Farmers Bank & Trust in Magnolia, Arkansas, offers True Rewards checking, with an above-average annual percentage yield, but is open only to residents of 7 states. Bankrate’s 2016 High-Yield Checking Survey breaks down the returns you can get with each account and the hoops you’ll have to jump through to get them.
|Notes: True Rewards: Available to residents of Arkansas, Texas, Louisiana, Mississippi, Tennessee, Missouri and Oklahoma. *Either 1 direct deposit or automatic payment is required per month. Must enroll and receive e-statements, and access online banking. Balance above $25,000 yields 0.4%, if requirements are met. ATM fee refund: Up to $25 per statement cycle, if requirements are met.|
|Is it offered nationwide?||No|
|Number of monthly debit transactions required||10|
|Is bill pay or automatic withdrawal required?||Yes*|
|Direct deposit required?||Yes*|
|APY above cap||0.4%|
*See notes section for more details.
Bankrate.com canvassed banks, thrifts and credit unions Feb. 16-22, 2016, and displays data on 56 high-yield checking accounts.