4.51% Reward Checking Account at a MO/AR Bank (Focus) read and submit comments for this post

Update 06/13/09: Account is now only available for Arkansas and Missouri residents.

Focus Bank is offering a reward checking account called Maximum Free Checking. It pays 4.51% APY for balances up to $25,000 and automatically refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) access online banking, and 3) receive electronic statements. If these requirements are not met, the rate falls to 0.10%. The minimum opening deposit is $100. There are no minimum balance requirements or monthly service charges regardless of meeting the above conditions.

One thing a little different with this reward checking is that it does not require direct deposit or ACH debits. Instead, it just requires "access online banking". This seems redundant to the third requirement "receive electronic statements" since e-statements usually require that you log into online banking.

Update 6/13/09: The bank's online application at CheckingFinder now states that the accounts are only available to Missouri and Arkansas residents. The bank had been offering this account nationwide.

Branches are located in Missouri and Arkansas. The bank is FDIC insured (Certificate # 1426).

Thanks to the reader who emailed me info on this bank and reward checking account.

Other Reward Checking Accounts

For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post. For a discussion of reward checking accounts and if the high yields can last, please refer to the High Yield Reward Checking News and Reviews post.

Rate History:
06/13/09: Account is now ONLY available for Arkansas and Missouri residents
03/17/09: Account is now available nationwide.
01/08/09: 4.51% APY for up to $25K; 1.01% APY for above; 0.10% if req's are not met
12/10/07: 6.01% APY for up to $25K; 0.25% if req's are not met