2011 High-Yield Checking Survey
High-yield checking
6 ways to keep rewards checking rewarding

Look local
3 of 7
Look local

You may not want to look far from home when you start the search for a reward checking account.

When ViewPoint Bank of Texas first began offering its rewards checking program in 2008, the bank did not restrict the program with residency requirements. Wendi Costlow, chief marketing officer of ViewPoint Bank, says news of its interest rate spread across the Internet and many out-of-state yield chasers began to open accounts. The bank now solely offers the high-yield account to Texas customers.

Other banks appear to be following the trend of rewarding local customers only. As local customers are rewarded with above-average rates, banks and credit unions hope to be rewarded with more of their business.

McBride says confining high-yield rates to local customers can work to a bank's advantage when the institution hopes to sell additional services such as loans, CDs and other banking products.




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