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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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DETAILSINSTITUTIONAPYMINMAXPRODUCT
Liberty National Bank (OK)2.00%-$10kLiberty Cash
Liberty National Bank (OK)0.30%-$25kLiberty Saver
Liberty National Bank (OK)0.01%--Liberty Cash
Liberty National Bank (OK)0.01%--Liberty Saver
Accounts mentioned in this post. Rates as of July 28, 2014

High-Yield Reward Checking Account at Liberty National Bank in Oklahoma

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Liberty National Bank (OK)

Liberty National Bank is offering a high-yield reward checking account and a companion savings account under the Kasasa brand. Like many of the new reward checking accounts, the balance cap is disappointing. However, the high rate and the companion savings account help offset this low cap a little bit. The accounts have the following rates and features as of 11/21/2010:

Kasasa Cash (checking account)

  • 4.11% APY on balances up to $10,000
  • 0.50% APY for balances over $10,000
  • 0.10% base rate if requirements are not met
  • ATM fee refunds unlimited per statement cycle

Kasasa Saver (savings account)

  • 1.25% APY on balances up to $25,000
  • 0.50% APY for balances over $25,000
  • 0.10% base rate if requirements are not met

To qualify for the above rates, the following monthly requirements must be met:

  • 12 debit card purchases
  • 1 direct deposit or ACH automatic payment
  • Receive e-statements

These accounts have no minimum balance requirement and no monthly service fees.

Available Only to OK Residents as of 5/23/2011

The bank provides for an online application via Kasasa.com. The application requires that you to enter your zip code. Update 5/23/11: The application is  now only available to residents of Oklahoma. Update 2/3/11: The application is now only available to residents of Oklahoma and Texas. I tried zip codes from several parts of the nation, and the application didn't complain. So it appeared to be nationally available. Just to be sure, I sent a message to the bank. Their reply confirmed it. They do accept applications nationwide. Note, it's a small bank, and small banks often change their policies on this. Perhaps with the small balance cap, there won't be too much demand, and the bank will be able to keep it nationwide. That's one good thing with the $10K cap.

How It Compares

We currently have two easy-to-join credit unions on our nationwide reward checking list that offer yields around 4%. One has a $10K and the other has a $15K cap. For banks, Evantage and AmericaNet Bank both offer 3.75% APY on balances up to $10K. The advantage of these banks over Liberty National Bank is their Mega Money Market Account which has better rates and features than Liberty's Kasasa Saver. The Mega Money Market currently has a higher yield of 1.75% APY and a larger balance cap of $35K. In addition, it doesn't require you to meet the reward checking requirements to qualify for this rate.

Bank Overview

Liberty National Bank has offices in the Oklahoma cities of Lawton, Cache and Elgin.

The bank has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 11.26% (excellent) based on June 2010 data. It's a small bank with $202 million in assets and $183 million in deposits. Please refer to the financial overview of Liberty National Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 11522).

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: Liberty National Bank (OK), Oklahoma, reward checking account, checking account, savings account

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Comments
Comment #1 by Kasasa (anonymous) posted on
Kasasa
Great overview Ken! Thanks so much for helping us raise awareness for the Kasasa accounts.

1