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).
- 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.
Update 1/21/2010: The bank extended the rate guarantee to 5/31/2010.
Adams Bank & Trust is offering a high-yield reward checking account called SuperSmart e-Checking. It has the following rates and features if you meet certain monthly requirements:
- 4.00% APY on balances up to $35,000 (guaranteed until 5/31/2010)
- 2.00% on portion of balance over $35,000
- 0.20% base rate if requirements are not met
- ATM fee refunds up to $10 per month
The monthly requirements include:
- 25 debit card purchases (PIN or signature based)
- 1 direct deposit or direct payment (ACH)
- Receive e-statements
Additional account features include:
- $100 minimum initial deposit
- $7 monthly membership fee if requirements are not met
For those who don't want to do 25 monthly debit card purchases, the bank offers the Smart e-Checking which has easier requirements but the rates are lower:
- 2.00% APY on balances up to $25,000
- 1.00% on portion of balance over $25,000
- 0.15% base rate if requirements are not met
- ATM fee refunds up to $10 per month
The monthly requirements include:
- 15 debit card purchases (PIN or signature based)
- 1 direct deposit or direct payment (ACH)
- Receive e-statements
Another reason to choose this account over the SuperSmart e-Checking is that it lacks the monthly fee if you fail to meet the monthly requirements.
It appears that a branch visit is required to open an account. Branches are located in Nebraska and Colorado.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1962 (FDIC Certificate # 18489).
Other Reward Checking Accounts
The high debit card usage requirement and the monthly fee when requirements are not met are rare for reward checking accounts. Most only require 10 purchases a month and have no monthly fees regardless of meeting the requirements. The only good thing about these requirements is that it should encourage people to use the account as their primary checking account which should make it easier for the bank to maintain the high rates.
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.
Rate History:
4.00% APY up to $35K; 2.00% over (guaranteed to 5/31/10)
4.00% APY up to $35K; 2.00% over (guaranteed to 2/27/10)
Mutual of Omaha Bank is still offering two competitive CD specials. The special 16-month CD rate has gone down a bit since my August post. The rate is now 2.00% APY. However, the 3-year special CD rate remains at 3.00% APY. Minimum deposit is $1,000. The 16-month special requires a checking, savings or money market account. The 3-year CD is also available in an IRA. These specials are listed at the bank's rates page as of 11/13/09. This rates page is for Arizona. There are separate rates pages for the other states where it has branches. All of these other pages list these same rates for these two specials.
When I called the bank in August, I was told they require a branch visit. Rates are typically updated on Mondays. According to the CSR, the early withdrawal penalty is 3 months of interest for the 16-month CD and 6 months of interest for the 3-year CD. Any of the checking accounts will qualify to meet the 16-month relationship requirement. They do provide a free checking account with no monthly fees and only a $100 minimum opening deposit.
I was wondering how this bank acquired branches scattered across the U.S. As you can see in their news and announcements page they've bought up several banks including First Heritage Bank and First National Bank of Nevada which both failed in 2008. These gave them the branches in California, Nevada and Arizona.
Please refer to the bank's locations page to find a branch in Arizona, California, Colorado, Iowa, Nebraska, Nevada and Texas.
Mutual of Omaha Bank's ratings for safety and soundness continue to be fair as of 6/30/09 financial data:
- 3 stars (adequate) at BauerFinancial
- 3 stars (performing) at Bankrate.com
Other Competitive Certificate of Deposit Rates
Update 1/20/10: The new account bonus has gone down to $25.
Pinnacle Bank of Nebraska has launched an internet bank called BankOn. The internet bank has a no-minimum online savings account with a 2.05% APY as of 10/12/09. Unfortunately, it's not a nationwide deal. When you select the Apply Now button, the first page of the application states that they are only accepting online applications from Colorado, Kansas, Missouri, Nebraska and Wyoming residents. It looks like a good deal for residents of those states.
You are required to open BOTH the checking account and money market account. The only small print related to the bonus that I can see is that the bonus will be paid within 10 business days of account opening. Also, there's a limit of one per household. So it looks like an easy $50.
There's no mention about a hard credit inquiry in the application process (which can temporarily ding your credit score). I'll check with the bank tomorrow. Update 10/13/09: According to the CSR, they do check your credit report. She wasn't sure if this would be a hard pull.
