5.25% Reward Checking Account at Bank of the Wichitas (Redneck Bank)

Bank of the Wichitas has a reward checking account that pays 5.25% APY on balances up to $25,000 (2.25% for above) and refunds ATM fees worldwide if the following monthly requirements are met:

• 10 VISA CheckCard purchases
• receive statements electronically

If these are not met, the rate falls to 0.25%. There are no minimum balance requirements and no monthly service charges.

The bank has a brave marketing strategy by offering this online reward checking account at the Redneck Bank. I'm sure this will attract attention, but I'm not sure how many people will be comfortable with opening an online account at the Redneck Bank.

In addition to this redneck rewards checking, they're also offering the mega money market account that currently pays 3.10% APY and the you're approved checking that's intended for people with bad credit. Details of these accounts are described in the Deposit Account Agreement (pdf).

The online application for these accounts uses the Cashedge service. The application appears to allow electronic funding which is typical for Cashedge, and it appears to be available to people in any state. The only restrictions I see is on the first page of the application which states: "All applicants must be U.S. residents and at least 18 years of age."

Redneck Bank is the Internet Banking Division of Bank of the Wichitas which is based in Oklahoma. Bank of the Wichitas has been FDIC insured since 1934 (FDIC Certificate # 4198).

Thanks to the reader who emailed me news of this bank.

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Via: 5.25% Reward Checking Account at Bank of the Wichitas (Redneck Bank)