4.01% Reward Checking Account at Wisconsin Community Bank
POSTED ON BY Ken Tumin
Update 3/29/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.
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:
Rate History:
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
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
Rate History:
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
These banks were sold a bill of goods, whereby they were told tons of people would sign up and then use their debit cards a huge amount.
So, no bank or credit union can offer a big balance cap and still make lots of money.
Earlier this year, Wisconsin Community Bank introduced Cash Rewards Checking. Thanks to you, the response has been great.
Recent decreases in interest rates, however, have made it necessary to reduce the rate on new Cash Rewards Checking accounts opened after January 1, 2009 to 5.01% APY.
Fortunately, this change won't affect you right away. Your current rate of 6.01% APY is guaranteed through January 1, 2010 with Wisconsin Community Bank.
A second change starts January 1, 2009 when the debit card requirement increases from 12 to 15 transactions per month. By now you have discovered the ease and convenience of using Wisconsin Community Bank's Debit Card for everyday purchases.
"December 19, 2008
Dear Cash Rewards Checking Customer:In a recent message sent to you, we announced a change to the debit card usage requirement explaining that the number of signature-based debit card transactions would change from 12 to 15 beginning on January 1, 2009.
We have discovered that wording in various promotional materials might have led you to expect that 12 debit card uses would be guaranteed for the same duration as the special Annual Percentage Yield. So, we feel it's only fair that we keep the debit card transaction rule at 12 through January 31, 2010. At that time, both the APY and debit card transaction requirement will change."
http://www.wisconsincommunitybank.com/products_checking.cfm