bank rates

Texas Deal: A Whopping 5% Checking Rate

texas quarterEverything really is bigger in Texas.

Citizens State Bank, headquartered about 100 miles southeast of Dallas, pays a whopping 5% APY on its rewards checking account. It’s available to all Texas residents, but you must open this account at a branch.

We haven’t seen a rate like this – anywhere – in years and years.

Tyler, Texas-based Citizens State Bank pays this top rate on balances to $10,000 if you meet the monthly requirements for its mycash Checking account.

The requirements are a bit more demanding than typical rewards accounts, and $10,000 is a fairly small balance cap to earn the top rate.

But the yield is substantially higher than you’ll find with any other checking account, savings account or certificate of deposit we’ve seen.

To earn 5.00% APY, you need to make 15 debit card purchases in a month, receive a direct deposit and sign up for eStatements.

Higher balance portions earn 0.10% APY. If you don’t meet the monthly requirements, you’ll get only 0.01% APY for that month.

Opening a rewards checking account at Citizens State Bank requires a minimum deposit of $500. If your balance falls below $500, you’ll pay a $10 monthly service fee.

You can use your debit card for free at ATMs in the MoneyPass network, which operates more than 24,000 surcharge-free machines throughout the U.S.

To open a mycash Checking account, you must have a Texas driver’s license and stop by one of Citizens State Bank’s eight branches. They are located in Athens, Chandler, Lindale, Mabank, Seven Points and Tyler.

For more information, visit or call 800-989-2956.

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