Update 9/01/11: The rate has fallen.
ViewPoint Bank is offering a reward checking account called Absolute Checking that pays 3.00% APY on balances up to $25,000 (0.03% over) if the following monthly requirements are met:
- 15 check card purchases
- one direct deposit or one online bill-pay
- receive electronic statements
If these are not met, the rate falls to 0.04%. The minimum initial deposit is $100. There are no monthly service charges and no minimum balance requirements. Once nice perk is free checks. On the downside, there doesn't seem to be any ATM fee refunds. The free ATM transactions that it mentions only refers to ViewPoint Bank ATM fees.
An online application link is available at the checking promotion page. I checked with the CSR using their online chat system, and the CSR said that people in any state (see 7/27 update below) can apply online without having to come into a branch. You'll have to mail two forms of ID along with the account agreement. The CSR also said that there's no hard credit inquiry in the application. They only do a ChexSystem check (Note, CSRs are not always right on this issue). Update 7/27/10: The account is now limited to Texas residents. At the bottom of ViewPoint's Absolute Checking page, it now states the following:
Only one account per primary owner. You must live in the State of Texas in order to be eligible for this account.
Update 9/1/11: Please refer to this post for details of the application process.
Branches are located in the Dallas, Texas metro area. It's a new bank that was just established in 2006. Before 2006 it was Community Credit Union which had existed for over 50 years. In 2005, credit union members voted to change their charter to a bank. As of 6/30/09 the bank has $2.3 billion in assets and $1.7 billion in deposits (FDIC Certificate # 58006).
Other High Yield Reward Checking Accounts
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
- 09/01/11: 3.00% APY up to $25K; 0.03% APY over
- 11/01/10: 4.00% APY up to $25K; 0.95% APY $25K-$100K; 0.04% over
- 10/02/09: 4.00% APY up to $50K; 1.75% APY $50K-$100K; 0.04% over
- 05/22/08: 4.00% APY up to $50K; 2.00% APY $50K-$100K; 0.04% over
Edit 10/28/09: Added history before the bank was established.