% over
12/06/08: 5.01% APY, 15/mo debit card purchases required. Previously opened accounts still get 6.01% APY guaranteed through December 31, 2009.
03/30/08: 6.01% APY up to $20K; 1.51% over; 12/mo debit card purchases required
Edit 2/6/09: Automatic payment is no longer listed as a substitute for direct deposit