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New Reward Checking Account Resource


I have a new website called High Yield Checking Deals that lists all of my reward checking posts by state. With over a 100 of these accounts, my reward checking page was getting too large. With this new website, you can quickly identify the reward checking accounts available in your state.

The main checking account table lists the two most important features of reward checking accounts: the yield and the balance cap. For other details, I include the link to my original post here at Bank Deals blog. In the link name, I include the dates when I first posted on it and when I last updated the post. This is intended to give you an idea of the account history.

If you see new rates or other changes for these reward checking accounts, please comment on this blog. I'll update the post with the new rate. I have a program that'll extract this new information and create a new table with the latest rates and balance caps. I still have some updates to make in previous posts so that the latest information is extracted.

Also, if you have any suggestions about the table, please leave a comment. The table is ordered by yield. I was considering a table ordered by balance cap, however, there are not that many reward checking accounts in any one state (at least not yet). So even without ordering by balance caps, it's not too hard to find the large balance cap accounts.

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Comments
Michael
Michael (anonymous)   |     |   Comment #1
Bravo, Banking Guy! And thank you.

I love your new Reward Checking Account Resource site. Love it!

It will be so useful.

Again, I urge everyone who has benefited from or who will benefit from Banking Guy's information to please donate. (I did.)

P.S. Brattleboro S&L in Vermont is down to 3.30%.

Second P.S. Only one account in the whole list has no balance cap as of today, as you posted. It is Southland Credit Union (for which I have a Rewards Checking account). Of course, I am waiting as patiently as possible for April 1st to come around to see if they drop their 4.5% rate. I am fearful that they will eventually (or institute a cap). I will post a comment if they drop their rate.

Michael
Orange County, CA
Michael
Michael (anonymous)   |     |   Comment #2
I am very sorry. I meant that Community Bank of Nevada is 3.30% (not Brattleboro S&L).

Sorry!
Michael
Michael (anonymous)   |     |   Comment #3
Brattleboro is down to 5.01% APY.
Anonymous
Anonymous   |     |   Comment #4
Georgia: Bank of Upson went to 5.05% APY last month.

Love the site though! It would be great to see that format for your bonus/cd summaries so when a CD matures I can see at a glance the best for any state! :-)

Keep up the excellent work.
Anonymous
Anonymous   |     |   Comment #5
WA State: Twinstar CU Accelerator checking is now 4.25% capped to 30k.
Anonymous
Anonymous   |     |   Comment #6
United Financial Credit Union in Michigan is now 5%.
glxpass
glxpass (anonymous)   |     |   Comment #7
I'll add my kudos for this excellent wish, and my desire to see CD deals organized in a similar manner. Thanks very much for your hard work!
Anonymous
Anonymous   |     |   Comment #8
Michael-Re: Southland CU (Southern Calif.)

The 4.50% rewards checking is capped at $50,000. Over that amount the interest rate is 0.25%. Thanks.

Steve
Michael
Michael (anonymous)   |     |   Comment #9
To Anonymous Above:

Thanks for trying to help me out concerning Southland CU.

Southland's Website does not list this $50,000 cap on their site, and Banking Guy listed "no maximum" on his new Reward Resource page.

Maybe you have knowledge that Southland CU will be instituting a $50,000 balance cap this week?

Thank you very much!

Michael
Saul
Saul (anonymous)   |     |   Comment #10
Hi Steve & Michael,

If you click on

http://www.southlandcu.org/products/superchecking.asp

...you will see that Southland Credit Union does not list any balance restrictions or caps on their site.

Now, this is effective March 1st, 2008.

On April 1st, 2008, Southland might change their rules for their Reward Checking account and add a $50,000 balance cap. But as of today, their site says there are no balance minimums or maximums.

Since it appears that Southland offers the only Rewards Checking account with no balance cap whatsoever in the entire country, Southland will certainly add a balance cap eventually. (Or they will lower their rate to a much lower level.)
Anonymous
Anonymous   |     |   Comment #11
http://www.southlandcu.org/products/superchecking.asp

Add a letter "p" in the Web address above.
Anonymous
Anonymous   |     |   Comment #12
it is ".asp" at the end of the Web address above, not ".as"

The last letter "p" in the Web address is being cut off by Blogger.com
Anonymous
Anonymous   |     |   Comment #13
Looks like Sutton Bank in Ohio lowered their Reward account rate to 4.51 percent from 5.51 percent.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #14
Thanks everyone for the comments and updates. I think I've updated all of the posts mentioned with the new rates. I'll update the high yield checking table tonight which will include these updates.

About Southland CU, I do see that they mention the $50K balance cap in the small print in the rate table page. I guess this change may have been done when they last dropped their rates? This was probably easy to miss.
Anonymous
Anonymous   |     |   Comment #15
Danvers Bank, Massachusetts, new rate effective April 1st, 4.01%, email sent today

Monadnock Community Bank, Massachusetts, new rate 5.12%, email sent last week.

