Kansas Banking Rates and News

Meritrust Credit Union did something rare in today's environment. It increased the yield on its 5-year share certificate from 2.00% to 2.50% APY. That's now a very competitive rate. The rates on the shorter terms are much less competitive. The only noteworthy one is a 1.50% APY 3-year CD. Minimum deposit is $500, and I was told last year that the 3- and 5-year CDs have an early withdrawal penalty of 90 days of interest. These rates are listed in the credit union's rates page as of 1/18/2012.

Credit union membership is open to those...

It has been almost five years ago since I first reported on Bank of Blue Valley and its reward checking account. I'm happy to see the bank is still offering a competitive reward checking account, but there have been several changes. The new reward checking account is called Ultimate Checking. It has a top rate of 3.00% APY on balances up to $25,000. There's also an online application, and according to the bank CSR, people in any state can apply. This might sound like a hot deal, but there's one big downside. I've listed the details of this account...

In today's awful interest rate environment, the only deposit account where you can find yields of 4.00% is the reward checking account. Even long-term CDs don't have yields this high. However, there are not many 4.00% reward checking accounts. Rates and balance caps have been falling. As I described in my reward checking overview, reward checking accounts only offer high yields for balances up to a certain cap. For those with large savings, this cap is as important as the rate. Many consider a balance cap of $25,000 to be the minimum cap that makes the reward checking account...

Kansas residents have quite a few choices for reward checking accounts. Quest Credit Union's iDeal Checking is one of the better ones. It has a very competitive rate when the monthly requirements are met. The rates as of 10/26/2011 are:

• 3.51% APY up to $25,000
• 1.01% APY over $25,000
• 0.15% if requirements are not met

In addition to the high rates, ATM fee refunds nationwide are provided if the following monthly requirements are met:

• 10 or more Visa Check Card purchases per month (signature based or credit transactions)
• one Direct Deposit or one automatic payment
• Enroll and receive your statements electronically

There are no monthly service charge...

With all the news of Bank of America's new debit card fee, many people have decided to switch to credit unions and community banks. Those looking for a community bank or credit union should consider a reward checking account. The vast majority of reward checking accounts are free checking accounts that give customers an option to recieve a high interest rate and refunds of ATM fees. These extra perks typically have monthly requirements which always include debit card usage. You can see my overview of reward checking in my post 10 Common Traits of High-Yield Reward Checking Accounts,...

I first reported on Communications Federal Credit Union and its reward checking account, called Free Performance Checking Account, in May 2008. The rate has fallen, but not nearly as much as the rates of many other accounts. It's now one on the few reward checking accounts in the nation that still has a top yield of 4.00% APY that applies to a reasonably large balance (currently $30K). I'm hoping this doesn't fall with the start of October.

Thanks to reader 51hh, I learned that any resident in Oklahoma or Kansas can qualify to join...

CoreFirst Bank & Trust is advertising a nice checking and money market account promotion called Checking Incentives. You can earn a bonus of up to $150 for opening its reward checking and money market account. The promotion doesn't seem to be listed on the bank's website. It was advertised in the 9/25/2011 Kansas City newspaper. The ad is available online here.

All of the bonuses require a direct deposit of payroll or monthly credit. They have three account bonuses to choose:

• $150 for opening a Rewards Checking with a money market or CD
• $100 for opening a...

Liberty Bank is offering a free reward checking account called High-Interest Checking. It has the following rates if certain monthly requirements are met (as of 8/22/2011):

• 2.50% APY for balances up to $30,000
• 0.15% APY for portion of balance over $30,000
• 0.15% base rate if requirements are not met

The monthly requirements include:

• 10 check card transactions
• One direct deposit of at least $250 or more
• Maintain online banking and e-statements

Minimum opening deposit is $25. There is no minimum balance requirement or monthly service charges.

I don't see any mention about ATM fee reimbursements. However, in the bank's checking...

Bank of the West has just started a new checking account promotion with a $100 bonus that's scheduled to last until 9/16/2011. Here's the link to the offer. Unlike previous Bank of the West promotions, this one requires direct deposit. There doesn't seem to be online bill pay option. Like previous promotions, only those who reside in their market area are eligible (see below for the eligible states). The bank is still advertising a free checking account with no monthly service charges or monthly fees. This is becoming rare for large banks.

Below is the...

Metcalf Bank is offering a bonus of $100 for opening a checking and savings account. The details are listed in the bank's promotions page. It's scheduled to last through 8/31/2011. Here are the required steps to qualify for the full $100 bonus:

• Get $50 for opening a MyChoice checking account.
• Get $50 more when you open a SaveUp savings account at the same time
• Set up a monthly automatic transfer between the two

I've highlighted the important details in the promotion's small print below:

Minimum to open MyChoice Checking account $50. No minimum balance required to receive incentive for MyChoice Checking....

Meritrust Credit Union currently has several good CD deals especially on long-term CDs. The rates actually went up considerably last week. Hopefully, they will hold for a while, but I wasn't able to get any clue from the customer service rep about when they might change. As is typical, the rates are subject to change at any time. The three best CDs include the 3.00% APY 5-year CD, 2.25% APY 3-year CD and 1.75% APY 2-year CD. The 1-year CD rate is not quite as competitive at 1.25% APY. Minimum deposit is $500, and I was told...

Commerce Bank is offering up to $100 for opening its myRewards Checking Account and using several of its services. You can also earn up to $100 each year with a myRewards Savings Account. This does require some work to earn the full bonus, and you have to be careful to avoid monthly fees. The bank's myRewards promotion page has the full details. Below is the list of activities with their bonus amounts:

• $20 - Direct deposit twice in the first three months. $20 for each new one added.
• $5 - Automatic payments that come from your account twice...