Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Princeville State Bank1.01%--Forward Savings
Princeville State Bank0.89%--Forward Checking
Princeville State Bank0.05%--Forward Checking
Princeville State Bank0.05%--Forward Savings
Accounts mentioned in this post. Rates as of July 31, 2014

High-Yield Reward Checking and Savings Account at Princeville State Bank - Illinois Only

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Princeville State Bank

Princeville State Bank is offering a high-yield reward checking account called Kasasa Cash and also a companion savings account called Kasasa Saver. Both have competitive rates, and when used together, they can provide a good return for a large balance. First, the Kasasa Cash account has the following rates and features if certain monthly requirements are met (as of 8/23/2010):

  • 3.51% APY on balances up to $25,000
  • 0.50% APY on portion of balance over $25,000
  • 0.05% base rate if requirements are not met
  • ATM fee refunds up to $20 per month

Monthly requirements include:

  • 10 debit card purchases
  • one recurring automatic deposit or withdrawal
  • Receive e-statements

Other account features include:

  • No minimum to open
  • No minimum balance
  • No monthly fees
  • Free online bill pay

The Kasasa Saver account has the following rates if the monthly requirements of the Kasasa Cash account are met (as of 8/23/2010):

  • 1.75% APY on balances up to $100,000
  • 0.50% APY on portion of balance over $100,000
  • 0.05% base rate if requirements are not met

Like the Kasasa Cash account, Kasasa Saver has no minimum balance and no monthly fees.

Is It a Good Deal?

The Kasasa Saver yield may be a bit disappointing for reward checking fans, but for those who don't want to worry about multiple reward checking accounts, this can be a good deal. It's very rare to find a savings account with a yield this high on balances this high.

Online Application for Illinois Residents

These accounts are listed at the Kasasa.com website, and they show up when you search for any Illinois zip code (I tried several including zip codes from Chicago). You can apply online at Kasasa.com. The online application at the bank's website actually links over to the Kasasa.com application.

Branches are located in Princeville and Peoria, Illinois.

The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our financial overview of Princeville State Bank). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1950 (FDIC Certificate # 16900).

Other High-Yield Reward Checking Accounts

To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.


  Tags: reward checking account, Illinois, Princeville State Bank, checking account, savings account

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Comments
3 Comments.
Comment #1 by 51hh posted on
51hh
Tiny bank ($68M).

2
Comment #3 by Anonymous posted on
Anonymous
So what are you saying, Rhett? (Because your icon/avatar is known far and wide): 1) the FW effect will shortly overwhelm this small bank with oodles of cash which they will not be able to invest at rates high enough to make a profit, therefore their rates will drop, 2) the FW effect will shortly overwhelm this small bank because there will be many more applicants than their limited number of personnel can handle, or 3) both. (And yes, there is a difference between 1 and 2, in terms of how applicants/account-holders respond).

 

1
Comment #4 by 51hh posted on
51hh
Anon. #3: Frankly, it was meant to be just an observation... that it is a very small bank with limited resource and capacity.  The 3.51% RCA is not that attractive to rate chasers.  The 1.75% (beyond $100K) may attract some investors.  Anyhow, their handling of mass applicants will be quite limited. 

The other point may be that they may be somewhat fussy on their debit transactions in terms of amount and in terms of type of purchases.  According to my experience, small banks are much more likely to state something like that: We are a small but proud bank.  We would very much like your cooperation to keep us offering such an attractive rate.  So please do your part or "else".

Cheers.

2