5.01% APY No Fee Checking Account

I've never heard of these people. Has anyone ever used them before? The best rate I have seen are in the 4% range and I suspect those will go down with the fed move. I'd love to hear from someone who has used First Bank before.

The might rate might drop anytime soon with the move that the fed is taking... Most banks already dropped by at most .50%.. I dont' know if I should switch to this bank or not.. I also need someone who know anything about this bank and their experience with them? Thanks

This rate is even more attractive if they still honor it after today's rate cut. Crazy times. 1.25% in less than 2 weeks.

They waive the requirements for the first month too, so you're guaranteed to earn interest that first month. Seems like a great deal.

From the SD thread,

I went and "applied" and received this response:

Thank you for your recent inquiry into First Banking Center’s free Rewards Checking Account.

We are very excited to offer such a great account. In order to comply with federal regulations, at this time we are requiring our customers to come into one of our locations so we may examine customer identification documents. Please refer to the locations listed on our website at www.firstbankingcenter.com and let us know which location is the most convenient for you.

Because of the popularity of this account, First Banking Center will soon be implementing new procedures that will allow us meet all regulatory requirements without having the customer come in and open the account in person. Please check back with us. Thank you.

First Banking Center

Requirements to Qualify

Make at least 10 Check-Mate Card purchases

a) anybody knows if check-mate card is a debit card or a credit card?

b) 10 purchases every month requirement? if that's initial 10 purchases only not a monthly 10 purchases then I am game for it.

you need to physically show up in their branch to open the account. How dumb of them ?

They can offer this rate because just like rebates, most people don't follow the requirements and get the 0.50% non reward rate. Also if you make 10 checkmate card transactions a month that is reducing the apy due to capital reduction. Plan on making many sub $1 purchaces since my credit card pay me 5% for purchaces

I'm seriously considering driving the 5.5 hours to open an account. With ETrade being the next best thing at 4.1%, people with actual savings are losing out. Tempging...!

I filled out the form to create an account and they said that I'd receive an email asap from one of their reps to finish the account, but I never heard back from them. Sound familiar?