Southbridge Savings Bank, Massachusetts, new rate 4.25%, web site updated

Clinton Savings Bank, Massachusetts, new rate 5.01%, web site updated

Haverhill Bank, Massachusetts, new rate 4.50%, web site updated
Anonymous
Anonymous   |     |   Comment #16
Members Choice Credit Union
http://www.mccu.org/
The current rate is 5.26% APY.
Michael
Michael (anonymous)   |     |   Comment #17
Regarding Southland Credit Union:

I just spoke with Kerry, a CSR, at Southland, this morning.

She told me that their rate with drop to 3% tomorrow Yes, 3%!

Their $50,000 balance cap takes effect tomorrow.

I told her it doesn't pay to keep the Rewards Account at 3%. She did not disagree.

I will be transferring my money out tomorrow, after interest has posted.

Now I must decide where to put it. The fear, of course, is that wherever I decide to go, they too will eventually drop their rate.

I really thought I had something special with the Southland account with no balance cap and a high rate.

I think this will also give credence to the fact that these Rewards accounts might all eventually hit bottom.
Anonymous
Anonymous   |     |   Comment #18
Nothing in maryland?? :(
Anonymous
Anonymous   |     |   Comment #19
You missed one in WA State:
Verity Credit Union
www.veritycu.com
6.01%
$40,000
12 Debit transactions

I found it on your website a while ago so you deserve all the credit. Thanks!
Jeff
Jeff (anonymous)   |     |   Comment #20
In California:

Sacramento Credit Union rate is now down to 5.01%.

Community West Bank is down to 5.00%
Anonymous
Anonymous   |     |   Comment #21
Here is a new one, beginning April 1 for Massachusetts, Marlborough Cooperative Bank, Advantage Checking 5.51% APY upto 25,000 -- 10 Debit card transactions monthly, 1 Direct Deposit or ACH debit monthly, Monthly electronic statements, Access online banking monthly. This rate should be good for a little while since it is a new one and it is a reasonable rate!
Anonymous
Anonymous   |     |   Comment #22
IN Massachusetts, Rollstone Bank & Trust (used to be Fitchburg Savings). 5.25% for up to $100,000, 2.39% for over $100,000. www.rollstonebank.com
Anonymous
Anonymous   |     |   Comment #23
Butler Bank, Massachusetts, new rate 4.50%, down was 6.01% web site updated
Anonymous
Anonymous   |     |   Comment #24
Rollstone is great except if you are either self-employed or retired but not receiving social security or pension. Rollstone requires the direct deposit of either payroll, pension, or social security checks.
Anonymous
Anonymous   |     |   Comment #25
In Massachusetts, the acquisition of Slades Bank by Rockland Trust has been completed. The Slades Bank web site has been shut down.

http://www.heraldnews.com/business/x1529765686
Tony Roberts
Tony Roberts (anonymous)   |     |   Comment #26
Coulee Bank ( http://www.couleebank.net ) offers an incredible 6.01% APY with their Rewards Checking account. The rate is easy to earn. All you have to do is make 10 check card transactions a month, use e-statements, and do 1 automatic payment a month (they call it ACH). Coulee Bank pays 6.01% on the first $25,000 and 1.01% on anything above that. The best thing about this account besides the rate is it is FREE, you can apply online, and it is from a great bank with real people that answer the phone. And as they like to say, Banking Green has its Rewards. The Rewards Checking account saves paper and preserves our natural resources. No wonder I feel good about recommending this to everyone I know. Check it out. I guarantee you will love it.
Anonymous
Anonymous   |     |   Comment #27
www.newportfederal.com
5.51% e-loop checking account.

www.eloopchecking.com

up to $50,000.00
Anonymous
Anonymous   |     |   Comment #28
Just to let you know that Tristone Community Bank has dropped the rate from 6.05% to 5.01% on Sept 16, 2009.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #29
Thanks. I updated the Tristone post, and this will be reflected in the table in the next week.
Anonymous
Anonymous   |     |   Comment #30
Could you have the comments posted with the most current first. I like to read them and have to scroll down all the old ones every time. I just posted your website on www.gretawire.com in the open threads since we talk money sometimes. Love the site
Banking Guy
Banking Guy (anonymous)   |     |   Comment #31
About having the new comments on top, I'm not sure if this is possible with this blogger software. But I've added a link called "end of comments" that's to the right of the comment policy link that's right above the first comment. Just click this and it'll take you to the bottom. So you should be able to get to the latest comments with just 2 clicks (1. the read comments link below the post titles and 2. end of comments link)
terryann
terryann (anonymous)   |     |   Comment #32
How about Redneck Bank (yes it's real). The internet version of Bank of the Wichitas. High yield checking is currently 5.25 and has been for 2 years. Has anyone heard of them and/or dealt with them?

http://www.redneckbank.com

Also, Evantage Bank has a rewards checking program . I didn't see them on the list, so just sayin'........
Terry,
Seattle
Banking Guy
Banking Guy (anonymous)   |     |   Comment #33
Thanks for the info. About Redneck Bank, it's listed at High Yield Checking Deals as Bank of the Wichitas in Oklahoma. It's also in my nationwide list.

I've also written a post on their 3.10% savings account at this post.