ReliaBank Dakota's "Ultimate Checking Account" – 4.07% APY

February 5, 2010 3 Comments »

ReliaBank Dakota has moved to the number 3 spot on BankVibe’s high interest checking account chart this month with an “Ultimate Checking Account” which provides yields of up to 4.07% APY on balances up to $25,000.

Unlike most interest checking or rewards checking accounts this one comes with no minimum balance requirements (although you must make an initial deposit of at least $50). You must also meet the monthly requirements which are generally associated with these accounts (details below) or else you will only earn 0.25% APY.

You may also want to note that if your account balance exceeds the $25,000 threshold you will only receive 1.01% APY on the exceeding amount.

Monthly Requirements to Earn 4.07% APY:

  • Make twelve CheckCard transactions per statement cycle
  • Enroll and receive e-statements
  • Have at least one direct deposit, one automatic debit, or one bill pay clear the account per statement cycle

About Rewards Checking Accounts:

We gave significant exposure of these accounts in 2009 and much of 2010 simply because they were the only form of FDIC-insured savings accounts that were providing any sort of yield. With the recent plummet of all bank rates (both on the savings and loan side) many fixed-income investors on the hunt for federally insured bank deposits with respectable rates have been futile. The FED has already set a tentative time frame for when rates MAY begin to rise again and that date is set at 2014.

With the savings rate world crumbling around us, these “rewards checking accounts” have been left to fill the void. As we’ve noted above the general trade-off is that that banks and credit unions issuing these products are willing to provide a high APY so long as you make this your primary checking account by completing all of the monthly requirements.

If you’re interested in finding updated offers, visit our archives of the most recent rewards checking account deals on the market.

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  • Anthony

    Neighbors Federal Credit Union ( is currently offering 4.51% on its rewards checking.

  • BankVibe

    Thanks for the heads up Anthony. I’ll make note of this in an upcoming post!

  • marina

    hello there! just call the bank, they are no longer open ultimate checking by mail or web. you have to walk in….