Reward Checking Account Rates of 5.15% APY Offered by MBT Bank

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MBT Bank in Iowa is offering a very nice “Ultra Checking“. The rate is 5.15% APY on the Rewards Checking Account and the rate will last until May 2010. Currently, the Ultra Checking is only offered to locals in Iowa (living in Crystal Lake, Forest City, Clear Lake, and Lake Mills) who meet certain monthly requirements.

The monthly requirements are very standard compared to other banks that offer reward checking accounts. The rate requirements are:

  • For any balances up to $25K you are guarantee a 5.15% APY through May 2010
  • For any balances over $25K a 1.01% APY applies
  • If monthly requirements are not met a default base rate of 0.25% APY applies

With general monthly requirements:

  • 10 minimum debit card purchases
  • Either 1 ACH auto debit or 1 Direct Deposit
  • Must enroll and receive eStatements

The great things about this account are:

  • Low initial deposit of $100 to start the account
  • $15 ATM refund a month
  • There is no minimum balance required
  • No monthly service charge
  • It is FDIC insured

If you don’t qualify for this checking account, check other great Rates available on Go Banking Rates.