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I see a lot of banks offering rewards checking accounts (maintain the account in an active status by doing x transactions/month,direct deposit, paper less statements etc, in return you yearn high apy. apy varies month to month)

I see a few of them here

http://www.depositaccounts.com/checking/reward-checking-accounts.html

http://www.bestcashcow.com/bank_rates/best_reward_checking_account_rates.html

Are interest bearing rewards checking account FDIC insured ?

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Yes, any type of Deposit Account is insured, while any investment is not covered.

Accounts in banks are insured by the FDIC, accounts in credit unions are insured by the NCUA

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