Opened a Reward Checking Account

by Andy Hough on March 31, 2009 · 2 comments

I’ve been considering opening a reward checking account for a while and now that online savings accounts yields have dropped so low I decided now was the time.

I opened my account with First State Bank of Kansas. They have a 5.03% APY Reward Checking Account. The requirements are that make 10 debit card purchases, set up Direct Deposit or and ACH Auto Debit, and agree to receive your bank statement electronically. The debit card purchase requirement is why I’ve been putting off opening one of these accounts. I don’t buy much and it would require a special effort to meet this requirement. That is why I decided to go with this bank. They require fewer debit card transactions than the other local banks offering reward checking accounts.

I tried to open the account through Checking Finder but was unsuccessful. I’m not sure where they get the information for online identity tests but every time I’ve taken one they’ve had incorrect information causing me to fail the test. I went ahead and opened the account at a local branch which wasn’t too much of a hassle.

I’ve had some problems getting the account set up since then. I’ll post about those once I have them resolved. Your first month you automatically qualify for the high rate so I’m not worried about the problems causing me to not qualify.

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1 Brian June 8, 2009 at 12:46 pm

You have to live or work in the greater Kansas City metropolitan area (which includes Johnson, Wyandotte, Leavenworth, and Douglas counties in Kansas and Clay, Platt, Cass, and Jackson counties in Missouri.)

2 Andy Hough June 8, 2009 at 2:54 pm

Yes, I opened this one because it was close to me. I mentioned the site in the post which you can use to find a reward checking account that is available in your area.

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