Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Quoin Financial Bank2.51%-$15kKasasa Cash
Quoin Financial Bank0.75%-$15kKasasa Saver
Accounts mentioned in this post. Rates as of April 17, 2014

New Reward Checking and Savings Accounts at Quoin Financial Bank - SD Only

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Quoin Financial Bank

Quoin Financial Bank has recently launched a reward checking and savings account under the Kasasa brand. Like most new Kasasa accounts, the rates and balance caps are not exceptional, but they are competitive. For those in South Dakota, these accounts may be appealing. The rates and features of these accounts are described in the bank’s Kasasa Cash page and in the bank’s Kasasa Saver page as of 5/24/2013:

Kasasa Cash (reward checking) rates and ATM refund policy if monthly requirements are met:

  • 2.51% APY for balances up to $15,000
  • 0.15% interest rate on portion of balance over $15,000
  • 0.05% APY if qualifications aren't met
  • Nationwide ATM fee refunds (up to $20)

Kasasa Saver (savings account) rates if monthly requirements are met:

  • 0.75% APY on balances up to $15,000
  • 0.15% interest rate on portion of balance over $15,000
  • 0.05% APY if qualifications aren't met

Monthly requirements to qualify for the above rewards:

  • 10 debit card purchases
  • 1 automatic payment (ACH) or bill payment
  • Receive e-statements

Both accounts require a minimum initial deposit of $50, but there are no minimum balance requirements after the accounts are opened. Also, there is no monthly service fee.

If you click on the “Apply Now” button on the Kasasa Cash or Kasasa Saver pages, you’ll be taken to the bank’s online application. According to an official from the bank, they are only accepting deposit customers who are South Dakota residents.

Quoin Financial Bank branches are located in the South Dakota cities of Sioux Falls, Highmore and Miller.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 25.28% (average) based on December 2012 data. Please refer to our financial overview of Quoin Financial Bank for more details. The bank has been a FDIC member since 1938 (FDIC Certificate # 15629).

How this Reward Checking Account Compares

Quoin Financial Bank’s $15K balance cap is one downside to these Kasasa accounts. Unfortunately, the $15K and $10K balance caps are becoming more common especially for new Kasasa Cash accounts. The $25K balance caps are much less common than they used to be.

You can get better reward checking deals at a few all-access credit unions. The best deal for a $10K balance cap is currently at Great Lakes Credit Union which has a 4.00% APY. For a $15K balance cap, the best rate is 3.25% APY at Belvoir FCU, and for a $25K balance cap, the best rate is 2.02% APY at ABCO FCU.

The above rates are accurate as of 5/24/2013.

Other Reward Checking Accounts

To find reward checking accounts available in your state, please refer to our reward checking table. You can also use the table to find reward checking accounts available nationwide. Refer to this post to learn how to use the table.

To learn more about reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.

  Tags: Quoin Financial Bank, checking account, savings account, South Dakota

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Comments
3 comments.


Comment #2 by paoli2 posted on
paoli2
I don't do Reward Checking but those are the best rates I have read about.  Maybe it's a sign things will get better for regular CDs.

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