Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
1st United Bank1.75%-$15kKasasa Cash
Accounts mentioned in this post. Rates as of June 29, 2014

New Reward Checking Account at 1st United Bank - MN Only

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1st United Bank

1st United Bank recently launched a new reward checking account called Kasasa Cash. Unlike many new reward checking accounts, this one has a respectable balance cap of $25,000. Many new ones have caps of only $10K. The current rate isn't the best, but it's competitive compared to what's available nationwide and what's available in Minnesota. I've summarized the rates and features below. These are based on the bank's Kasasa Cash page as of 3/16/2012.

  • 2.72% APY on balances up to $25,000
  • 0.50% APY on portion of the balance over $25,000
  • 0.05% base rate if requirements are not met.
  • ATM fee refunds of up to $15 per month and up to $5 per ATM use

The following monthly requirements must be met to qualify for the high interest rate and ATM fee refunds:

  • 10 debit card purchases
  • 1 Automatic Payment, Bill Pay transfer, or Direct Deposit
  • e-statements

The bank also offers a savings account called Kasasa Saver that's linked to the Kasasa Cash account. Meeting the Kasasa Cash requirements can qualify the customer for a higher rate on this savings account. However, the Kasasa Saver rate and balance cap are a little low: The following rates are accurate as of 3/16/2012:

  • 1.01% APY on balances up to $10,000
  • 0.50% APY on portion of the balance over $10,000

Both accounts are free with no monthly service charges and no minimum balance requirements.

There's an online application at the bank's Kasasa Cash page. Applicants must reside in Minnesota.

The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 30.29% (below average) based on December 2011 data. Please refer to our financial overview of 1st United Bank for more details. The bank has been a FDIC member since 1961 (FDIC Certificate # 31249).

How The Reward Checking Rate Compares

The best reward checking rate that's nationally available for balances up to $25,000 is 2.52% APY at ABCO Federal Credit Union. You can get a higher rate, but the balance cap is lower.

1st United Bank has the top rate spot for Minnesota for a $25K deposit. The second best one is at Coulee Bank which offers a 2.55% APY on balances up to $25K. This account used to be available nationwide. This changed in 2011 when the bank limited new customers to Minnesota, Wisconsin and Iowa.

To find reward checking accounts available nationwide or in your state, please refer to our reward checking account table, and please refer to this post for details on how to use the rate tables.

  Tags: 1st United Bank, savings account, checking account

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Comments
Comment #1 by Anonymous posted on
Anonymous
I have a kasasa account with "first arkansas". Since this is a different bank, I wonder if I could get another account.

1