4.01% Reward Checking Account in MO/FL at Montgomery Bank read and submit comments for this post

Montgomery Bank is offering a reward checking account called Montgomery e-Blue Checking that pays 4.01% APY on balances up to $25,000 (0.74% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card purchases, 2) one direct deposit or ACH auto debit, and 3) receive e-Statements. If these are not met, the rate falls to 0.10%. The minimum opening deposit is $50. There is no monthly maintenance fee and no minimum balance requirement.

The bank's FAQ page is fairly thorough. It states that this account can be opened by phone or online. It looked like this might be another nationally available reward checking account. However, according to the banking rep, it still requires a branch visit for ID verification. I also learned from the banking rep that the rate just dropped today from 5.01% to 4.01%. The account started in early March.

The FAQ also mentioned that you're allowed to open multiple e-Blue Checking accounts (each checking must still meet requirements). Another perk is that your first order of checks is free.

Branches are located in St. Louis and Southeast Missouri. There's also a branch in Ft. Myers, Florida. The bank has been FDIC insured since 1934 (Certificate # 8255). It has $964 million in assets and $694 million in deposits.

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
01/06/09: 4.01% APY for up to $25K; 0.74% for above
04/07/08: 4.01% APY for up to $25K; 1.51% for above;
03/01/08: 5.01% APY for up to $25K;

Edit 2/6/09: Updated reward checking URL