KANZA Bank’s Rewards Checking Account: 4.00% APY

Another decent Rewards Checking Account came rolling into our inbox this morning. This one is being offered by Kanza Bank - a family owned, community bank with deep roots in Kansas. Kanza Bank, based out of Kingman, Kansas, is offering a high yield “rewards checking account” that is providing a very generous 4.00% APY on all balances up to $25,000 when qualifying conditions are met. If your account balance exceeds the $25k threshold you will still garner a respectable 1.75% APY on the exceeding amount (4.00% APY on the initial $25k).

Kanza Bank Rewards Checking Account Details:

To receive the Tier 1 and Tier 2 APYs (Tier 1 = 4.00% APY paid on balances up to $25k, Tier 2 = 4.00% APY paid on first $25k plus 1.75% APY paid on exceeding amount), you must meet the following three qualifications per statement cycle:

1) Make 12 debit card purchases

2) Receive one direct deposit or authorize one ACH auto debit

3) Receive s-Statements

If qualifications are not met, account will receive 0.05% APY on entire balance. Available to personal accounts only. You must maintain a minimum balance of $1,000 in the account each day to obtain the disclosed APY. You must maintain a minimum balance of $2,500 in the account each day to obtain the disclosed APY.  Fees may reduce earnings on these accounts.

Raritan Bay Federal Credit Union’s rewards checking account

Raritan Bay Federal Credit Union out of New Jersey has a very nice Rewards Checking Account which is paying a whopping 5.01% APY on all balances up to $25,000 (earn 1.01% APY on balances above $25k). This currently smashes the national average for money market accounts, which currently sits at a meager 1.20% APY. However, like many other interest checking accounts we have covered in the past, this one comes with a few strings attached.

Thanks to BankVibe reader Tim for sending this one in!

4 monthly qualifications must be met to earn the advertised interest rate:

• 8 mastercard signature based purchases
• set up one recurring direct deposit or authorize and automatic monthly transfer from this account
• enroll and receive statements electronically (e-statements)
• access online banking and enroll in online bill pay

If you can meet the above requirements and have a large lump sum (less than $25k) in which you would like to have earn an optimal interest rate, then this account is probably your best bet.

Additional Account Features:

• free ATM use nationwide (ATM surcharge refunds every month from Raritan Bay Fed CU)
• No monthly service fees associated with this account
• earn 1.01% APY on balances above $25,000
• Average daily balance method used to calculate dividends

Rewards Checking Account in Alabama paying 4.01% APY

Anyone looking to deposit $100k into a high-yield, FDIC insured, interest bearing checking account? If so, SouthPoint Bank out of Alabama has a great deal on their “rewards checking account.”

Currently, they are offering an interest rate of 4.01% APY paid on all balances up to $100,000, with 1.01% APY paid on balances above that amount.

Thanks to BankVibe reader Sean for sending this one in!

One thing that slightly worries me about this rate is that it became effective back in April and has not been updated since. Interest rates in general, especially savings account rates and CD rates have dwindled drastically since then, so this rate may be on the verge of a drop.

This is a variable rate and is subject to change without notice.

Like all other Rewards Checking Accounts, you will be required to make a certain amount of debit card purchases each month. You will also need to set up at least one ACH auto transfer from this account along with enrolling to receive e-statements to earn this advertised interest rate.

SouthPoint Bank was founded in 2005 as a result of SouthTrust Corporation announcing that regional giant Wachovia was acquiring it. It was at that point that three bankers, bound by commitment to independence and the desire to provide the Birmingham area with a locally based bank, began making plans to open what would become SouthPoint Bank.

High interest “Rewards Checking” account: 4.01% APY

These rewards checking accounts keep showing up in the BankVibe inbox. This one comes from Danvers Bank and is available to people throughout the country. Currently it yields a whopping 4.01% APY on all balances up to $25k with a much lower rate of 0.25% APY paid on all balances above that mark. Like most interest checking accounts you must meet the monthly requirements to receive the advertised rate.

Here are the terms, conditions and benefits of this account:

- 4.01% Annual Percentage Yield (APY) paid on daily balances up to $25,000, and 0.25% APY paid on all amounts above $25,000 each statement cycle the minimum requirements are met.

- To qualify for the Rewards Rate, account holders must complete the following each statement cycle: perform at least 12 debit card transactions, receive a monthly statement electronically, access online banking at least once, and receive a recurring ACH or direct deposit.

- Available on personal accounts only. If you do not meet the requirements per statement cycle, you will earn an APY of 0.25%, your account will still function as a Free Checking account, however, it will not receive ATM refunds for that time period. ATM refunds apply to non-DBK ATM Fees and other non-proprietary ATM surcharges. There is a fee for the Occasional Overdraft Privilege Service (OOPS) associated with this account.

Free Reward Checking through First Security Bank and Trust

First Security Bank and Trust is offering a “free reward checking” account through their affiliate website (conveniently named freerewardchecking.com). With this account you can earn 4.01% APY on all balances up to $25,000 and 1.00% APY on all balances above $25k. This account is available to anyone nationwide, however the interest rate is a variable one and can change at anytime without notice.

I’ve seen a few high interest checking accounts that are offered through small community banks such as First Security Bank and Trust (out of Iowa) but then redirected to an affiliate website when attempting to set up the actual account. If you visit First Security Bank and Trust’s website and try to sign up for the account you will eventually be redirected to freerewardchecking.com, which appears to be owned and operated by the bank (their logo is still present in the upper left).

