bank rates

A Texas-Size Checking Rate: 3.25%

texas quarterR Bank near Austin, Tex., has just the pitch for customers – a rewards checking account that pays 3.25% APY, nearly twice as much as the average high-yield checking account.

Not bad for a bank co-founded by former baseball great Nolan Ryan, a Hall of Fame pitcher.

To earn the top rate on the R Best Checking account at the Round Rock, Texas-based bank, you’ll need to make at least a dozen debit card transactions each month.

You’ll also have to receive at least one direct deposit or make at least one automatic payment in the month and receive eStatements.

By taking those steps, you’ll earn 3.25% APY on balances to $15,000. The average annual percentage yield for rewards checking accounts is 1.57% APY, according to Bankrate.com’s 2014 High-Yield Checking Survey.

And it even pays to keep a balance above $15,000 in your account. Larger balances earn 1.01% APY.

That puts it on par with the best nationally available savings account, offered by SFGI Direct (www.sfgidirect.com).

SFGI Direct, the online division of Summit Community Bank in Moorefield, W.Va., pays 1.01% APY on your entire balance. You need to deposit at least $500 to open an account, but you don’t need to keep that much in there to earn interest.

Opening an R Best Checking account at R Bank requires a minimum deposit of $100. The account has no monthly fees.

By meeting R Bank’s monthly requirements, you’ll not only earn top rates, you’ll have your foreign ATM fees reimbursed. If you don’t fulfill the requirements, you’ll earn just 0.10% APY for the month.

You need to visit one of R Bank’s five locations in the Austin area to open your rewards checking account.

For more information, visit www.rbanktexas.com or call 512-600-8100.

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