Savoy Bank headquartered in New York City has an attractive reward checking account offering that gives 2.60% APY for balances through $100K. The interest rate is guaranteed by the bank until 15 April 2010.

The best interest rates can be enjoyed given that the monthly conditions are met. If you will go over the $100K line, these funds will get an interest rate of 1.30% APY. If the account holder fails to satisfy the monthly requirements, the best checking account rates will revert to the regular interest rate structure. ATM surcharges incurred worldwide will also be reimbursed by the bank.

Here are the account requirements that you need to meet every month:

* Account holder must purchase using the debit card
* Set up an ACH deposit or one direct deposit
* Choose to receive electronic statements instead of the paper account statements

Interested individuals may open the checking account for as low as $1. The bank does not collect any service fees. The account also comes with free check and free use of the bill payment system.

You need to go to a branch to open an account if you are a new customer. Its only branch is in New York City. You can call them through 646-775-4000 if you have any questions with regard to their products and services.

It is fairly a young financial institution founded in 2008. It is tagged as a startup company with BauerFinancial. Bankrate.com issed 3 stars for soundness and safety based on their June 2009 data.

The bank is registered with the FDIC through certificate number 58641.