A few months shy of two years after banning new customers, three Oklahoma-based banks have reopened their rewards checking accounts to savers nationwide.
Evantage Bank, AmericaNet Bank and Redneck Bank had been among the national leaders, paying some of the top rates for rewards checking accounts. But as recently as February 2011, they stopped accepting new applications.
Existing customers were not affected by the new restrictions, but the move to halt new accounts was part of a broader trend nationwide that saw fewer account options, smaller payouts and lower balance caps.
Now the three banks are back, offering a competitive interest rate with a small maximum balance.
Open an online account at one of these banks, and you’ll earn 2.00% APY on balances to $10,000. Balance portions above that amount earn 0.50% APY.
The offer is available to anyone, regardless of where you live. There’s no minimum balance requirement to open these fee-free accounts or to earn interest.
All three banks allow you to open a maximum of two checking accounts at each, but the requirements for earning the top rate probably limit the usefulness of holding multiple accounts.
To earn the 2.00% APY at Evantage Bank, AmericaNet Bank or Redneck Bank, you’ll have to have 10 check card transactions post and clear each month, and sign up for eStatements.
If you meet the requirements, you’ll also get up to $25 worth of foreign ATM fees refunded each month.
If you don’t meet the monthly requirements, you’ll get 0.25% APY for that particular month.
Evantage Bank (www.evantagebank.com), Redneck Bank (www.redneckbank.com) and AmericaNet Bank (www.americanetbank.com) are all owned by a longtime Oklahoma banking family.
These three banks also recently reopened their money market accounts to new customers. These nationally available accounts pay 1.10% APY, among the best rates in the country.
Evantage Bank is the division of Southwest State Bank in Sentinel, Okla.; Redneck Bank is the online division of Bank of the Wichitas in Snyder, Okla.; and AmericaNet Bank is the online division of All America Bank in Mustang, Okla.
Click on the link for more checking account deals, including a local offer that pays 4% APY.