Bank Rewards Checking
Banks Offering Rewards Checking
The table below list banks that offer at least 5% interest on their rewards checking accounts. This is one of my favorite savings vehicles and gives me FDIC insured accounts with high liquidity. The drawback is that the high yields do not last for long and then another bank has to be found. I keep this table up-to-date to help me and others find the best banks for our deposits. Bauer Financial ratings are included (see note 5).
News of Bank Rewards Checking
A big thank you to Reetesh who sent me updated information on one of my listed banks.
There are less rewards checking accounts at 5% and above lately. And almost all of them are only offered locally. For rewards checking accounts that are offered nationally, paying 4.09%, there is Bank of the Sierra. ViewPoint Bank requires 15 transactions but pays 4.00% up to $50,000.
One of my favorites is Royal Banks of Missouri at 4.3% but effective March 9, 2010 the bank will require 15 Debit Card Transactions per statement cycle instead of 10. Signup is straight-forward and fast so that in a matter of days you are up and running. Don’t forget to signup for E-statements. I had to email the bank to find out how to do it. One would think with an account that requires E-statements that you would be signed up automatically.
Alternatively, check out Deposit Accounts for a list of national accounts. I am also seeing more restrictions on some rewards checking accounts. The most blatant examples I identify in the Gotchas section.
Table of 5%+ Bank Rewards Checking Accounts
Click on the column headers to sort.
| Banking Institution | Main Branch | APY 1st Tier | Up To2 | APY 2nd Tier | Transactions per Month3 | Login4 | Rating5 |
|---|---|---|---|---|---|---|---|
| Bank2 | Oklahoma | 5.01% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | Yes | ***½ |
| Bank of Newington | Georgia | 5.01% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ***½ |
| Bank of the Southwest6 | New Mexico | 5.12% | $25,000 | 0.25% | 15 DC + 1 ACH or 1 DD or 1 OLP | No | ***** |
| Britton & Koontz Bank | Mississippi | 5.25% | $30,000 | 1.01% | 12 DC + 1 ACH or 1 DD | Yes | ***** |
| Carolina Premier Bank6 | North Carolina | 5.00% | $25,000 | 0.50% | 12 DC + 1 ACH or 1 DD + 1 OLP | No | Start-up |
| Cedar Rapids Bank & Trust | Iowa | 5.00% | $25,000 | 0.10% | 15 DC + 1 ACH or 1 DD | No | **** |
| Charter Bank | Alabama | 5.01% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ***½ |
| Community Bank of Pickens County | Georgia | 5.01% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | *** |
| Crescent State Bank | North Carolina | 5.01% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ***½ |
| Farmers Bank & Trust | Arkansas | 5.01% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | Yes | ***½ |
| Farmers State Bank | Iowa | 5.01% | $25,000 | 1.50% | 12 DC + 2 ACH or 2 DD | Yes | ***½ |
| First American Bank | New Mexico | 5.00% | $25,000 | 0.20% | 12 DC + 1 ACH or 1 DD | No | **** |
| First National Bank of Syracuse | Kansas | 5.01% | $25,000 | 0.25% | 10 DC + 1 ACH or 1 DD | No | ***½ |
| First Nebraska Bank | Nebraska | 5.01% | $35,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | **** |
| First Southern National Bank | Georgia | 5.01% | $25,000 | 1.10% | 10 DC | No | *** |
| Foundations Bank | Wisconsin | 5.01% | $25,000 | 1.01% | 15 DC + 1 ACH or 1 DD + 2 OLP | Yes | *** |
| Founders Bank1 | Texas | 5.01% | $10,000 | 2.25% | 10 DC + 1 ACH or 1 DD | Yes | Start-up |
| Geo.D. Warthen Bank | Georgia | 5.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD | No | ***** |
| Girard National Bank | Kansas | 5.01% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | Yes | **** |
| Goldwater Bank6 | Arizona | 5.02% | $20,000 | 0.10% | 10 DC + 1 DD + 3 OLP | No | *** |
| Guaranty Bank | Missouri | 5.00% | $30,000 | 0.10% | 15 DC + 1 DD | No | *** |
| Hyperion Bank | Pennsylvania | 5.01% | $30,000 | 1.50% | 10 DC + 1 DD | No | *** |
| Landmark Bank | Louisiana | 5.01% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ***** |
| MBT Bank | Iowa | 5.15% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ***½ |
| Mid America Bank & Trust Company | Missouri | 5.55% | $25,000 | 1.00% | 10 DC + 1 ACH or 1 DD | Yes | ** |
| Quad City Bank & Trust | Iowa | 5.00% | $25,000 | 0.01% | 15 DC | No | **** |
| River City Bank | Georgia | 5.00% | $25,000 | 1.50% | 12 DC + 1 ACH or 1 DD | No | ***½ |
| Sonoran Bank | Arizona | 5.03% | $30,000 | 1.25% | 12 DC + 1 ACH or 1 DD | No | *** |
| Southern Bank | Missouri | 5.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD | No | **** |
| Texas Heritage National Bank6 | Texas | 5.00% | $25,000 | 0.50% | 15 DC + 1 DD | No | *** |
| The Farmers State Bank | Texas | 5.51% | $25,000 | 0.26% | Any 4 of 10 DC, 1 ACH, 1 DD, 2 ATM, or 1 OLP | No | **** |
| United Mississippi Bank | Mississippi | 5.13% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ***** |
| Union State Bank | Kansas | 5.01% | $25,000 | 2.50% | 10 DC + 1 ACH or 1 DD | Yes | **** |
| United Bank | Arkansas | 5.01% | $25,000 | 0.10% | 10 DC + 1 ACH or 1 DD | Yes | *** |
| Village Bank6 | Minnesota | 5.00% | $10,000 | 1.00% | 5 DC | No | ** |
| Vision Bank | Texas | 5.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD | No | Start-up |
Last updated: 10 January 2010
Notes
1. Eligibility. Few, if any, of the highest interest paying rewards checking accounts are national. This is the exception:
- Founders Bank.