Features of Reward Checking through First Security Bank and Trust:

(as seen on promo site)

• Free ATM fees
• No monthly service charges
• Free online banking
• Free bill pay
• Free check card
• And 4.01% APY

Requirements:

• 10 check card POS (point of sale) transactions
• one direct deposit or ACH auto debit
• access online banking
• receive electronic statement

Rewards Checking through Peoples Bank of Kankakee County

The Peoples Bank of Kankakee County has a pretty solid interest checking account offer for prospective customers. Although the name of this bank sounds like a small community bank, this account is actually available to customers nationwide. Currently they have a “Electric Blue Rewards Checking Account” which is yielding an APY of 4.01% on all balances up to $50,000 (1.00% APY on balances above $50k). The additional features of this account as well as it’s requirements are pretty typical when compared to other interest checking accounts. These features, terms and conditions are listed below.

Rewards Checking Account Features:

(as seen on promo page)

• 4.01% APY* on balances up to $50,000
• 1.00% APY* on balances over $50,000
• No minimum balance or monthly charge
• Base rate of 0.50% APY* if qualifications are not met
• ATM Fee Refunds Nationwide (up to $25)
  
• Unlimited check writing
• Free ATM/debit card
• Free Online Banking with Bill Pay
• Free e-Statements
• Free TeleBanker access
• Direct Deposit available
• FDIC insured
• $100 to open

Account Requirements:

• 12 debit card purchases
• 1 direct deposit or automatic payment
• Access Internet Banking

Rewards Checking Account through Heritage Bank: 2.24% APY

Heritage Bank out of Minnesota has an interesting “Rewards Checking Account” which is available to everyone nationwide. It’s only yielding an APY of 2.24%, which when compared to other interest checking accounts, isn’t that substantial. However, if you are looking at stashing a large chunk of change in an FDIC insured investment, than this may be the best account for you as there is no maximum balance. Typically these rewards checking accounts, or high interest checking accounts provide lucrative returns but only for a predefined sum of money (ie earn 3% on balances up to $25,000). Heritage Bank’s rewards checking account has no limit.

Rewards Checking Account Features from Heritage Bank:

(as seen on their website)

• Interest paid on balances of $.01 or greater
• Free Visa Check Card
• The Annual Percentage Yield (APY) is in effect as of Thursday, July 02, 2009. Rates may change without notice after account is opened. Fees may reduce earnings
• If you do not meet the requirements during a monthly statement cycle you will earn the Standard APY of 0.10% and will not receive ATM refunds for that time period
• Available to personal accounts only
• Variable interest rate may change daily; Interest calculation is based on average available (collected) balances and is compounded monthly
• If you close your account before interest is credited, you will not receive the accrued interest
• Overdrafts and NSF: $27 per item
• $25 fee if account is closed within 90 days of opening

Requirements to earn advertised interest rate:

• Make 10 or more check card transactions (excluding ATM transactions)
• Have at least one direct deposit or automatic payment (ACH)
• Receive a monthly E-Statement

4.09% APY Checking Account from Consumers Credit Union

Here is another sweet deal we got tipped off on over the weekend. This one is available to customers nationwide!

Consumers Credit Union out of Illinois currently has a rewards checking account with an APY of 4.09% on balances up to $25,000 (a still respectable APY of 1.51% on balances exceeding $25k).

Rewards Checking Account features from Consumers Credit Union

(as seen on their website)

• No minimum balance required
• Free online banking and bill pay
• No monthly service charges or fees
• Free ATM use nationwide. Any ATM, any where, any time!

The requirements to earn the advertised APY are pretty standard when compared to other interest checking deals. Review the requirements below.

• Bonus rate requirements per month: 12 POS check (debit) card transactions,
• receive electronic statement
• have either one direct deposit or one ACH debit or pay one bill via online banking.

This is a variable interest rate and is subject to change without notice.

Sutton Bank Rewards Checking PLUS Savings

Sutton Bank of Ohio has an interesting savings/checking account offer. However, you must sign up for both accounts to reap the benefits. This is how their combo accounts work…

First, you must set up a rewards checking account with them (which currently yields 4.05% APY!). The APY associated with this account will only apply on the first $25k, BUT, you can then take advantage of their “Rewards Savings Account” which has an unlimited maximum balance/deposit and yields a very respectable APY of 2.75%.

So, for example, let’s say you have $75,000 sitting around in which you would like to invest in an FDIC insured investment with a decent interest rate. With Sutton Bank’s offer you would apply the first $25,000 of your $75,000 to the Rewards Checking Account and have that balance earn 4.05%. Visit our Interest Checking Accounts tab to see how they work. Then, you would apply the remaining $50,000 to Sutton Bank’s “Reward Savings Account” and have that balance earn 2.75%.

…So for this $75,000 analogy you would be earning a grand total APY of 3.18%.

Math:

.0405(25,000) + .0275(50,000) = $2,387.50 interest earned after 1 year with a $75,000 balance.

Not too shabby!

Compass Bank Checking Account

Compass Bank currently has a cash back checking account promotion which is running all summer long!

From May 18, 2009 until July 31, 2009 you can pay for gas, groceries and utilities with your BBVA Compass Visa Check Card (free with your new checking account) and receive 5% cash back. Within a couple days of each payment, you’ll receive your 5% cash back automatically deposited into your checking account.

Compass Bank Checking Account Promotion Details:

(as seen on the BBVA Compass Bank promo page)

• Utilities. Pay online, over the phone or in person using your Check Card. You can earn a rebate on just about all your household utilities, including electric, gas and water.
• Groceries. Load up your cart & swipe your Check Card.
• Gas. Save every time you use your Check Card to fill up your tank and grab a few snacks.
• $50 max per month. You can only earn up to $50 per month from this promotion
• $25 minimum for opening a new checking account
• Offer valid through July 31, 2009
• Cash back will be credited to your checking account 2 business days after the qualifying purchase has been posted