CharterBank gives their highest interest rate for their best checking account if account holders meet certain requirements on a monthly basis:

Balances through $25,000 earns 5.01% APY
Deposits above the $25K line gets 1.01% APY
If monthly requirements are not sufficed, base rate is 0.10% APY
Bank refunds ATM fees as much as $20 every cycle

This reward checking account can give you the best interest rates if you can complete at least 10 purchases using the check card, set up an automatic payment or a direct deposit, and opt for electronic statements every month.

The high yield money in the bank deal requires $50 for initial funding. The bank does not collect any monthly service fees nor do they impose any balance requirements.

When you go to the reward checking account page you can find an apply button which you can click to download the application form. You need to visit a branch to complete the process.

The bank has offices in Opelika, Auburn, and Valley in Alabama; Lagrange, Newnan, and West Point in the state of Georgia.

CharterBank has some mixed ratings with 2 stars being stamped by bankrate.com and 3 ½ stars coming from BauerFinancial for soundness and safety. These performance ratings were based on their June 2009 data.

The bank is secured by the FDIC under certificate number 30720.