There is a good money in the bank deal with Quad City Bank & Trust headquartered in Iowa. They are offering a 5.00% APY for the deposits through $25,000 for their U Account. The base interest rate for this checking account is 0.01% APY.

The best interest rates can be enjoyed if the monthly requirements are met. Account holders must complete 15 purchases using their Visa checking account card. They also must keep a valid email address.

The interest rates that we have here are posted on Quad City Bank & Trust’s website as of January 6. You call their customer service line to know the latest figures through 563-388-4783.

The initial deposit needed to open an account is just $100. The bank does not collect monthly fees and do not set a balance requirement. The bank also refunds ATM fees but this was not detailed on their website.

One positive note for consumers on this reward checking account is that it does not have any ACH debit or direct deposit requirements. The reimbursement of ATM charges seems to be not dependent on meeting the monthly requirements.

They don’t have an online application so you need to go to a branch to open an account. They have offices in the cities of Moline, Davenport, and Bettendorf in Iowa.

The bank has good financial ratings. Bankrate.com stamps their report with 3 stars for soundness and safety. BauerFinancial tags the bank with 4 stars for its excellent performance. These ratings were based on their June 2009 data.

The bank is covered by the FDIC since 1994. It is insured through certificate number 33867.