bank rates

Latest High-Yield Checking Accounts

1st Place Runner points out that Union State Bank of Atchison, Kan. offers a similar deal to AmericaNet.

It’s “My Rewards Checking” pays 5.01% APY on a checking account with a balance up to $25,000 and a 2.50% APY on balances over $25,000.

First Robinson Savings Bank
in Robinson, Ill., offers an amazing 6.01% on checking account balances of up to $25,000. But it only pays 1.01% on balance amounts above $25,000.

There are no service fees and you can use other bank’s ATMs for free (the fees they charge are reimbursed by Union State and First Robinson). All you have to do is make at least 10 debit card purchases and one direct or automatic deposit per month.

(Should you fail to meet these requirements your APY will drop to 0.30% at Union State and 0.25% at First Robinson, and you won’t have your ATM fees paid for that month.)

At a time most long-term CDs are paying less than 3%, what’s the downside to these accounts? Has anyone had a bad experience with Union State or First Robinson?

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Comments (8)
1 Star2 Stars3 Stars4 Stars5 Stars (24 votes, average: 2.92 out of 5)
8 Existing Comments
  1. marketsense said:
    on February 20th at 04:20 pm

    I’ve never heard of First Robinson Savings Bank. How can any bank afford to pay 6.01% these days, even on relatively low deposit amounts?

  2. jerry said:
    on February 20th at 11:55 pm

    the reason is only avail to locals in the area.

  3. BloggingBanks said:
    on February 21st at 02:11 am


    The bank makes money from the 10-12 ATM transactions you make per month. Also you do most of the banking online, which saves on paper and postage. Furthermore many people are destined to go overdraft, which is very profitable for the bank. Last but not least, not all customers will be making 5%, as not all of them have the discipline to fullfil requirements.

  4. Nati said:
    on February 21st at 02:18 am

    Too bad I don’t live in the area, guess it’s american net for me.

  5. lynn said:
    on February 21st at 09:18 am

    Rewards checking accounts does put a hard inquiry on credit reports although they claim otherwise.

    It’s difficult to remember that transactions marked “memo” may not count toward your total transactions to get high interest. You qualify one month for the next month’s statement so you don’ t get the interest rate for a 30 day period.

    I think they are a little complicated for the average joe.

  6. Dan said:
    on February 21st at 12:53 pm

    They’re not that complicated. I bet the Average Joe or even Joe The Plumber could figure it out.

    If you would like a complete list of these types of accounts along with their accompanying rates go to

  7. Dollar Bill said:
    on March 4th at 12:10 pm

    It was very unclear prior to reading the feedback comments of this post that THIS OFFER IS ONLY AVAILABLE TO RESIDENTS OF TWO COUNTIES IN THE ENTIRE COUNTRY.

    Don’t be fooled into giving these no-name people your private info. Another too-good-to-be-true post on LAME!

  8. Dollar Bill said:
    on March 4th at 12:23 pm

    AmericaNet is going benefit A LOT from all the displeased customers that try at First Robinson. Larry Hopkins is right that many of these banks are sure suffering from the negative publicity that Bankaholic is giving them. More and more First Robinson is looking like a “rip-off artist” as Larry put it. Beware folks.