Greater Western Bank is offering three CD specials. The most competitive one is a 2.18% APY 18-month CD. The other two are a 2.68% APY 38-month CD and a 3.08% APY 58-month CD. These rates include a 0.15% bonus for new or existing checking or savings account customers. Minimum deposit is $5,000, and new money is required. These special CD rates are listed in the bank's CD page as of 2/01/2010.
It appears that a branch visit is required. Branches are located in the states of Arizona, Colorado, Kansas, Nebraska, South Dakota, Iowa and Missouri.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1935 (FDIC Certificate # 15289).
As I've been reporting, banks are trying new ways to encourage customers to use their debit cards with the credit (signature-based) option. High-yield reward checking is one way, and this mostly benefits those with larger balances ($25K or more). The larger banks have tried reward checking that rewards with cash back rather than high interest rates. M&I Bank is the latest example with their Cash Back Checking.
In addition to the cash-back features, M&I Bank is offering a $100 cash bonus for opening their Cash Back Checking Account. Offer is scheduled to last until 2/12/2010. Here's the small print of the offer:
Simply open an M&I Cash Back Checking account by February 12, 2010. To receive your $100 you must make five qualifying** purchases with your M&I Bank Check Card within the first 45 days after account opening. Your account will be reviewed 45 days after opening. The $100 cash bonus will be paid within 2 weeks of that review if the requirement above has been met. Offer applies to new accounts opened with new money not currently on deposit with M&I Bank, no exceptions. One bonus per household ever 12 months. Cannot be combined with other offers.
Note, qualifying purchases requires signature-based purchases with the debit card.
Here's the summary of the cash back features of this checking account:
- 0.25% cash back bonus based on the total amount of your net signature-based M&I Bank Check Card purchases made during the statement cycle.
- $0.25 for a deposit up to a maximum of $2 per statement cycle (8 deposits)
- $0.25 for each monthly online statement
- $0.05 for automatic payments deducted from your account (Online Bill Payment, internal M&I loan payment and ACH debit) up to a maximum of $2 per statement cycle (40 payments)
Note, high-yield reward checking accounts often require the above activity to qualify for the high yield. For those with small balances, the above cash-back features could earn you more than high interest rate.
One downside to the Cash Back Checking is the potential of a $10 monthly maintenance fee which would eliminate the benefits of the above rewards. The bank lists these three options to avoid this fee:
- making 3 transactions per statement cycle
- maintaining $1,000 minimum average daily balance in the account
- if you are under the age of 25
The offer appears to only be available where M&I Bank has branches. You need to enter your zip code if you apply online, and it'll tell you if you're not in their market area. According to their branch locator, the states where they have branches include: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. Most of the branches are located in Wisconsin which is where their headquarters is located.
M&I is a large regional bank with $51.6 billion in assets. It has been a FDIC member since 1934 (FDIC Certificate # 1020).
Credit for this find goes to FW member buyerbware who posted it on this FW thread.
- Open any new personal checking account
- First recurring direct deposit must be posted to your account within 60 calendar days of your account opening date
- The 10 bill payments must occur within 60 calendar days of your account opening date
- Bonus will be credited to your account within 60 days after satisfaction of conditions
- Offer valid for a new personal checking account opened from with $100 or more from a financial institution other than Bank of the West
- Offer does not apply to second or multiple checking accounts and/or existing checking customers
- Limit of one $100 bonus per household per calendar year
- Value of the offer reported to the IRS on Form 1099
A few readers shared their experience with this bonus last year. If you participated in this promotion last year, please leave a comment about how it went. Hopefully, the bonuses were paid without problems.
Branches are located throughout the Western and Midwestern states including Oklahoma, Kansas, Minnesota, Nebraska, Colorado, Arizona, Nevada, Wyoming, Washington, Oregon and California. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).
Thanks to the reader who emailed me news of this new promotion.
Online Savings Account
Bank of the West continues to offer an online savings account with the competitive yield of 1.50% APY for balances of $10K and above as of 1/14/2010. This is the same rate when I posted on this account last August. Unfortunately, 1.50% is now competitive for online savings accounts. However, the rate is low for balances under $10K (0.50%). In August I was told by the CSR that there's a $2/month fee if the balance falls below $300. Another downside is that their ACH bank-to-bank transfer service has a transfer limit of $2,000 per day.
Other Bank Bonuses and Online Savings Accounts
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. Refer to my weekly rate summary and the savings account section of DepositAccounts.com for the best nationwide savings account rates.
