GoldWater Bank out of Scottsdale, Arizona appears to be a private club rather than a consumer banking outlet. Although they only have one branch, it looks as if it could pass as a castle. You can’t help but feel like your inside a 5-star hotel when walking through the lobby or sitting with a representative.
The bank is managed by a team of 5 executives, 13 employees and 7 directors on the board. And although this bank is seemingly small in physical size and number of employees they still offer their products to customers around the world. Therefor, you aren’t required to reside in the Scottsdale community in order to apply for a product.
Goldwater Bank, established in just 2007, is now one of the top 20 largest banks in Arizona by asset size. They control roughly $140 million in consumer deposits and almost $150 million in total assets. They have an A+ rating on BBB (Better Business Bureau) simply because they have no registered complaints since their inception.
They offer all of your standard banking products on both the loan and savings side. Their most noteworthy product (by far) comes on the savings side in the form of a ‘rewards checking account.’
Update 2012: This account is no longer available. For the top rates on rewards checking accounts in 2012 visit our rundown here.
As of 2010, it is boasting an APY of 5.02% on balances up to $20,000. To earn the advertised APY from this account you must:
- Receive online e-statements
- Have three (3) bill pay transactions per month
- Have one (1) direct deposit per month
- Have ten (10) debit card transactions per month
In order to earn the advertised rate. You must also maintain a balance of at least $1,000 to avoid a $15 service fee. If your account exceeds the $20k threshold the remaining balance will still garner a 1.0% APY (which still beats most money market accounts).