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Update on the BankOn Online Savings Account and Bonus - CO, KS, MO, NE & WY Only


BankOn is one of the rare internet banks that's limited to only certain states. My first review of BankOn was in October 2009 when the savings account was paying 2.05%. The yield held up well until last September when it fell to 1.15% APY where it remains as of 2/25/2011. This yield still is disappointing, but it's getting more competitive as others cut rates.

One nice small perk with BankOn that's still around is a sign-up bonus of $25 when you open the savings account. There doesn't seem to be any additional requirements to receive this bonus. The rules say there's a limit of one per household, and the bonus will be paid within 10 business days of account opening. Another perk is the nice refer-a-friend bonus. The bank says it's a limited time promotion, but this has continued since last August. It rewards both the referrer and the new customer with $25. You can make up to $250 for referring friends.

One downside to BankOn is the requirement of opening its internet checking account. The checking requires a $100 minimum opening deposit, and it pays no interest. However, there is no minimum balance requirement after opening.

I have a full review of both the savings and checking account in my 2009 BankOn accounts reviews.

Unfortunately, BankOn continues to be limited a few Midwestern states: Colorado, Kansas, Missouri, Nebraska and Wyoming.

BankOn is part of Pinnacle Bank which has been a FDIC member since 1934 (FDIC Certificate # 10634). Pinnacle Bank has a link to BankOn at its website so you can confirm the relationship.

  Tags: savings account, checking account, Colorado, Kansas, Missouri, Nebraska, Wyoming

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