Dedicated to Deposits: Deals, Data, and Discussion
The First State Bank (17884)2.50%-$15kPreferred Reward Checking
The First State Bank (17884)1.00%-$50kPreferred Reward Saver
The First State Bank (17884)0.05%--Preferred Reward Saver
The First State Bank (17884)0.05%--Preferred Reward Checking
Accounts mentioned in this post. Rates as of August 27, 2014

New Reward Checking and Savings Accounts at The First State Bank - Oklahoma Only


The First State Bank (17884)

There’s another new reward checking account, but like many other new ones, the balance cap is a little disappointing. The reward checking account is being offered by The First State Bank in Oklahoma, and it’s called Preferred Reward Checking. There’s also a companion savings account called Preferred Reward Saver that helps offset the low checking balance cap. Below is a summary of the rates and requirements:

Preferred Reward Checking rates and features as of 7/31/2013:

  • 2.50% APY on daily balances up to $15,000
  • 0.60% interest rate on the portion of the balance over $15,000
  • 0.05% APY if qualifications aren't met
  • Nationwide ATM fee refunds (up to $25)

Preferred Reward Saver rates as of 7/31/2013:

  • 1.00% APY on daily balances up to $50,000
  • 0.60% interest rate on the portion of the balance over $50,000
  • 0.05% APY if qualifications aren't met

Monthly requirements to qualify for the above rates and ATM fee refunds:

  • 12 debit card purchases
  • receive eStatements
  • one direct deposit OR automatic payment (ACH)

These are free accounts with no monthly service fee or minimum balance requirements regardless of meeting the above requirements. Both accounts do have a minimum opening balance of $100.

Availability - Branch Visit Required

The bank offers an online application for these accounts. However, I was told by a bank official that a branch visit is required to finish the application process.

The First State Bank branches are located in Oklahoma City, Midwest City and Canute.

Bank Overview

According to the bank’s about page:

Founded in 1902 in Canute, Oklahoma, The First State Bank is Oklahoma's oldest active state-chartered bank specializing in small and middle market lending.

The bank has an overall health score at of 5 stars (out of 5) with a Texas ratio of 3.78% (excellent) based on March 2013 data. Please refer to our financial overview of The First State Bank for more details. The bank has been a FDIC member since 1958 (FDIC Certificate # 17884).

How This Reward Checking Account Compares

As I mentioned above, the balance cap is a little disappointing, but for new reward checking accounts, a $15K cap is common. The $50K balance cap for the companion savings account helps a little. The savings account rate is very competitive compared to internet savings accounts, and it may allow customers to use this bank as their primary bank without moving some of their savings to internet banks.

The best reward checking account that’s nationally available with a balance cap of at least $15K is the Ovation Checking Account at INOVA Federal Credit Union. This account pays 3.00% APY for balances up to $20K (see account review). This rate and balance cap are accurate as of 7/31/2013.

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of To learn more about reward checking, please refer to this reward checking overview.

  Tags: The First State Bank (17884), checking account, Oklahoma, savings account

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Comment #1 by Anonymous posted on
I also took advantage of $175.00 bonus on the $15,000.00 savings account deposit for six months as it worked out at over 2%.  It will be interesting to see the miniscule amount of interest applied thereafter.   I find Chase good on the whole and it does deliver what it promises.  I think their computer interface is second to none.