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Reward Checking Accounts with Guaranteed Rates


There are a few reward checking accounts around the nation that have their yields guaranteed into 2009. Unfortunately, I'm not aware of any with nationwide availability. With the Fed likely to cut interest rates once again, rate guarantees on liquid accounts are especially nice. With help of some readers I've found the following reward checking accounts that have rate guarantees. Like any reward checking account, to receive the high yield you still have to meet the monthly requirements. Also, the balances that qualify for the high yield are capped to $20K ($25K for United FCU).
  • 6.01% APY until 2/2010 at Galena State Bank & Trust in IL (see post)
  • 6.01% APY until 1/2010 at Wisconsin Community Bank (see post)
  • 6.01% APY until 7/2009 at Summit Bank & Trust in CO (see post)
  • 6.01% APY until 1/2010 at United FCU in MI/OH/AR (see post)
  • 6.01% APY until 1/2010 at Dubuque Bank & Trust in IA (see post)
  • 6.01% APY until 7/2009 at Riverside Community Bank in IL (see post)
  • 6.01% APY until 4/2009 at Arizona Bank & Trust (see post)
All of the above except the credit union are part of the same bank holding company, Heartland Financial USA. This is the reason their reward checking accounts are so similar ($20K cap). There are 10 member banks, but unfortunately, not all seem to have a reward checking account with a 6.01% APY or a rate guarantee.

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.

Update 10/29/08: Added Galena State. Update 4:00pm: Added Wisconsin and Summit banks. Update 10:38am: Added United FCU.
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Mike   |     |   Comment #1
You forgot United in Michigan!

Banking Guy
Banking Guy   |     |   Comment #2
Thanks. I thought I had forgot one. It's now included.
Michael   |     |   Comment #3
First of all, they say they'll keep the rate through 09 but what if they don't? Can you *sue* them? I mean, really, it's basically just an honor system, right?

Second, why do they always have to be *.*1%? That 1 bothers me. 6.01% is such a stupid rate. Why not just make it 6%?
glxpass   |     |   Comment #4
Summit Bank and Trust also has a guaranteed rate, but I don't recall the details. I think it's for just people in the Colorado bank's service area.
Banking Guy
Banking Guy   |     |   Comment #5
Micahel, About the guarantee, I'm not sure how solid this is. Hopefully one could get this writing when you open the account. About the *.01% rate. Yes, that's probably just a marketing ploy like how they sell gas with 9/10ths of a penny as part of the price.

glxpass, Thanks for the note on Summit Bank. I added this to the list. I noticed all of the above banks are part of the same bank holding company and this led me to find another bank in WI with this guarantee.
Anonymous   |     |   Comment #6
Looks like that guarantee went *poof*. It seems that the rates are now 5.01% APY.

Galena State Bank & Trust

I did not check the rest of the banks, but given that you said that they are all part of the same holding company, I suspect they'll all down a full percentage point.
Anonymous   |     |   Comment #7
"I suspect they'll all down a full percentage point" should read "I suspect they'll all be down a full percentage point."

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