Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
First Federal Community Bank (OH)2.01%-$10kKasasa Cash
First Federal Community Bank (OH)0.71%--Kasasa Saver
First Federal Community Bank (OH)0.02%--Kasasa Saver
First Federal Community Bank (OH)0.02%--Kasasa Cash
Accounts mentioned in this post. Rates as of July 25, 2014

Useful Reward Checking & Savings Combo in Ohio at First Federal Community Bank

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First Federal Community Bank (OH)

As I was searching for new reward checking accounts, I came across the Kasasa Cash account at First Federal Community Bank in Ohio. At first I was disappointed about the low balance cap of $10,000. However, I noticed it also offers Kasasa Saver, a savings account that links with the Kasasa Cash account. Thanks to that Savings account, this bank can be a good alternative to your internet bank. Before I describe why, here are the features of the bank's Kasasa Cash and Kasasa Saver accounts as of 10/18/2012:

Kasasa Cash

  • 3.01% APY on balances up to $10,000
  • 0.50% APY on amount of balance over $10,000
  • 0.05% APY if qualifications aren't met
  • Nationwide ATM fee refunds of up to $20 per month

Kasasa Saver

  • 1.01% APY on entire balance
  • 0.05% APY if qualifications aren't met

Monthly Requirements

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

  • 12 signature-based check card purchases
  • 1 automatic payment or direct deposit
  • Receive monthly eStatements

If you don't meet these requirements, there is no monthly service fee. These are free accounts with no monthly service charges or minimum balance requirement.

Availability and Application

The bank offers an online application. The "apply now" link is located on the bank's Kasasa Cash page. According to the first page of the application, they are "only serving residents of the state of Ohio."

Bank Overview

First Federal Community Bank branches are located in the Ohio cities of Dover, New Philadelphia, Berlin and Sugarcreek.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 10.61% (above average) based on June 2012. Please refer to our financial overview of First Federal Community Bank for more details. The bank has been a FDIC member since 1937 (FDIC Certificate # 29787).

How This Reward Checking Account Compares

As I described above, the $10K balance cap is disappointing. However, two features help to offset this. First, the Kasasa Cash yield of 3.01% for the first $10K is competitive as compared to other reward checking accounts. For reward checking accounts available nationwide, there are only two that offer 3% yields: Consumers Credit Union offers 3.09% APY for up to $5K and Lake Michigan Credit Union offers 3.00% APY for up to $15K.

The other feature that makes this First Federal Community Bank a good deal is the Kasasa Saver account. Its yield is 1.01% for all balances. This is what allows these Kasasa accounts to be a better deal than internet savings accounts. The best internet savings accounts (non promos and available to all) currently have yields of 1.05%. So if you live in Ohio and want to support a local community bank, First Federal is a good option. Its Kasasa accounts allow you to earn more than any internet bank. The only exception is Bank of Internet USA which offers a reward checking account that pays 1.25% APY on all balances. If you maintain a large balance, this may be slightly better than First Federal's Kasasa accounts.

Finding the Best Reward Checking Accounts

To find the best reward checking accounts today, please refer to our reward checking rate table. This can be used to find accounts available nationwide or in your state. If you're new to these tables, my rate table guide should be useful.

If you're new to reward checking, please refer to my post 10 Common Traits of High-Yield Reward Checking.


  Tags: First Federal Community Bank (OH), savings account, Ohio

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Comments
Comment #1 by Anonymous posted on
Anonymous
Great!  thanks for sharing.

1