SIGN UP TO RECEIVE THE LATEST POSTS VIA EMAIL!5.25% Reward Checking Available to All
February 24, 2009
Keeping most of your money in cash these days? Yeah, so is everyone else. The only problem is that savings rates are pretty low. One thing you might look into is a Reward, or High Yield Checking account. Check out this post for a quick description on how they work. Most of these checking accounts are offered only to local residents of the bank, but every now and then one comes around where you can do everything by mail.
One of these Reward Checking Accounts just popped up that is offering 5.25% APY on balances up to $25,000. Ok, now for the name ….
Redneck Bank, yes this is not a joke, is really just the Internet Banking Division of Bank of the Wichitas, a well-respected “country” bank established in 1913, and is insured by the FDIC, so it is as safe as the big guys. I would assume that the name is just a marketing ploy, but it is a good one if you ask me.
Esentially this account acts just like a regular checking account. You will receive 5.25% APY on balances up to $25000 and reimbursement on all ATM fees if you do the following every month:
- Make 10 Redneck Bank® VISA® CheckCard sales transactions
- All statements are received electronically
Since you have no control over how you receive your statements you really need to concern yourself with using your debit card 10 times a month which isn’t that difficult to do.
Some other features of the account are:
- FREE Online Banking
- FREE Checking
- FREE Redneck Bank® VISA® CheckCard
- FREE Customer Service
- FREE Daily Email Notification if Overdrawn
- FREE ATM Transactions Worldwide
- Overdraft Privilege Available
- NO MINIMUM BALANCE
Everything can be done via mail and ACH which makes this bank attractive for those of you that don’t live anywhere near Redneck Bank.
Since my reward checking account dropped from 5% to 4% last month, I am going to give these guys a try. I just completed the sign up process this morning and am waiting for my trial deposits to be deposited into my current bank account so that I can fund it. So far so good. They have a bank transfer feature where you can transfer money in and out of banks from this account.
One thing to note is that their terms state that each person can have up to 2 reward checking accounts through them. So if you can do 20 atm transactions per month (10 for each account), you could get 5.25% on up to $50,000. So that is an option for those of you that want a higher rate on more thank $25,000.
If you are looking for a good rate to save your cash, you might look into
I just had an account rate drop on a similar account as well. They also changed the terms of the agreement because the debits being posted were to small. 10@ $1.00 each. Is there a minimum requirement on the amount of the debit. Something to check before you leap.