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.

Farmers Bank & Trust
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. 
Location Magnolia, AR
Is it offered nationwide? No
APY % 2.01%
Default APY 0.05%
Number of monthly debit transactions required 10
Is bill pay or automatic withdrawal required? Yes*
Direct deposit required? Yes*
E-statements required? Yes
Balance cap $25,000
APY above cap 0.4%

*See notes section for more details. canvassed banks, thrifts and credit unions Feb. 16-22, 2016, and displays data on 56 high-yield checking accounts.

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