Update 1/5/2021: Rate is now 1.25%, down from 2.5%.
Update 4/12/20: First Advantage Bank is merging with Reliant Bank, and accounts will be transferred over to Reliant Bank in May. The “Max Earnings” accounts will be grandfathered as a special “Max” account. We don’t know what the rate will be, but will keep readers updated.
Update 3/21/20: Rate reduced to 2.5%
Update 3/13/20: Rate decreased from 3.5% to 3.00%.
Update 2/4/20: Rate decreased from 4 to 3.5%
Update 8/9/19: Rate decreased from 4.50% to 4%.
Correction: This account will still be available, they are just introducing a new account as well.
Update 4/30/19: Letters have been sent out saying that on June 1st these accounts will be product changed to an Advantage Basic checking account. This account does not earn interest and has a $6 monthly fee. Hat tip to reader Jeff S
3/27/18: Account is now limited to only Tennessee and Kentucky.
3/22/18: Account is now available nationwide. 3/16/18: Rate has increased from 3.04% to 4.50% APY. Another nice feature of this account is that after $10k, you still get a solid 1.40% APY additional balances of $40k (total $50k).
Offer at a glance
- Interest Rate: 4.5% APY if requirements are met
- Minimum Balance: $100 to open
- Maximum Balance: $10,000
- Availability: TN and KY only
- Direct deposit required: Yes, no minimum specified
- Additional requirements: eStatements & 10 debit card transactions
- Hard/soft pull: Hard pull, please note they do this hard pull after you enter your SSN and click here. More info here. Report of a soft pull
- ChexSystems: Yes
- Credit card funding: Up to $15,000. Visa, Mastercard & Discover only
- Monthly fees: None
- Insured: FDIC
The Offer
- First Advantage Bank offers a rewards checking account that earns
3.04%4.50% on balances up to $10,000 if the following requirements are met, otherwise the APY is 0.05%:- Make 10 or more debit card purchases (10 per statement cycle, must clear the account during the statement cycle)
- Sign up for FREE eStatements
- Set up recurring Direct Deposit or ACH (once to the account per statement cycle)
Avoiding Fees
This account has no monthly fee to worry about.
Our Verdict
Most people will be interested in this account just for the credit card funding, unfortunately it’s a hard pull as well and that will put off a lot of people. The 4.50% APY rate is from the best available, unfortunately there’s a $10k limit on that. We’ve add this to our list of high interest rewards checking accounts.
