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About Ken Tumin

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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The Smaller List of Nationally Available Reward Checking Accounts


We lost the last nationally available 3 percent reward checking account (with a $25K balance cap). Danversbank is still offering 3.01% APY on balances up to $25K. However, it has recently ended its online application. This appears to be the first effect of People's United's acquisition of Danversbank. When this acquisition was announced in January, there were concerns of unfavorable changes especially to Danversbank's reward checking account.

Thanks to the ekat who mentioned this Danversbank news in the discussion forum. The reader reported being told that applications for out-of-state residents would still be accepted at Danversbank branches until probably October, when the merger would likely be completed. At that time, People's United policy of offering only accepting local residents would take effect to restrict new accounts to local residents only (both online and in person).

In April and early May First National Bank in Ohio was offering its 3 percent reward checking account nationwide, but this ended in late May when they began limiting it to Ohio residents.

Some Remaining Nationally Available Reward Checking Accounts

The best rate that's now nationally available is 2.51% APY on balances up to $25K at Community Bank of Pleasant Hill and Community Bank of Raymore. Both of these Missouri banks continue to accept online applications for their reward checking accounts as of 6/02/2011.

There's actually a little better nationwide deal that's currently available. It's at Consumers Credit Union. Its reward checking account has a low balance cap of $10K. However, its unique features make this a better deal even for balances up to $25K. The unique feature is three rate tiers: 4.09% APY for up to $10K, 1.59% APY from $10K to $25K and 0.76% APY for the portion of the balance over $25K. For a $25K balance, the blended APY is about 2.59%.

As you can see in Consumers Credit Union's membership page everyone can qualify to join. However, readers have experienced problems with the credit union's application process. One reader commented that they are declining people who have a large number of inquires with ChexSystems. Since they pull your funds right away (before a determination is made) and you have to wait 10 business days to get your funds returned, it would be best to fund the account with the minimum amount required for the account.

Comparing the Best Reward Checking Accounts

To review more accounts, you can use our reward checking account table. Use the "Filter Accounts" button on top of the table to select either nationwide accounts and/or your state. Also, you can use this button to select the investment amount. This allows you to compare accounts with different rate tiers.

If you don't see an account listed, it might mean it's no longer available nationwide or in your state. There's also a possibility that we have temporarily suspended listing the rates. If there are some uncertainties about a bank's rates, we sometimes temporarily delist the rates until we confirm them. We do this to ensure we don't list inaccurate rates.

If you don't see your bank listed in the rate tables, you can check the status of the bank by going to its hub page. Just search for your bank or credit union in our bank reviews page. At the bank's hub page, you can check the bank's rates in the "products and rates" tab. If you see "We are currently reviewing the rates for Bank XYZ for accuracy. Please check back in a few hours.", we have temporarily delisted the rates.

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Wil   |     |   Comment #1
Why no mention of Atlantic Coast Bank? Isn't it nationwide? Or, is it because the 3.01% rate is only up to $15K?
Anonymous   |     |   Comment #2
smartypig's rate is lowered to 1.1%
Lisa   |     |   Comment #3

The SmartyPig rate holds steady at 1.35 as of an hour ago when I logged into my account.

I have not received any notice from SmartyPig, nor is a rate reduction posted on their blog (which they promised to do after the last drop with no warning). If you have proof otherwise, please share it.
David   |     |   Comment #4
I just received an email from SmartyPig at 11:00 AM PST today serving as notice of the rate reduction to 1.10% effective June 15th.
Anonymous   |     |   Comment #5

The planned rate reduction is true. Even I got a notice today (email) from SmartyPig.

And, yesterday I received email notice from Coulee bank, they are reducing rewards checking account rate to 2.55% APY. Too bad !!

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