Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
First State Bank (Mendota)2.50%-$25kKasasa Cash
First State Bank (Mendota)0.50%--Kasasa Saver
First State Bank (Mendota)0.03%--Kasasa Cash
First State Bank (Mendota)0.03%--Kasasa Saver
Accounts mentioned in this post. Rates as of July 30, 2014

Top Reward Checking and Savings Account at First State Bank - Illinois Only

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We've been listing the reward checking account of First State Bank for the last year, but I have never reviewed it. Since it remains competitive, I thought it deserved a review. In addition to the reward checking account, it also has a nice companion savings account. Both are under the Kasasa branch: the checking is called Kasasa Cash and the savings is called Kasasa Saver. These accounts have the following rates and features if certain monthly requirements are met:

As of 1/28/2011:

Kasasa Cash

  • 3.50% APY on balances up to $25K
  • 1.00% APY on portion of balance over $25K
  • 0.25% base rate if requirements are not met
  • Nationwide ATM fee refunds

Kasasa Saver

  • 1.50% APY on all balances
  • 0.25% base rate if requirements are not met

Monthly requirements for Kasasa Cash:

  • 10 debit card purchases
  • One direct deposit transfer or ACH automatic payment
  • Sign-up for and receive monthly e-statements

When you meet the Kasasa Cash requirements, you automatically qualify for the high rate on your Kasasa Saver account. Both accounts are free with no monthly service charge and no minimum balance.

How It Compares

The current rate and balance cap of the Kasasa Cash account is a little better than what you can get at reward checking accounts that are nationally available. The Kasasa Saver is nice for those who have more than $25K. With the current rate and with no balance cap, this makes it a very good alternative to internet savings accounts.

Online Application for Illinois Residents

There's an "apply now" link on the bank's Kasasa Cash page which takes you an online application at Kasasa.com. At the bottom of this page, it states that you must reside in Illinois.

Bank Overview

The bank's main office is located in Mendota which is about 60 miles west-southwest of Chicago. It also has 7 other branches in this area plus one in Bloomington.

The bank has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 6.75% (excellent) based on September 2010 data. Please refer to our financial overview of First State Bank for more details. The bank has been a FDIC member since 1940 (FDIC Certificate # 15752).

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: First State Bank (Mendota), Illinois, reward checking account, savings account

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
I openend this acocunt a few months ago and closed it after 2 months.  Nothing but hassles, of various kinds.  First, it took over a hour to get signed up (you must open it in person).  This was not because there were many custromers at the bank - there was almost nobody.  Then, the person I spoke to initially could not find the right person.  Third, when the right person was found, they did not know much more.  Finally, they copy a lot of paperwork to give to you, and the copier broke down when they were printing my stuff.  For some reson they could not print it on any other copier there (there were at least 3 others). 

After the signup, it took forever to get my debit card.  Because of this and partly because of the way the calendar fell, I missed my first "real" month's higher interest.  I made several calls but the person who was supposed to call me back never made contact.  So - I took my money out and closed the account.

 

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Comment #2 by Anonymous posted on
Anonymous
Do I have to open it in person? Can I open it online if I live in IL?

2
Comment #3 by Anonymous posted on
Anonymous
I have had an account with them for about 6 months.  It took time to open and get the debit cards, but I figured it might so I only had 100 in it until I had the debit cards.  Since then it has been an excellent bank to deal with.  Their online banking works well; I am pleased with this account. It is also a highly rated bank for financial health.  You do need to be an Illinois resident, but you can apply online.

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