bank rates

3 Reward Checking Accounts Still Pay 4%

Only three banks still pay 4% on nationally available, high-yield checking accounts.
Only three banks are still paying 4% on nationally available, high-yield checking accounts.

That’s a big change from a year or so ago, when savers had their pick of high-yield or reward checking accounts that were paying more than 5%.

The banks with the best returns are:

Danversbank, with 30 branches in the Boston area, pays 4.01% APY on the first $25,000 in its Free Rewards checking accounts.

(If you’re not familiar with how these accounts work, “The ABCs of High-Yield Checking Accounts” will fill in the details.)

Capital Bank, with 32 branches in North Carolina, also pays 4.01% APY but only on the first $10,000 in one of its Smart Checking accounts.

ViewPoint Bank, with 27 branches in the Dallas/Ft. Worth area, pays 4.00% APY on up to $50,000 with Absolute Checking.

That’s one of the highest caps we’ve ever seen on this kind of account.

The only drawback is that you must make 15 check card purchases a month to qualify for the rate, which is more than the 10 or 12 purchases required by most high-yield checking accounts.

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Comments (7)
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7 Existing Comments
  1. DealMaven said:
    on June 1st at 12:43 pm

    We goofed.

    When we said there were only three banks paying 4% APY for rewards checking, we overlooked the banks that helped pioneer that concept.

    AmericaNet Bank and Evantage Bank, Oklahoma banks owned by the Huckabay brothers, started offering 5.25% APY on their reward checking account three years ago with a $25,000 maximum balance. Redneck Bank also participated, but withdrew that offer a week or so ago.

    For the last year they’ve paid the going top rate of 4.00% APY on account balances of up to $10,000 (only 1% for balances above that amount).

    You get free use of ATMs worldwide, free online banking, checking and a Visa check card. And the only requirements are that you make 10 sales transactions with your card per billing and receive statements electronically.

  2. joe brown said:
    on June 5th at 05:02 pm

    Viewpoint Bank may offer 4% on balances up to $50,000, but they REJECT many applicants…I applied, with an 800 credit score & a sizeable net worth & I was denied a checking account from them. Amazing!

  3. Winnie-the-Pooh said:
    on June 8th at 12:52 pm

    Another overlooked bank is Bank of the Sierra. Stil pays 4.09%.

  4. DealMaven said:
    on June 9th at 04:15 pm

    Yes, Bank of the Sierra still pays 4.09%, but a few months ago it limited its applications to residents of California and West Virginia.

    The article focuses on high-yield checking accounts that are available to residents of all 50 states.

  5. HighYieldGuy said:
    on July 28th at 07:22 am

    Well you can whittle that list down to 2 because Viewpoint Bank no longer accepts nationwide applicants.

  6. DealMaven said:
    on July 28th at 10:06 am

    You can scratch Viewpoint Bank from the list of banks that pay 4.0% on nationally available rewards checking accounts. The bank now limits this offer to residents of Texas.

  7. Jen said:
    on September 29th at 03:37 pm

    Danvers bank will be 3.01% effective Oct 4th 🙁