Dedicated to Deposits: Deals, Data, and Discussion

4.55% Reward Checking Account at Kansas State Bank

POSTED ON BY

Kansas State Bank
Update 3/07/09: The top rate has fallen to 4.55% APY.

Kansas State Bank has a reward checking account that pays 4.55% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 10 check card transactions, 2) one direct deposit or ACH auto debit, 3) receive electronic statements, and 4) access online banking. If these are not met, the rate falls to 0.25%. The minimum initial deposit is $100. There are no minimum balance requirements and no monthly service charges.

Update: Readers have reported being told that they are only opening accounts from out-of-state people who are planning to move to Kansas. I will follow up Monday to see how they changed their policies (which is common for small banks).

I just called the bank at their toll-free number (866-866-3KSB), and I was told that they can open this account by mail without a branch visit. It's available to people in any state. (see above) I was instructed to fill out the switch kit (pdf) and mail or fax that along with a copy of my driver's license and a copy of a secondary ID which can include social security card or back of a major credit card. They will mail you a new account package that will include a signature card. The initial deposit can be mailed in with the signature card.

The first box of checks is only free if you're over 50. Checks are optional. Their online bill pay is free so you can use that instead.

I was told that this account has been available for the last couple of months. Hopefully, the high yield can last for awhile.

Branches are located in the Kansas cities of Wichita, Manhattan and Junction City. The bank has been FDIC insured since 1969 (FDIC Certificate # 19899).

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
03/05/09: 4.55% APY
04/11/08: 6.01% APY

  Tags: Kansas, Kansas State Bank, checking account, reward checking account

Related Posts

Comments
7 comments.
Comment #1 by Hyperchondriac (anonymous) posted on
Hyperchondriac
i realise that this is a really stupid question...but what is an auto ACH debit. Like if i have monthly credit card statements and set it up such that it gets deducted from my account everymonth, does that count?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
It's actually a good question. I'm afraid I just copied the description of "ACH auto debit" from the bank's website. This term is confusing since ACH stands for Automated Clearing House.

When you give your bank's routing number and account number to a credit card company or utility and an electronic debit is performed, that would be considered an ACH debit.

I've also found that any ACH transaction gets counted, at least for my credit union's reward checking. ACH transfers that I've initiated from my online bank count (including the initial trial deposits).

1
Comment #3 by lynn (anonymous) posted on
lynn
what type of credit check do they do?

1
Comment #4 by Anonymous posted on
Anonymous
I just got a call from them. I was told that they are only opening accounts from out-of-state people who are planning to move to Kansas.

1
Comment #5 by Anonymous posted on
Anonymous
Can this listing be updated before others waste their time with rejected applications due to being out of the state of Kansas? I just got rejected before I saw the comment from "annonymous".

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the comment. Looks like they changed their policy or the CSR wasn't informed on it. I've just updated the post.

1
Comment #7 by Anonymous posted on
Anonymous
As of 3/5/09 the top rate has fallen to 4.55% APY. Other rates remain same.

1