2. The 1st tier rate is paid on amounts up to the sum listed in the Up To column. The 2nd tier rate is paid on amounts over the sum in the Up To column.
Vision Rewards Checking
3. Required transactions per month key to abbreviations:
- ACH = Automated Clearing House Automatic Debit.
- DC = Debit Card (excluding ATM).
- DD = Direct Deposit.
- OLP = On-Line Payment.
- ATM = Automated Teller Machine transaction required.
4. Stay alert for those banks that require you to access your account at least once a month. It can easily be forgotten and I would sooner there not be one extra thing for you to remember that really serves no purpose except for you to lose all your interest for the month.
5. Bauer Financial carefully analyzes the stability of banks and credit unions. They give ratings on a scale of zero to five stars. I advise going with a bank rated 3 stars or higher, although with FDIC insurance it shouldn’t really matter.
- 5 Stars = Superior
- 4 Stars = Excellent
- 3½ Stars = Good
- 3 Stars = Adequate
- 2 Stars = Problematic
- 1 Star = Troubled
- 0 Stars = Lowest Rating
Bank of the Southwest: Write five or less checks per month. This is not a significant restriction for most people.
Carolina Premier Bank: According to Bank Deals blog a $5 minimum purchase is required to meet the debit card usage requirements. A savings or CD account must be opened and maintained.
Goldwater Bank: Balances less than $1,000 invoke a service charge of $15 per month. When the interest drops and you move your money elsewhere, you would have to close the account rather then keep it open with a minimal amount for future use. It seems counter productive of the bank to do this.
Texas Heritage National Bank: $10 monthly service charge for balances below $500.
Village Bank: $3 per check over five per statement. No ATM refunds.
Updates
July 2009 — Added The Community State Bank, MBT Bank, and First National Bank of Pontotoc. Removed because their rates fell below 5%: Adams Co-operative Bank, Asheville Savings Bank, Cross County Bank, The Community State Bank, and Bank of Putnam County.
August 2009 — Added BC National Bank, United Bank, Vision Bank, and Foundations Bank. Removed because their rates fell below 5%: Bank of Asheville, First National Bank of Olathe, The Page Valley Bank, Progress Bank, Pony Express Bank, and First State Bank of Kansas City.
September 2009 — Added Britton & Koontz Bank, Farmers Bank & Trust, First Southern National Bank, Farmers State Bank, Farmers & Merchants Bank, Bank of Edwardsville, Texas Heritage National Bank, First National Bank of Syracuse, Girard National Bank, and First American Bank. Removed because their rates fell below 5%: Bank of Blue Valley, The Bank of Georgia, First Clover Leaf Bank, First National Bank of Pontotoc, and Southeast National Bank.
October 2009 — Added First Nebraska Bank, Landmark Bank, Geo.D. Warthen Bank, and American National Bank of Fremont. Removed because their rates fell below 5%: First National Bank of Berlin, Bartow County Bank, Grand Bank of Texas, and Legend Bank.
November 2009 — Added Village Bank, Charter Bank, Carolina Premier Bank, Goldwater Bank, Cedar Rapids Bank & Trust, Quad City Bank & Trust, and Citizens First Bank. Removed because their rates fell below 5%: Valley Bank, Community National Bank, First State Bank & Trust, and Greater Rome Bank.
December 2009 — Added River City Bank, First National Bank of Scottsdale, Mid America Bank & Trust Company, and Sonoran Bank. Removed because their rates fell below 5%: BC National Bank.
January 2010 — Added The Farmers State Bank and Bank of the Southwest. Removed because their rates fell below 5%: Citizens First Bank, Franklin Bank & Trust Company, Farmers & Merchants Bank, First National Bank of Scottsdale, Incommons Bank, Liberty Bank, Rio Bank, Bank 1440, American National Bank of Fremont, and Bank of Edwardsville.
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Comments
4 Responses to “Bank Rewards Checking”Speak Your Mind
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Hey, thank you so much for finding, organizing, and putting all of this information together. I’ve been in the process of trying to figure out the best high interest checking account to open and your website has helped tremendously. Please keep up the good work and thank you once again!
Rickety, excellent information. Was very helpful in assisting me in selecting a rewards checking account. Not to add more to your list of things to do, but it would have been helpful to know whether a bank had restrictions on account applications. For example, Union State Bank in Kansas only allows residents of Missouri and Kansas to apply.
If you do nothing else, it’s still great info!!
Rickety, you already address my comment. I just saw your Note 1.
Glad to help. I may have to make a note just above the table to make it clearer for others. I do appreciate the feedback.