Dedicated to Deposits: Deals, Data, and Discussion

Kasasa Accounts with High-Yield Reward Checking at American Bank & Trust

POSTED ON BY

American Bank & Trust is offering a competitive high-yield reward checking account called Kasasa Cash that can be opened online. There’s also a linked savings account called Kasasa Saver. Like many of the new reward checking accounts, its balance cap is disappointing. Nevertheless, it’s always nice to see widely available reward checking accounts. Below is an overview of these accounts as of 7/2/2014. Full details are available at the bank's Kasasa Cash page and its Kasasa Saver page:

Kasasa Cash rates and ATM fee refund policy if monthly requirements are met:

  • 2.51% APY on balances up to $10,000
  • 0.25% interest rate on portion of the balance over $10,000
  • 0.01% on the entire balance if requirements are not met
  • Refunds on ATM fees of up to $20

Kasasa Saver account must be linked to the Kasasa Cash account. The following are the Kasasa Saver rates if monthly requirements are met:

  • 0.75% APY on balances up to $10,000
  • 0.25% interest rate on portion of the balance over $10,000
  • 0.01% on the entire balance if requirements are not met

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

  • 12 debit card purchases
  • 1 automatic payment (ACH) debit
  • e-statements

Both accounts are free accounts with no monthly service fees and no minimum balance requirements. Minimum to open is $100 for Kasasa Cash and $50 for Kasasa Saver. There’s a limit one account per social security number.

DETAILSINSTITUTIONAPYMINMAXPRODUCT
American Bank & Trust2.51%-$10kKasasa Cash
American Bank & Trust0.75%-$10kKasasa Saver
Accounts mentioned in this post. Rates as of July 31, 2014

Availability - Currently Nationally Available

The "open now" buttons at the Kasasa Cash and Saver pages point to an online application that is currently allowing people from any state to apply. I checked with the bank, and according to a customer service representative, the bank does accept out of state applications. Please note that American Bank & Trust is a small bank, and small banks often change their eligibility policies. Since these accounts are not extremely competitive deals, the bank shouldn’t be overloaded with applications and will hopefully be able to maintain nationwide eligibility.

Bank Overview

American Bank & Trust is headquartered in Wessington Springs, South Dakota, and it has branches in several cities throughout South Dakota.

It’s a locally owned and locally managed bank that has been serving the area since the late 1800's.

The bank has an overall health grade at DepositAccounts.com of an A with a Texas ratio of 3.01% (excellent) based on March 2014 data. Please refer to our financial overview of American Bank & Trust for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 1117).

How This Reward Checking Account Compares

For nationally available reward checking accounts, American Bank & Trust offers the highest rate for banks. The second highest is now Lee Bank. Its reward checking account pays 2.50% for balances up to $15K.

For all-access credit unions, the best rate for a $10K balance cap is at Consumers Credit Union which has a reward checking account that pays 4.09% APY for balances up to $10K. You can actually earn up to 5.09% APY, but this requires that you spend $1,000 or more in credit card purchases. The best deal when you consider the combination of rate and balance cap is at INOVA Federal Credit Union which offers 3.00% APY on balances up to $20K.

The above rates are accurate as of 7/2/2014.

To find the best reward checking accounts in your area or that are available nationwide, please refer to our reward checking account table.


  Tags: American Bank & Trust

Related Posts

Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
why bother with these RCAs with interest lower than 3.00 APY.  We can get CDs with higher rates and not have to just through any hoops to collect the interest each month.  These RCAs are a waste of time even discussing.

4
Comment #3 by Anonymous posted on
Anonymous
you compare liquid money with locking up money for 5 years?

1