Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Frontier Bank (IA)3.05%-$20kKasasa Cash
Frontier Bank (IA)1.05%-$15kKasasa Saver
Frontier Bank (IA)0.05%--Kasasa Cash
Frontier Bank (IA)0.05%--Kasasa Saver
Accounts mentioned in this post. Rates as of April 24, 2014

Frontier Bank’s Nice Reward Checking Account for Many Midwestern States

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Frontier Bank (IA)

Frontier Bank has begun offering a reward checking and savings account under the Kasasa brand. Thanks to DA reader Aaron for mentioning this in the comments. The reward checking is called Kasasa Cash and the companion savings account is called Kasasa Saver. Both offer competitive interest rates. The balance caps are a little low, but they’re reasonable for new Kasasa accounts. Below is a summary of the rates and features of these two accounts as of 9/26/2013:

Kasasa Cash rates and features if monthly requirements are met:

  • 3.05% APY on balances up to $20,000
  • 0.25% on portion of balances over $20,000
  • 0.05% APY on entire balance if requirements are not met
  • ATM fee refunds nationwide (up to $20 monthly)

Kasasa Saver rates if monthly requirements are met:

  • 1.05% APY on balances up to $15,000
  • 0.25% on portion of balances over $15,000
  • 0.05% APY on entire balance if requirements are not met

Monthly requirements to qualify for the above rates:

  • 12 debit card purchases
  • 1 direct deposit or automatic payment (ACH)
  • receive e-statements

For more details, please refer to Frontier Bank’s Kasasa Cash and Kasasa Saver pages.

The bank also offers Kasasa Cash Back and Kasasa Tunes. These accounts can be better deals than Kasasa Cash if you plan to have a small checking balance.

As you expect from Kasasa accounts, these accounts have no monthly service fee and no minimum balance requirement. Minimum initial deposit for both accounts is $50.

Availability

Update 3/18/14: The application now accepts residents from the following states: Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Wisconsin, Wyoming.

Frontier Bank has an online application for its Kasasa accounts, but according to the application, they are only "serving residents in the states of Iowa, South Dakota, and Minnesota."

Bank Overview

Frontier Bank’s main office is located in Rock Rapids, Iowa with additional branches in the Iowa cities of Sioux Falls, Little Rock and George.

The bank has an overall health score at DepositAccounts.com of B+ with a Texas ratio of 25.63% (average) based on June 2013 data. Please refer to our financial overview of Frontier Bank for more details. The bank has been a FDIC member since 1994 (FDIC Certificate # 33922).

How This Reward Checking Compares

Frontier Bank’s Kasasa Cash account just tops the reward checking account at INOVA Federal Credit Union, an all-access credit union. INOVA’s reward checking, called Ovation Checking, has a 3.00% APY on balances up to $20K. However, it doesn’t offer a companion savings account. INOVA’s Ovation checking is currently the best nationwide rate for balances of at least $20K.

To find other reward checking accounts that are available nationwide or in your state, please refer to our high-interest reward checking account table.

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

  Tags: Frontier Bank (IA), Iowa, Minnesota, South Dakota, savings account, checking account

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
The Kasasa Cash account is currently available to residents of 12 midwest/western states. Also, applicants must agree to use the account as their primary checking account, or the application will NOT be approved.

1
Comment #2 by aaa (anonymous) posted on
aaa
This bank will give you three warnings and will close your account if you make minimal dollar transactions.  Do not bother joining, they are very picky.

1