First State Bank of Forrest is offering a reward checking account called Kasasa Cash, and it currently has a competitive rate and balance cap. The bank also has a linked savings account called Kasasa Saver, but the rate of this account is only 0.30%. So this post will focus only on the Kasasa Cash account. The Kasasa Cash account has the following rates and features as listed in the bank’s Kasasa Cash page as of 6/10/2013:
Rates and ATM fee refunds if monthly requirements are met:
- 2.50% APY on balances up to $25,000
- 0.25% interest rate on the portion of the balance over $25,000
- 0.05% interest rate on the entire balance if requirements are not met
- Domestic ATM fees incurred during qualification cycle will be reimbursed up to $25
Monthly requirements include:
- 12 debit card purchases
- 1 automatic payment (ACH auto debit only)
- receive eStatements
Minimum initial deposit is $25. There is no minimum balance to maintain the account, and there is no monthly maintenance fee. Online bill pay is free.
Application and Availability
If you click on the “Open Now” button on the bank’s Kasasa Cash page, it will take you to the online application at Kasasa.com. The online application requires you to enter your zip code before you are allowed to enter your information. It appears to accept all zip codes. I just emailed the bank to see if people from any state can be accepted. I’ll update this post when I receive a reply. Update: I received a reply from the bank. I was told that they are "only offering Kasasa accounts in Illinois and Iowa".
First State Bank of Forrest branches are located in the Illinois cities of Forrest, Onarga, Peoria Heights, Fairbury and Erie.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 7.80% (excellent) based on March 2013 data. Please refer to our financial overview of First State Bank of Forrest for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 11669).
How This Reward Checking Account Compares
The nice thing about this reward checking account is its $25K balance cap. It’s getting harder to find reward checking accounts with rates over 2% with balance caps of at least $25K. The highest rate of a reward checking account with a $25K balance cap that’s nationally available is 2.02% APY at ABCO Federal Credit Union. This is accurate as of 6/10/2013.
To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.