2.25% Reward Checking at First Commercial Bank of Florida read and submit comments for this post

Update 1/11/09: The top yield has fallen to 2.25% APY. This applies to all balances. See bottom of the post for the rate history.

First Commercial Bank of Florida is offering a reward checking account that earns 2.25% APY on all balances. It's not listed at the bank's website. It was mentioned on this FW thread. I called the bank and received confirmation and some further details.

There's a $100 minimum to open, but there are no minimum balance requirements after it's opened and no monthly fees. It also has no ATM fees. The catch is that you're required to make at least 10 debit card transactions per month, one direct deposit per month, one internet banking login per month and receive E-statements. These are required to earn the top yield. Without this, the interest rate falls to 0.40%, but no fees are added.

Often these reward checking accounts limit the balance that earns the high rate to something like $25K, but according to the bank rep, all balances will earn the top yield as long as the above requirements are met. Also, she said this wasn't an intro or teaser rate.

The bank rep said that you must come into the branch to open this account. You may be eligible even if you live outside of Florida. Branches are located throughout Central Florida in the cities of Orlando, Kissimmee, Winter Garden, Lake Mary, St. Cloud, Winter Park and Edgewood. The bank is FDIC insured (Certificate # 34965).

Thanks to the FW member smokrockz who started the FW thread on this new checking account.

Rate History:
01/11/09: 2.25% APY
11/17/08: 2.74% APY
03/27/08: 3.50% APY
02/25/08: 4.00% APY
11/27/07: 4.86% APY
03/26/07: 5.64% APY (initial post)