Bank of the Sierra is one of the few remaining banks that offers a high-yield reward checking program that actually pays a high yield – and takes nationwide applications.
On balances up to $25,000 it’s paying 4.51% APY – one of the best available, and more than you can earn on most deposit accounts. It also reimburses you for ATM fees up to $25 a month.
You can open a checking account with as little as $50, but you have to abide by a standard set of rules to earn top dollar. (If you’re unfamiliar with these, take a look at our ABCs of high-yield checking accounts.)
You must make a minimum of 12 Sierra Check Card purchases per month and set up one direct deposit or authorize one automatic payment from your account each month. Also required: at least one bill payment online; agree to receive e-statements; open your account online.
Failure to complete one of these conditions will lower your earnings to 0.12% for that month, but the 4.51% APR resumes the next month that all qualifications are met. Balances above $25,000 earn 1.01%.
The largest community bank in central California, Bank of the Sierra has corporate offices in Porterville and 22 branches from Fresno south to California City.
As with any deposit account, the 4.51% interest rate is variable, but Bank of the Sierra has offered this rate since October 2008.
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