Reward Checking Accounts (High Yield and Available to All)

To qualify, the account should be open to anybody without requiring a branch visit (unless the bank happens to be a national bank with branches in all 50 states). Its fine if you have to pay a nominal fee to join a credit union.

Useful links and information related to this topic:

Banking Guy has done an amazing job setting up a Reward Checking account web site, with an introduction to Reward Checking Accounts and lists of nationally available Reward Checking accounts and Reward Checking accounts by state. The lists show the bank/credit union name, the APY, the balance cap, and the latest Bank Deals review date with a link to the review. Here are the useful links:

Reward Checking Introduction

Reward Checking Accounts Available Nationwide

Jumbo Yields on Reward Checking Accounts

Reward Checking Accounts by States (click on your state in the right column)


If you are looking for high yield credit union offers, you can also try Credit Union Deals

FWF Discussion: Automatic $1.00 Monthly Donations To Qualify For Reward Offers discusses a method of meeting the number of debit card transactions requirement and provides a list of charities you can use to do this.

FWF - Reward Checking Accounts - Issues and Discussion Thread is intended for general questions about Reward Checking accounts, strategies for meeting their requirements, debates on the merit of Reward Checking accounts, and discussion about possible methods of encouraging banks and credit unions to continue to offer reward checking products at favorable terms. The below techniques for meeting the number of transactions requirement and the ACH requirement are detailed more thoroughly in the discussion thread.

You can also (besides or in addition to) the automatic donation method) satisfy the debit card number of transactions requirement by paying various bills (partial payments often accepted) at the payee's website, using the debit card as a credit card. Caution: if given the option to use the debit card via a "debit card network", don't take it. It's possible that the transaction will show as a non-qualifying ATM withdrawal.

If the Rewards Checking account conditions will accept an ACH debit in order to satisy the typical 1 direct deposit/ACH transaction requirement, you can again partially pay a bill from the payee's web site, if it accepts the routing number for your Rewards Checking Account and your checking account number.

Reward Checking Accounts Open to All:

Rates subject to change in all accounts:


First New England Federal Credit Union - Rewards Checking
- 3.05% APY (Relationship Account Members) on balances up to $15,000. - as of Feb 2011
- 2.029% APY (General Members)
- 0.25% APY on balances beyond the first $15,000.
- ATM REFUNDS: Yes, we mean it. Use any ATM, anywhere on the planet, and we will refund the fee (if you meet the below requirements).
- 12 Cleared debit card transactions per statement cycle. (Excludes ATM transactions.)
- 1 Direct Deposit or an automatic debit per statement cycle.
- Enroll in eServices. eServices includes eStatements, eNEWS, and Homebanking with valid email address. Home banking is free.
- If requirements not met, APY falls to 0.10%, and no ATM rebates for statement cycle.
- No minimum balance required.
You are eligible to join the FNEFCU if you join the Friends of Lucy Welles Robbins Library, $10/year for a single membership. You can join this organization as part of the application process for FNEFCU. You must also open a savings account with a $10 minimum balance.
*Hard Pull on TU 5/5/08


First National Bank of Henning
- 3.01% APY on balances up to $25K - as of Feb 2011
- 1.01% APY over $25K
- 0.25% APY if requirements not met
- 10 debit card transactions
- receive electronic statements
- access online banking during month
* Credit Check via ChexSystems
** Was also told by CRR that a branch visit was required.


Coulee Bank - Rewards Checking
* 2.55% APY on balances up to $25,000. - as of Jan 2012
* 0.1% APY on balances over $25,000.
* 0.3% APY if requirements are not met.
* Domestic ATM fees refunded up to $20 every month if requirements are met.
* Minimum $50 to open; no minimum balance requirement after that.
Requirements for each statement cycle:
* Make 10 debit card point-of-sale transactions per month.
* Receive your monthly statement electronically.
* Set up one direct deposit or one auto debit monthly.
* Qualification cycle means a period beginning one day prior to the current statement through one day prior to the close of the current statement.
* Routing Number: 091800374
Bank Deals post


Coastal Federal Credit Union - Go Green Checking
-- 2.0% APY on balances through $50,000 - as of Feb 2011
-- 0.1% APY on balances above $50,000, or if requirements not met for the month.
Requirements:
-- 12 debit card transactions.
-- e-Statements not required, but will incur a $2 per month fee (for paper statements).
-- No Direct Deposit or ACH requirement.
Other information:
-- No minimum balance required.
-- As of March 1, 2008,all new Go Green accounts will automatically receive the high dividend rate during their first cycle whether the member hits the required 12 monthly debit card transactions or not. Since it takes a number of days for a debit card to be ordered and delivered, it's often difficult for the new member to meet the 12 monthly debit transactions requirement. Please note that this applies to new accounts only and only for the first cycle (which varies in length from 1 to 31 days based on what day of the month the account is opened). Any Basic or Dividend Checking account that converts to Go Green must still meet the 12 monthly debit transactions in order to receive the high dividend yield.
-- If the account is closed before the end of a month, no dividends are earned for the month.
-- It looks like a minimum opening deposit of $25 is required for the share savings account, and $10 is required for Go Green Checking.
-- Unlimited free use of Coastal ATMs.
-- Unlimited surcharge-free access to ATMs in the Co-op Network. ($1 fee per withdrawal after the 5th transaction.)
-- See the Go Green Checking link above for other details.
FAQ about Go Green Checking
See Bank Deals Post about how to join CFCU, and other details about applying.


