The R Bank is offering a very competitive interest rate for their reward checking account called R Best checking. The checking account can earn the following interest given that the monthly requirements are met:

* 4.13% APY highest interest rate for balances through $35,000
* 1.52% APY for deposits above the $35K cap
* The base interest rate is 0.10% APY given if you do not meet the requirements on a particular cycle
* ATM fees of as much as $20 every cycle can be refunded

The best interest rates can be earned if the account holder can complete at least 12 purchases using the check card, setup an ACH debit or receive a direct deposit, and receive electronic statements.

Interested individuals can open this best checking account for an initial deposit of $100. According to the bank’s website, they do not ask for any monthly service fees and they do not require any minimum balance.

The current interest rates are not posted on the bank’s website. We requested for the latest figures from their customer service and it has an effective date of December 7, 2009. These checking account rates may be changed any time without notice. It will be wise to inquire with the bank prior to signing up for anything.

We were also informed by the customer service that they entertain applications by mail. It might be a problem for the bank if the influx of application gets a bit high, so we tag this as a local money in the bank deal.

R Bank is headquartered in Round Rock, Texas just near Austin. The bank is a new company founded in June 2009. It is a small bank with less than twenty employees and about $15 million in assets. Bankrate.com and BauerFinancial labels the bank as a start up. R Bank is covered by the FDIC with certificate number 58935.