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High-Yield Reward Checking & Savings Accounts at Security Bank in Illinois - Local Only

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Security Bank (IL)

Security Bank is offering a reward checking along with a companion savings account. The checking is called the Kasasa Cash and the savings is called Kasasa Saver. Kasasa Cash has the following rates and features if certain monthly requirements are met (as of 3/18/2010):

  • 3.51% APY on balances up to $25,000
  • 1.00% APY on portion of balance over $25,000
  • 0.01% base rate if requirements are not met
  • Nationwide ATM fee refunds

The monthly requirements include:

  • 10 check card purchases
  • 1 direct deposit or ACH debit
  • Access online banking
  • Receive e-statements

Other features of the account include:

  • No minimum initial deposit
  • No minimum balance
  • No monthly service charge

The companion savings account, Kasasa Saver, has the following rates when the above monthly Kasasa Cash requirements are met (as of 3/18/2010):

  • 1.50% APY up to $50,000
  • 0.50% APY on portion of balance over $50,000
  • 0.01% base rate if requirements are not met

There are online application links at the bank's website that takes you to the Kasasa.com website. To advance in the application, you have to enter your zip code. The application appears to only accept zip codes that are near the branches. Branches are located in Springfield, Illinois.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 1 star (lowest) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1935 (FDIC Certificate # 27723).

Other Reward Checking and Savings Accounts

These companion savings accounts can be a nice feature for those with large balances. In the case of Security Bank, the savings account has a rate that's competitive compared to internet savings accounts. The only potential issue is if you don't meet the reward checking requirements, you'll also lose the interest in this savings account.

I reviewed other reward checking accounts that have these companions savings accounts in this March post. There are some that have savings account rates as high as 3.01%.

To find nationally available reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.

  Tags: Security Bank (IL), checking account, reward checking account, savings account, Illinois

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Comments
2 comments.
Comment #1 by 51hh posted on
51hh
New offers are not even at 4% level any more; not to mention the 5% club (soon will be legacy).

1
Comment #2 by amexmale posted on
amexmale
Ken--This post seems to be linked under Security Bank of Odessa TX also. Maybe you can fix this.

1