Pacific Mercantile Bank based in California is pushing for their Premium Interest Checking account which is a high interest reward checking that has the following interest rates:

• 2.00% APY for balances between $1,500 and $100K
• 0.40% APY for deposits below $1,500 and above $100K
• ATM fees of as much as $25 for up to 8 transactions are waived every cycle

Take note that the current interest rates for this best reward checking account has blended earnings ranging at 0.40% APY for $1,500 fund and 2.00% APY for a cap of $100K.

The monthly requirements for this checking account are as follows:

• 5 debit transactions to pay a third party
• One of the 5 transactions should be done through bill pay over the internet for a minimum of $25
• Make one deposit

According to the customer service of the bank, the reward checking account will be converted to their regular checking account if the monthly requirements are not met. This regular checking account has current interest rates of 0.10% APY. There will also be a monthly service fee of $10 if your balance falls below $1,500.

The interest rates that we have here are still posted on their website as of February 12. This may be changed any time without notice. If you want to check with the bank, you can call them through 877-450-2265.

Interested individuals must visit one of their offices to open an account. They have branches spread across California particularly in the cities of Ontario, San Juan Capistrano, Newport Beach, Long Beach, La Jolla, Costa Mesa, and Beverly Hills.

The financial ratings of the bank are a bit weak. Both BauerFinancial and bankrate.com issued 2 stars for its below peer performance. It will be wise to stay within the limits of the FDIC. The bank is covered by the FDIC through certificate number 34940.