Midwest America FCU - Reward Checking
* 2.41% APY for balances up to $25,000. - as of Feb 2011
* 0.81% APY over $25,000
* No monthly maintenance fees
* ATM fees refunded up to $25 per month (auto)
* Free internet Bill Pay
FatWallet Discussion


Provident Credit Union - Super Reward Checking
- 2.26% APY on balances up to $25,000 - as of Feb 2011
- 0.31% APY on balances beyond the first $25,000.
- 0% APY if requirements not met.
- FREE ATM transactions: we will rebate ATM fees. (Up to $2.50/transaction.)
- Simple to open! ($25 minimum deposit and valid e-mail address).
- 10 Visa Check Card transactions per statement cycle (excludes ATM transactions).
- 1 Direct Deposit or an automatic debit per statement cycle.
- Receive e-Statements.
- If requirements not met, APY falls to 0%, and no ATM rebates for statement cycle.
- No minimum balance required.
- Statement cycle is last day of month to next-to-last day of month.
Eligible to join credit union if member of Sierra Club.
ACH transactions: Cannot initiate ACH transfers on-line, although you can set up Direct Deposit, Recurring ACH Debits or Credits by submitting a form or making a branch visit. Can link from other institutions to push $ into account.
* Uses ChexSystems; no hard credit inquiry.
FW Discussion Thread


Connexus Credit Union - Xtraordinary Checking
- 2.3% APY* up to $25K - as of Feb 2011
- no minimum balance required
To qualify for membership, join the Connexus Association with a one-time $5.00 donation. Ask the credit union to fax/send you an application to join the association.
*APY=Annual Percentage Yield. 5.15% APY earned on qualifying accounts $25,000 or less. Qualifications per cycle are: one (1) ACH debit or credit; fifteen (15) debit card (Non-PIN) transactions posted; and eStatement participation. 0.50% APY earned on non-qualifying accounts; 0.75% APY earned on qualifying accounts over $25,000.
ACH transactions: Unknown.


The Bank of Fayetteville - Smart Checking
2.25% Annual Percentage Yield on balances of up to $50,000 - as of Feb 2011
0.15% APY paid on all balances above $50,000
Opening deposit of $100
Minimum monthly activity to receive interest:
* 10 VISA CheckCard transactions (excludes ATM transactions)
* 1 Direct Deposit or ACH/Electronic Payment
* Receive an E-Statement
* Sign on to online banking
No mention of ATM refunds.
ACH transactions: Cannot initiate ACH transactions.
Bank Deals Post


State Bank of Toledo
Earn 2.01% APY Bonus rate and Nationwide ATM Refunds if requirements are met. - as of Feb 2011
(This account earns only 0.25% APY standard rate if requirements are not met)
No minimum balance; 25K cap on balance earning 2.01%.
To earn the Bonus Rate, perform all of the following requirements each cycle:
1) 10 Check Card Transactions (10 debit/credit card purchases each month)
2) One Direct Deposit or ACH Auto Debit
3) Receive Electronic Statement
4) hard pull on Equifax when opening account
ACH transactions: Cannot initiate ACH transactions.
* Hard credit inquiry using Equifax
Fat Wallet Discussion Here


West Texas National Bank - Ultimate Checking
* 2.01% APY on balances up to $25,000. - as of Feb 2011
* 0.25% APY on balances over $25,000.
* 0.1% APY if requirements not met.
Requirements each month:
* Ten Check Card Transactions
* One Direct Deposit or ACH Auto Debit or One Online Bill Pay
* Receive Electronic Statement
* Access Online Banking
Other information:
* Nation-wide ATM reimbursements if requirements met. ($20max/month)
* Unknown regarding minimum to open, minimum balance, hard inquiry, internal ACH.
To open:
* Apply online.
* At the end of the application, print out the signature card.
* Mail in the signed signature card, along with a copy of your driver's license, a copy of a second form of ID, and funding check.
Bank Deals post

Cardinal Bank - First Choice Checking
* 2.01% APY on balances up to $100,000 (Tier 1)
* 0.31% APY on balances more than $100,000 (Tier 2)
* Direct deposit or 10 CheckCard transactions required per statement cycle to earn Tier 1 interest rate (waived for first two statement periods)
* New money required (New money is defined as money not currently on deposit with Cardinal Bank)
* Restricted to Washington DC metropolitan area of Virginia, Maryland and the District of Columbia for accounts opened online
Other information:
* No CheckCard or ATM fees from Cardinal Bank
* Up to $15 in monthly ATM reimbursements
* Unlimited check writing
* $5,000 minimum daily balance to avoid $15.00 monthly fee (waived for first 30 days)

Add Link for FWF xxB&T bank discussions.

Note: Some of the rates/terms may not be up-to-date.