Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Roundbank2.50%-$10kKasasa Cash
Roundbank1.11%-$25kKasasa Saver
Roundbank0.05%--Kasasa Cash
Roundbank0.05%--Kasasa Saver
Accounts mentioned in this post. Rates as of April 16, 2014

New Reward Checking & Savings Accounts at Roundbank - MN Only

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Roundbank

As I mentioned last month, BancVue is heavily promoting its Kasasa brand of checking and savings accounts which often include reward checking accounts. Through this campaign, I learned of a new reward checking account from Roundbank. Its reward checking account is called Kasasa Cash. Like many of the new Kasasa Cash accounts, the balance cap is a little disappointing. However, the linked savings account, Kasasa Saver, helps offset this, at least to some extent. Below are the rates and features of these accounts as of 9/4/2012:

Kasasa Cash:

Rates and ATM fee refunds if monthly requirements are met:

  • 3.01% APY on balances up to $10,000
  • 0.51% APY on portion of balances over $10,000
  • 0.05% APY if requirements are not met
  • Nationwide ATM fee refunds (Up to $20 per month)

Kasasa Saver:

Rates if monthly requirements are met:

  • 1.11% APY on balances up to $25,000
  • 0.50% APY on portion of balances over $25,000
  • 0.05% APY if requirements are not met

Monthly Requirements:

The following requirements must be met to qualify for the above rates and ATM fee refunds:

  • 12 debit card purchases
  • Access internet banking at least once
  • Receive monthly eStatements

Both accounts have no monthly service fees and no minimum balance requirements. Online bill pay is free.

As I mentioned above, the Kasasa Cash account has a low balance cap, but the Kasasa Saver account can help to offset this a bit. If you maintain $10K in Kasasa Cash and $25K in the Saver, the average APY would be 1.65% as of 9/4/2012. It's not a great yield, but it's higher than any internet savings account rate.

Availability

There's an online application link at the bank's checking account page. This link takes you to the online application at Kasasa.com. The application didn't make it clear about eligibility so I emailed the bank. According to the bank CSR, they are only set up to take applications from people who reside in the state of Minnesota.

Bank Overview

Roundbank branches are located in New Prague, Waseca, Farmington and Waldorf.

The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) and a Texas ratio of 52.71% (below average) based on June 2012 data. Please refer to our financial overview of Roundbank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 5271).

How This Reward Checking Account Compares

In Minnesota, Center National Bank currently offers a slightly higher rate of 3.04% APY for balances up to $10K. The bank requires new customers come into a branch to open an account. The best Minnesota deal is currently at 1st United Bank which offers 2.72% APY for a balance up to $25K. Like Roundbank, 1st United Bank has an online application that's open to all MN residents.

There are only two reward checking accounts that are nationally available with at least a 3.00% APY. Consumers Credit Union pays 3.09% APY for balances up to $5K, and Lake Michigan Credit Union pays 3.00% APY for balances up to $15K.

These rates are accurate as of 9/4/2012.

Searching for Reward Checking Accounts

To find Kasasa Cash accounts and other reward checking accounts in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.

If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.

  Tags: Roundbank, checking account, Minnesota

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