Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Frontier Bank (IA)3.05%-$20kKasasa Cash
Frontier Bank (IA)1.05%-$15kKasasa Saver
Accounts mentioned in this post. Rates as of August 1, 2014

More States Eligible for Frontier Bank’s Top Reward Checking Account

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Last year when I first reported on the reward checking account at Frontier Bank, the online application allowed residents of three states to apply. Its online application now allows residents of 12 midwestern states to apply. This gives many more people access to a very competitive reward checking account. The reward checking is under the Kasasa brand, and it’s called Kasasa Cash. As of 3/18/2014, the account has a 3.05% APY on balances up to $20K if typical reward checking monthly requirements are met. There’s also a Kasasa Saver account that can be linked to the checking. This has a 1.05% APY on balances up to $15K when the reward checking requirements are met. I have more details on these accounts in my Frontier Bank Kasasa account review. Below is the list of states that are now in Frontier Bank’s market area:

  • Colorado
  • Illinois
  • Iowa
  • Kansas
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • North Dakota
  • South Dakota
  • Wisconsin
  • Wyoming

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 17.51% (above average) based on December 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 (doesn’t accept PA residents). 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), Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Wisconsin, Wyoming, savings account, checking account

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Comments
Comment #1 by gregk posted on
gregk
Thanks for notice of this, - it looks to me like (together with Inova's) the best RCA out there now.  Fortunately I'm in one of the qualifying states.  Having talked to a Frontier rep earlier, one feature in getting the account operative that seems unique among RCA's is that the (typical) requirements necessary to earn the "rewards" interest rate are waived for the first two statement periods rather than the usual one.  Not that that really seems needed, - unless you open the account right at the end of a month, - but for anxious types (Paoli?) perhaps appreciated.

4
Comment #2 by Anonymous posted on
Anonymous
It's not the best RCA,I closed this account!
The bank has been harassing me every month, saying this debit card should be my primary account for all uses, use for bigger amounts.  The bank told me that debit transactions conducted on the same day or made during a condensed time period are not considered normal.
It als0 says that Frontier bank reserve the rights to close this account at any time or change the account type without advance notice.

I don't even use ATM machine, so the bank doesn't have to pay my ATM fees.

 The Rep didn't tell me that the (typical) requirements necessary to earn the "rewards" interest rate are waived for the first two statement periods. I specifically asked about it.  

1
Comment #3 by gregk posted on
gregk
My 2 month "grace period" is up May 31rst and I'll start doing transactions in June, - a couple of large ones each cycle perhaps ($50-$100) but the rest likely to be rather small.  What amount transactions were you drawing their reprimand for? Honestly, a bank should either set some minimal transaction amount (for each or in toto) if their concerned about it, or else leave their account holders alone over it.  I can't believe they monitored you.

1
Comment #4 by gregk posted on
gregk
BTW, what does an institution like Frontier Bank (or any other) gain from offering a 3% RCA?  I assume they  can access Federal Reserve funds for next to nothing.   Sure, they expand their depositor base, but must know that non-local account holders are likely to immediately evacuate if the terms become uncompetitive or too much of an inconvenience.  Why does a tiny entity like this one bother with it?

1