Going national

First Arkansas Bank & Trust has been offering REWARDChecking since October 2007. The account is available nationwide and Larry Daniel, director of retail banking, says the response has been very strong. His bank currently pays 4.44 percent on balances up to $50,000. Anything above that yields 1.76 percent. Daniel says the structure of the accounts is what allows the bank to maintain the yield.

"These are electronic-driven, behavioral accounts. The customers aren't as demanding, we don't have to provide people face-to-face, we don't have to have bricks and mortar, and because of the electronic nature we've either decreased expenses or increased revenue, and we're able to share a piece of that savings or that increased revenue with the customer."

Eastern Financial Florida Credit Union created its own high-yield checking account, which now yields 2.81 percent. The account is open to residents and workers in nine Florida counties.

"When we started the account we said that the rate may change but it will always be higher than the market," says marketing director Mark Holmes, "and I think we've proven that. Some people thought it may be a teaser, but it's not."

Malvern Federal Savings Bank in Paoli, Pa., was offering its Rewards Plus Checking account for about a year before deciding to open it up nationwide. The bank pays 3.51 percent on balances up to $35,000.

"Basically, it's to drive deposits to the bank and, so far, the retention rate has been very high," says Scott Sterling, director of retail banking and marketing. 

Be aware that these high-yield checking accounts are not alike in all aspects. In addition to varying rates, the balance that receives the top tier rate may be $25,000 at one bank and $50,000 at another. Some institutions may have a longer list of requirements to be fulfilled.

While these rates tempt many consumers, others may find the fixed rate of a high-yield CD more to their liking.