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Easygrow Checking RCA Cuts Interest Rate To 2.51% (From 3.51%)

Tuesday, December 28, 2010 - 10:51 PMFirst Bank & Trust (SD)
Just the other day, I was checking the EasyGrow Rewarding Checking web site run by First Bank and Trust, and Bank of White, to see they were still maintaining their 3.51% interest rate. Now as of this morning (12/29), the web site shows a new rate of 2.51%... though I've received no notice of any change from the bank.

No indication of when the rate change will take effect for existing account holders. According to their web site, they are keeping the current $25K balance limit and the 10 POS transactions per month details. But they've also lowered the interest rates for balances beyond the $25K amount and for balances in months where the account holder doesn't qualify for rewards interest...

This rewards account used to be nationally available, but lately was restricted to residents of just five midwest states....


thaiguyinlathaiguyinla14 posts since
Dec 27, 2010
Rep Points: 33
1. Wednesday, December 29, 2010 - 11:31 AM
Regarding when the change will take effect for existing customers, in my monthly report email that came today from the bank, it appears immediately for existing customers:

Important Change of Terms for easyGROW Checking  
Based on the current rate environment, we are implementing the following rate changes on easyGROW Checking: Effective 12/29/2010, 2.51% APY will be paid on the portion of your balance up to and including $24,999.99, and 0.50% APY will be paid on the portion of your balance $25,000.00 and above. If you do not meet the requirements, 0.10% APY will be paid on your total balance for that statement cycle.  All other terms remain the same, as does our commitment to providing a premium deposit account that helps you BANKeasy.

bonda01bonda011 posts since
Dec 29, 2010
Rep Points: 3