South Dakota consumers can still take advantage of the best checking account offered by Reliabank Dakota called Ultimate Checking that earns 4.07% APY for balances through $25,000 and 1.01% APY for balances above the $25K ceiling. The monthly requirements to earn these high checking account interest rates are the following:

Account holder must complete 12 purchases using the check card
Set up at least a direct deposit, auto debit through ACH, or bills payment
Opt for electronic account statements

If the above requirements are met the current base interest rate is 0.25%. This reward checking account requires an initial funding of at least $50. The bank does not impose any monthly service charges or balance requirements.

Interested individuals can open an account online. Aside from South Dakota residents, the bank accepts applications from outside their market coverage.

The current interest rate of 4.07% APY is one of the highest nationwide. On the $25K cap, there are only two banks giving higher interest rate: 4.30% APY at Royal Banks of Missouri and 4.51% APY at Bank of the Sierra.

The checking account offer has been on for a while but still check with the bank before signing for anything. Reliabank is not a big institution and often small banks tend to change the availabilities of their money in the bank promos. This year the trend has been for local banks to limit their offerings to their market coverage.

Another possibility we are looking at with these kinds of high interest checking account promo with small banks is that they will not reduce the availability of the product but decrease the interest rate they offer.

Reliabank has branches spread across South Dakota particularly in Hartford, Watertown, Hazel, Hayti, and Estelline.

The bank is covered by the FDIC with certificate number 16221.