4.05% Reward Checking Account at a North Carolina Bank (TriStone Community) read and submit comments for this post

Update 11/14/08: The top yield has fallen to 4.05% APY. See bottom of post for the rate history.

TriStone Community Bank is offering a reward checking account called the Money Max Checking that pays 4.05% APY for balances up to $25,000 (0.51% for above) and refunds ATM fees if the following monthly requirements are met: 1) 12 Visa debit card transactions, 2) one direct deposit or ACH auto debit, and 3) receive statements online. If these are not met, the rate falls to 0.10%. The minimum opening deposit is $100. There are no monthly service fees.

One notable perk with this reward checking is that it refunds ATM fees worldwide (not just nationwide). Also, ATM fees are reimbursed the same day instead of at the end of the statement cycle. I guess those refunds would be reversed at the end of the statement cycle if you don't meet the requirements for that month.

There is an online application that makes it look like they may accept out-of-state customers. I just sent them a message to confirm. Sometimes small banks will require that a new customer come into the branch to verify identification.

Update 5/13/08: Their online application now states the following:

Accepting applications in the following states: North Carolina, South Carolina, Georgia, Florida, Virginia, Tennessee.

Update 2/27/08: Bad news. I received their reply, and they are unable to accept out of state applications unless you are able to come into their branch.

The bank is located in Winston-Salem, North Carolina. It was established in 2004 and is FDIC insured (Certificate # 57854).

Other High Yield Reward Checking Accounts

For other reward checking accounts and for more information on these accounts, please refer to the following posts:

• reward checking overview and discussion
• reward checking accounts available nationwide
• reward checking accounts around the nation

Rate History:
11/14/08: 4.05% APY for up to $25K, 0.51% APY for above $25K.
09/16/08: 5.01% APY
02/24/08: 6.05% APY for up to $25K, 1.01% APY for above $25K (initial post)