bank rates

Earn Over 4% With Reliabank Checking

Reliabank Dakota has one of the best high-yield checking accounts around.

Reliabank Dakota has one of the best high-yield checking accounts around.

While returns on most reward checking accounts have fallen below 4%, this six-branch bank in eastern South Dakota is still paying 4.07% APY on balances up to $25,000 with no more than the usual rules.

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

Online applications are accepted nationwide for Reliabank’s Ultimate Checking account. You’ll need $50 to open an account, but there’s no minimum balance after that.

To earn your 4.07% you must make 12 check card purchases each month, and do one of the following: set up a direct deposit, pay one bill online or establish an automatic debit. You also have to agree to receive e-statements.

If you don’t satisfy those requirements, the interest rate falls to 0.25% for that month, but resumes the next time you meet your obligations. Balances over $25,000 earn 1.01%.

You can also use any ATMs within the SHAZAM, Cirrus and Plus networks for free.

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Comments (3)
1 Star2 Stars3 Stars4 Stars5 Stars (5 votes, average: 4.60 out of 5)
3 Existing Comments
  1. TOO MUCH HASSLE said:
    on February 3rd at 12:14 am

    Their website says you have to make 12 check card transactions every statement cycle IN ADDITION to the requirements noted in the article. Too much hassle even for 4.07% APY!

  2. Philip said:
    on February 3rd at 06:12 pm

    Yeah, but it is so much better than anything out there.

  3. DealMaven said:
    on March 12th at 03:11 pm

    Reliabank is no longer offering its Ultimate Checking to residents outside of South Dakota. But Royal Banks of Missouri and the Bank of the Sierra still offer rewards checking nationwide and they pay better than Reliabank did.