First Arkansas Bank & Trust offers only 4.4% but with one redeeming quality — the rate applies up to $50,000.
The worst part of Rewards Checking is that in many cases you are dealing with a small bank that hasn’t figured out how to get potential customers from out of state signed up over the Internet.
Regular readers of the Rickety blog know that I am a big fan of rewards checking accounts. They have a high interest rate, are FDIC insured, and are very liquid.
I found that online at the bank there was no way to transfer money and also no internal messaging once I logged in. I sent an email to the bank asking about transfers and mentioned this was an important feature for me because I lived out of state.
I identified a few at 6.01% that were out of state. Several had very clunky Internet sign up procedures such that I was unable to sign up online. For example, at one bank my browser would crash. At another bank I was diverted to a PDF form with no instructions on what to do with it. Yet another bank had nowhere to start the sign up process.