- 5.51% APY on balances up to $25,000
- 0.25% base rate if requirements are not met
- 10 Visa debit card purchases
- 1 direct deposit
- 5 direct deposits (utility bills, cell phone bills)
- 2 ATM transactions
- 1 Bill Payment through FSB Bill Pay
- $100 minimum opening deposit
- No monthly service charge
- No minimum balance requirement
- Not be charged the $1 ATM access fee at foreign ATMs (but don't see any mention of surcharge reimbursement)
The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1935 (FDIC Certificate # 15258).
Other Reward Checking Accounts
This is one of the highest rates for reward checking accounts in the nation. Unfortunately, it's a local deal in a very small region of the nation. The reward checking account with the highest rate in the nation is also in Kansas. It's at the Golden Plains Credit Union which continues to offer a 6.01% APY for balances up to $25K as of 1/04/2010 (see review).
To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.
It appears that a branch visit is required to open an account. It's a small one-office bank located in Overland Park, Kansas which is a suburb of Kansas City.
The bank was established in October 2007, so BauerFinancial labels the bank as a start-up without a rating for safety and soundness. Bankrate gives the bank 2 stars (below peer group) based on 6/30/09 financial data. The bank is a FDIC member (FDIC Certificate # 58648).
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com (overview of DepositAccounts.com)
- My weekly list of hot nationwide and local CD deals
First Bank is offering three competitive CD specials: 1.86% APY 7-month CD, 2.22% APY 14-month CD and a 2.73% APY 25-month CD. The 7-month CD has a $500 minimum and the longer term ones have a $2,500 minimum. These rates are listed at the bank's featured products page as of 12/07/09.
It appears that a branch visit is required to open an account. Branches are located in the Kansas cities of Sterling, Lyons and Chase.
First Bank's ratings for safety and soundness are very strong: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 5 stars (superior) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1946 (FDIC Certificate # 16473).
Other Competitive Certificate of Deposit Rates
- 4.41% APY on balances up to $30,000
- 0.91% APY on portion of balance over $30,000
- 0.20% base rate if requirements are not met
- ATM fee refunds up to $15 per month
- 12 signature-based debit card purchases
- 1 direct deposit or ACH auto debit
- $100 minimum opening balance
- No minimum balance requirement
- No monthly service charge
- Free Bill Pay
The bank's ratings for safety and soundness are above average: 3½ stars (good) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1952 (FDIC Certificate # 17104).
Other Reward Checking Accounts
A bank or credit union that only offers its reward checking account locally may have a better chance with keeping rates high. Banks with nationwide reward checking accounts are more prone to rate chasers, and many have cut their rates this year. The latest is Bank of the Sierra (see post).
To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.
- 4.01% APY on balances up to $25,000
- 1.01% APY on balances over $25,000
- 0.25% base rate if requirements are not met
- Reimburses all ATM fees nationwide
- 10 Visa debit card purchases
- 1 direct deposit or automatic payment
- Receive monthly account statement electronically
- $100 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Free Online Bill Pay
Branches are located in Southwest Kansas in the cities of Sublette, Satanta, Greensburg, Dodge City and Minneola. One interesting note about Greensburg is that it's the city that received nationwide attention in 2007 when it was hit hard by a major tornado.
Centera Bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 5 stars (superior) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1946 (FDIC Certificate # 16436).
Thanks to the reader who emailed me info on this reward checking account.
Other Reward Checking Accounts
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
You might notice how similar Bank Midwest's website is compared to Southern Commerce Bank's website. This is not a coincidence. Both banks are part of Dickinson Financial Corp. Bank Midwest also has the same CD application page which warns that you must visit a branch for identification purposes. For the case of Southern Commerce Bank, they allow the ID verification to be done by mail (see post). So if you're interested in Bank Midwest CDs, and you don't live near a branch, you might want to call.
Branches are located throughout Missouri, eastern Kansas, and the Kansas City, Springfield and St. Louis metro areas.
Like Southern Commerce Bank, Bank Midwest also has weak ratings for safety and soundness: 1 star (troubled) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1990 (FDIC Certificate # 32964).
Other Competitive Certificate of Deposit Rates
- 3.04% APY on balances up to $25,000
- 0.10% on portion of balance over $25,000
- 0.10% on all balances if requirements are not met
- 5 non-CoreFirst ATM withdrawal fees refunded each cycle
- 10 signed Visa Check Card purchases
- One direct deposit
- 2 internet banking bill payments
- Receive e-statements
- $100 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1959 (FDIC Certificate # 18100).
Note, the reward checking account rates aren't listed at the bank's website as of 10/18/09. The 3.04% APY was advertised in the 10/18/09 edition of the Denver Post and in the 10/14/09 edition of the Kansas City Star.
Other Reward Checking Accounts
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
