Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
St. Martin Bank & Trust Company3.26%-$10kKasasa Cash
St. Martin Bank & Trust Company1.26%-$15kKasasa Savings
St. Martin Bank & Trust Company0.05%--Kasasa Cash
St. Martin Bank & Trust Company0.05%--Kasasa Savings
Accounts mentioned in this post. Rates as of July 23, 2014

Kasasa Cash and Saver Accounts at St. Martin Bank & Trust in Louisiana

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St. Martin Bank & Trust Company

It has been just over five years since my first review of the reward checking account at St. Martin Bank & Trust. As you might have expected, the rate and balance cap have fallen, but the reward checking account is still competitive. In addition, the bank has added a linked savings account which helps make it a better deal for savers. The accounts are now under the Kasasa brand. The rates and features are described below (as of 7/2/2013):

Kasasa Cash rates and features if monthly requirements are met:

  • 3.51% APY on balances up to $10,000
  • 0.25% APY applies to balances over $10,000
  • 0.05% APY on all balances when requirements are not met
  • ATM fee reimbursements up to $12.50 per month or up to $5.00 per fee

Kasasa Saver rates if monthly requirements are met:

  • 1.51% APY on balances up to $25,000
  • 0.25% APY applies to balances over $25,000
  • 0.05% APY on all balances when requirements are not met

Monthly requirements for the above rates and features:

  • 10 debit card purchases
  • one automatic payment (ACH) or direct deposit
  • access e-Banking at least once
  • receive eStatements

These are free accounts with no monthly service fees and no minimum balance requirements.

There’s an online application link in the Kasasa Cash page. The start of this application specifies that they only accept residents of the state of Louisiana.

The bank has several branches located in South Louisiana in Lafayette and nearby cities.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 9.44% (above average) based on March 2013 data. Please refer to our financial overview of St. Martin Bank & Trust Company for more details. The bank has been a FDIC member since 1934.

How This Reward Checking Account Compares

The main downside with this bank’s Kasasa Cash account (reward checking) is the low balance cap of $10K. This used to be $25K before 2010. The linked savings account (Kasasa Saver) helps a little since it has a $25K balance cap, but its yield is only 1.51%.

The highest yield for a nationally available reward checking account is 4.00% at Great Lakes Credit Union. This also has a balance cap of $10K. Rates are lower for larger balance caps. For a $20K cap, INOVA Federal Credit Union offers a 3.00% APY. These rates are accurate as of 7/2/2013.

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.

  Tags: checking account, savings account, Louisiana, St. Martin Bank & Trust Company

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