Uhhhhhhhhh Why Doesn't Everyone Do This... Part 2: Rewards Checking Accounts

Numbers speak better than words...

10 top APR (interest rate) on savings accounts
1.35% 12/23/10 Smarty Pig
1.35% 12/08/10 Incredible Bank
1.31% 02/20/10 SFGI Direct Savings
1.30% 12/08/10 Capital One Costco IntPlus
1.30% 06/08/10 American Express HYS
1.25% 02/01/11 Sallie Mae OSA
1.25% 12/08/10 Capital One IntPlus
1.21% 12/08/10 Capital One Costco MMA
1.21% 11/12/10 IGObanking Money Market
1.20% 02/09/11 Discover Bank OSA
1.20% 11/23/10 CNB Bank Direct OSA
0.50% 12/07/10 Citi Ultimate Savings
0.30% 09/04/10 E*Trade Complete Savings
BTW That beloved big bank "Bank of America" and "Chase" as of 2/28/11 0.10 % APY.

Some of the best Rewards checking Accounts
4.11% 12/13/10 Liberty National Bank
3.75% 11/18/10 AmericaNet Bank
3.75% 11/18/10 Evantage Bank
3.03% 10/21/10 Coulee Bank
3.01% 10/21/10 Danvers Bank
2.55% 10/21/10 Connexus CU
2.51% 10/21/10 Provident CU
2.51% 10/21/10 State Bank of Toledo
2.50% 10/21/10 First New England FCU
2.25% 02/09/11 The Bank of Fayetteville
2.01% 10/21/10 West Texas National Bank

What are Rewards Checking Accounts?
Reward Checking accounts have a cap on the balance that earns their high yield. Any balance above that cap will earn a much lower yield, typically 1.01% APY. They also have some requirements that must be met during each statement cycle, such as 10 debit card transactions "This is the main one and it takes just a little diligence", 1 direct deposit or other ACH transaction, receiving e-statements, and logging into on-line banking at least once. If you had a brain fart that month the requirements for a statement cycle usually nullifies other features that might apply, such as ATM rebates, and drops the yield drastically, typically to 0.25% APY.

If you are confused click here.