It has been almost a year since I first signed up for a Reward Checking account offered to (small) community banks by BankVue. These accounts come with pretty high APY (3-6%), especially given the current deposit rates (even among online banks), but a few strings (er, requirements) on a monthly basis:
- ~10 debit card transactions
- Online banking log-in
- At least one direct deposit or bill payment
- Electronic statement
In addition, the high rates only apply toward the first $25k-$50k. Despite these “strings”, I am loving my Reward Checking account and think that the additional hassles of debit card transactions are worth it. For more information, My Money Blog has a nice overview and High Yield Checking Deals has a pretty comprehensive and updated APY rates. For instance, I am pretty jealous of some of the upbound limits of $250k. Thoughts? Leave comments. Thanks.