First Arkansas Bank & Trust (FABaT) is offering a 6.06% APY reward checking account called FirstNet Checking. They will also refund all ATM fees. The minimum opening balance is $100. There are no minimum balance requirements or monthly fees. You must meet the the following monthly requirements:
- 10 point of sale debit card transactions
- One monthly direct deposit or ACH auto debit or make one online bill payment
- Receive e-statements
- Sign in to your online banking account.
From the website FAQ:
- No free checks
- All account holders receive the reward yield during the first statement cycle
- They will email you at the end of each statement cycle to notify you if you have qualified for the reward yield
- All ATM refunds will be automatically credited at the end of the statement cycle if all requirements have been met
- No limits on ATM refunds
- ATM fees assessed anywhere in the world are refunded
- DBAs (sole-proprietorship accounts), non-profit organizations, governmental units and funds held by a fiduciary may use this account
Again, this account is available nationwide and anyone can join. You can apply online, but you will be required to send a signature card, a copy of your driver’s license, and a copy of a recent utility bill. A banking representative will contact you for more info.
Most people stay away from these kind of accounts because of the 10 debit requirements from your checking. I wrote extensively how to take advantage of donation of $1 each month so you don’t have to worry about it.