First State Bank invites consumers to take advantage of their high-yield checking account called First Reward Checking. The current interest rates for this money in the bank deal are as follows if the monthly requirements are met:

4.25% APY for balances through $25,000
Deposits above the $25K cap earns 1.01% APY
If the requirements are not met, the rates drop to 0.15%
Unlimited refund of incurred ATM fees anywhere across the country

Account holders must be able to complete at least 12 purchases using the Visa Check Card, set up an ACH auto debit or a direct deposit, and opt for electronic statements. These must be fulfilled every month.

This best checking account from First State Bank only requires $25 to open. The bank does not impose any minimum balance to maintain nor do they collect any monthly service charges. Individuals who want to open multiple accounts may do so but be reminded that you will only be able to enjoy the highest interest rates if you are able to meet the monthly requirements for each of the account.

Consumers can complete an application form posted on the bank’s website. You will still be required to go to one of their branches to complete the process.

The bank has several branches in Tennessee. They operate offices in cities like Nashville, Dresden, Hendersonville, Union City, Jackson, Lexington, Knoxville, and Dyersburg.

The financial ratings of the bank are a bit weak. Its performance report was stamped with 3 stars and 2 stars from BauerFinancial and Bankrate.com, respectively. These were based on their March and June 2009 data.

The bank has a long business history dating back to 1887. It is a member of the FDIC covered by certificate number 1479.