First Security Trust Bank based in Kentucky offers a reward checking account with high interest rates. The program is called Free Extreme Checking which has current interest rates of 4.50% APY. The best interest rates will be given if certain monthly requirements are satisfied:

4.50% APY guaranteed through 1 September 2010 for deposits up to $25,000
Funds above the $25K line earns 1.01% APY
If the requirements are not sufficed, the base interest rate of 0.10% is given
ATM fees incurred anywhere in the globe is refunded as much as $25 every cycle

You need to satisfy the following monthly requirements to enjoy the best interest rates:

Complete 10 purchases using the debit card
Make a direct deposit or set up an automatic debit
Opt to receive electronic statements

Interested individuals can open this high yield checking account for a minimum of $100. The bank does not impose any balance requirements nor do they collect monthly service fees. The checking account also gives you free access to the online bill payment system. The first set of 150 checks is on the bank.

It appears that you need to visit a branch to open this checking account. They have offices in Crescent Springs, Edgewood, and Florence. These cities are mostly located on the northern portion of Kentucky metro.

The bank is a sister company of Commonwealth Bank & Trust Company which also operates under Commonwealth Bancshares holding.

The financial ratings of the bank are fair. Bankrate.com gave 3 stars while BauerFinancial issued 3 ½ stars when they reviewed the bank’s performance using their June 2009 data. First Security Trust Bank is covered by the FDIC with certificate number 34863.