Community Bank of Pleasant Hill's Rewards Checking Account

March 6, 2010 No Comments »

Another high interest checking account came in to our inbox yesterday – this time from Community Bank of Pleasant Hill, based out of Missouri.

Here is what the offer entailed:

For any Community Bank of Pleasant Hill Member, a ‘Rewards Checking Account’ is available featuring an annual percentage yield of 2.51% on all balances up to $25,000 so long as the standard monthly requirements are met by the consumer.

This account sounds pretty good. Granted the interest isn’t quite as high as some of other well known rewards checking account deals on the market, it still blows away current money market and online savings account rates.

After digging a little further though, we found that this offer is actually not directly from the bank. A company called actually holds and manages these sort of accounts while community based banks and credit unions offer them to their customers packaged as their own product.

While this may seem deliberately misleading by the banking institution, it makes the accounts – and all that come with it (customer service, etc) – more manageable. has a decent forum thread going regarding the offer with a little more insight into the process with The forum is a little outdated and the rates are much higher than the current APY provided by Community Bank of Pleasant Hill, but you can at least gather a little knowledge from people who have actually opened one of these accounts.

Community Bank of Pleasant Hill is a very tiny institution itself. Founded in just 2006, they are primarily an online-only shop with just 10 employees and one location. They control roughly $53 million in assets while holding almost $48 million in consumer deposits and servicing nearly $25 million in loans.

No eligible to join Community Bank of Pleasant Hill? That’s ok. Check out another rewards checking account we found in the region pumping out 4.09% returns!

Our Take:

Yes, a rewards checking account is the best FDIC insured savings vehicle you’ll currently find in regards to interest rates. However, you should take more into consideration than just rates – especially since they are so low to begin with. Rather focus on features you’ll need. For example maybe you don’t easy access to networked ATM’s in your area, so try one of these accounts that feature reimbursements for ATM withdrawals. Or maybe you need to make several external wire-transfers each month, in that case find one of these accounts with where sending money is quick, easy and cheap. Rates will eventually rise on these accounts, and when they do, it will be nice to already have one where the monthly features meet your specific needs.

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