6.00% Checking Yields for Online Banking Customers

MoneyRates Blog

July 11, 2008
By MoneyRates team | Money-Rates Columnist

Reward checking accounts have been one of the fastest growing bank products of 2008 with several hundred banks now offering some incentive-based checking account. Each bank has it’s own unique rewards and requirements, but they all require that the banking customer utilize some online banking services to earn the highest-tier yield. Consumers who do not envision ever using some combination of direct deposit, check cards, debit cards, online banking, online bill payment, or like receiving electronic statements should not consider a reward checking account. However, for consumers who keep balances over $10,000 in their liquid checking account and like online banking yields as high as 6.10% APY can be earned on their checking account balances. Most banks only offer the reward checking accounts to a specific geographic region, although some banks will accept accounts from out-of-state. Listed below are some of the nation’s highest yields on reward checking accounts:

Crossroads Bank Illinois

6.10% up to $30,000

Monthly Requirements: 20 VISA debit card transactions excluding ATM transactions, receive electronic statements

TriStone Community Bank North Carolina

6.05% up to $25,000

Monthly Requirements: 12 VISA debit card transactions excluding ATM transactions, receive electronic statements, at least one direct deposit or ACH auto debit

Orange Savings Bank Texas

6.01% up to $25,000

Monthly Requirements: 0 debit card transactions, electronic statements, access online banking at least once, sign-up for direct deposit or receive a recurring ACH

The First National Bank of Dieterich Illinois

6.01% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, access online banking at least once

Rocky Mountain Bank Montana

6.01% up to $25,000

Monthly Requirements: electronic statements, use your free debit card, at least one direct deposit or automatic payment

Page Valley Bank Virginia

6.01% up to $25,000

Monthly Requirements: 10 VISA check card transactions, electronic statements, access online banking at least once, at least one direct deposit or direct debit

Tri-County Bank and Trust Iowa

6.01% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, at least one direct deposit or auto ACH debit

First Banking Center Wisconsin

6.01% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, at least one direct deposit

First Clover Leaf Bank Illinois

6.01% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, at least one direct deposit or ACH auto debit, 3 online bill payments

Charter Bank New Mexico

6.01% up to $25,000

Monthly Requirements: 10+ check card transactions, electronic statements, at least one direct deposit, access online activity at least once

Kansas State Bank Kansas

6.01% up to $25,000

Monthly Requirements: 10 check card transactions, electronic statements, one direct deposit or ACH auto debit, access online activity at least once

Arizona Bank and Trust Arizona

6.01% up to $20,000

Monthly Requirements: 12 debit card transactions, electronic statements, make and automatic payment or direct deposit

1st National Bank Henning Minnesota

6.01% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, access online activity at least once

Coulee Bank Wisconsin

6.01% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, at least one direct deposit

Focus Bank Missouri and Arkansas

6.01% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, access online banking

West Bend Savings Bank Wisconsin

6.01% up to $50,000

Monthly Requirements: 10 debit card transactions, electronic statements, at least one direct deposit

Citizens Bank Minnesota Minnesota

6.01% up to $25,000

Monthly Requirements: 10 check card transactions, receive electronic statements, at least one direct deposit or one automatic payment

Southern Community Bank and Trust North Carolina

6.00% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, at least direct deposit or automatic draft

Marlborough Co-Operative Bank Maine, Massachusetts

5.51% up to $25,000

12 signature-based debit card transactions, at least one direct deposit or ACH auto debit

Bank of Blue Valley Kansas

5.51% up to $25,000

Monthly Requirements: 12 signature-based debit card transactions, at least one direct deposit or ACH auto debit

NewPortFed Rhode Island

5.51% up to $50,000

Monthly Requirements: 10 check card transactions, electronic statements, access online banking at least once, at least one for direct deposit or ACH

RCSBank Missouri

5.37% up to $25,000

Monthly Requirements: 8 check card transactions, one direct deposit or auto ACH debit, electronic statements

New Frontier Bank Colorado

5.26% up to $50,000

Monthly Requirements: 12 debit card transactions, electronic statements, at least one direct deposit or automatic payment, access online banking at least once

Cumberland County Bank Tennessee

5.26% up to $25,000

Monthly Requirements: 10 check card transactions, electronic statements, at least one direct deposit or auto ACH debit

Bank of Putnam County Tennessee

5.26% up to $50,000

Monthly Requirements: 10 check card transactions, electronic statements, at least one direct deposit or auto ACH debit

All America Bank Oklahoma

5.25% up to $25,000

Monthly Requirements: 10+ check card transactions, electronic statements

MidwestOne Bank Iowa

5.25% up to $25,000

Monthly Requirements: 10 debit card transactions, electronic statements, at least one direct deposit or auto ACH debit