Small banks and some not-so-small banks have jumped on the rewards checking bandwagon over the last several months.
They offer high rates on checking accounts – many over 5% APY – and all you have to do is follow a few simple rules to cash in on the deal.
But suddenly that high rate goes down along with your earnings – and maybe it dives again.
If you’re unfamiliar with these types of accounts, take a look at the ABCs of high-yield checking accounts.
Some banks weren’t prepared to handle the flood of business that resulted from the promotion of their offers, so they’d either cut their rates, rein in their geographical area for applicants, or both.
The Honor Roll applauds those banks that remained true to their promise and continue to offer some of the highest checking account rates nationwide.
Union State Bank of Atchison (Kansas) still offers 5.01% APY on balances of up to $25,000.
Focus Bank, with 12 branches in Arkansas and Missouri, pays 4.51% on balances up to $25,000.
Provident Community Bank, Union, S.C., offers 4.51% on balances up to $50,000.
Patriot Bank, on Florida’s west coast, pays 4.01% on balances up to $50,000.
CBDirect, the online division of Centennial Bank in Orem, Utah, pays 3% on any balance. There’s no cap.
Ouachita Independent Bank, with 11 offices in northern Louisiana, is paying 4.01% on balances up to $25,000.
Bank of the Sierra in central California offers 4.51% on balances up to $25,000.
Honorable mention goes to two banks that still pay top dollar on their checking accounts but had to shrink the size of their markets.
First State Bank of Kansas, which limited its applications to residents of the Kansas City metropolitan area, continues to pay a hefty 5.03% on balances of up to $25,000.
Bank2 initially offered multiple accounts nationwide that paid 5.01% with a $25,000 maximum balance. That offer is now limited to Oklahoma residents and accounts cannot exceed two per person.
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