There's also no mention about an ACH transfer service which allows you to transfer funds to and from your bank accounts at other institutions. I'll also check on this tomorrow. Internet banks often neglect this critical internet banking feature. Some may have a basic service, but it often lacks important features such as the capability to link to multiple external accounts, fast transfers in which little or no interest is lost and the allowance of large transfers. Update 10/13/09: The CSR wasn't too familiar with the ACH features. She suggested that transfer features were part of the bill pay service. I'll have to email for clarifications.
Below is a list of the important features described on the bank's website. I was able to get a few additional details from the disclosure documents which are available in the middle of the online application.
BankOn Checking and Money Market Savings Shared Features:
- No required minimum balance after opening
- No monthly fees
- No checks
- E-statements only
- Online only accounts
- Online application via andera.com
- Options to fund account: Credit or debit card or U.S. checking account
- Online application allows for joint accounts, but doesn't allow for beneficiaries
- Dormant Account Fee: $50.00 annually (per fee schedule)
- Incoming Wires: $12.00 per wire (per fee schedule)
- Must be a U.S. citizen or a U.S. resident alien
- Only available to residents of NE, CO, KS, MO & WY
BankOn Money Market Savings Features:
- 2.05% APY as of 10/12/2009
- No minimum initial deposit
BankOn Checking Features:
- No interest
- $100 minimum initial deposit
- Free Bill Pay
- Visa Check Card with Cash Back Rewards (0.50% on signature-based purchases paid monthly to account)
- Free foreign ATM transactions (but no mention of reimbursements of other banks' fees)
The state restriction may be good if you live in one of the eligible states. It should reduce the chance that they'll be overwhelmed with deposits. As we've seen many times this year, new online banks offering good deals are often overwhelmed with new customers, and they end up suspending new applications or restricting availability.
There's always the question about if it's worthwhile to chase rates at a new bank. I discussed this issue at length in this post.
FDIC/Financial Info:
BankOn is provided by Pinnacle Bank. One thing Pinnacle Bank did right is to include a link to the BankOn website at their main website at www.pinnbank.com. Pinnacle Bank is a FDIC member, and you can verify this and their website address at this FDIC page. According to the 6/30/09 FDIC data, the bank has $2.4 billion in assets, $2.1 billion in deposits and 57 branches.
Pinnacle 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 6/30/09 financial data.
Other Competitive Savings Accounts and Bank Bonuses
- 5.00% APY on balances up to $25,000
- 0.50% APY on portion of balance over $25,000
- 0.25% on all balances if requirements are not met
- ATM fee refunds nationwide up to $25 per cycle
- 10 Visa check card purchases
- One direct deposit or automatic payment
- Receive electronic statements
- $25 minimum initial deposit
- No minimum balance requirements
- No monthly service charge
- Multiple accounts can be opened, but requirements must be met for each to earn the top rate
Branches are located in the Nebraska cities of Arcadia, Brainard, Columbus, Decatur, Emerson, Stanton and Valley.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 6/30/09 data) and 5 stars (superior) at Bankrate.com (based on 3/31/09 data). First Nebraska Bank has been a FDIC member since 1934 (FDIC Certificate # 12248).
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.
It appears that a branch visit is required to open an account. Branches are located in the Nebraska cities of Lincoln, Omaha, Holdrege, Hastings, North Platte, McCook, Benkelman, Fremont and Blair.
The bank's ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 1937 (FDIC Certificate # 29692).
Other Competitive Certificate of Deposit Rates
On the bank's CD page it makes it look like you may be able to open a CD by phone using their toll-free number 866.213.2112. However, I called yesterday, and the CSR said they require a branch visit. The CSR didn't know how much longer these specials would last. Rates are typically updated on Mondays. According to the CSR, the early withdrawal penalty is 3 months of interest for the 16-month CD and 6 months of interest for the 3-year CD. Any of the checking accounts will qualify to meet the 16-month relationship requirement. They do provide a free checking account with no monthly fees and only a $100 minimum opening deposit.
I was wondering how this bank acquired branches scattered across the U.S. As you can see in their news and announcements page they've bought up several banks including First Heritage Bank and First National Bank of Nevada which both failed in 2008. These gave them the branches in California, Nevada and Arizona.
Please refer to the bank's locations page to find a branch in Arizona, California, Colorado, Iowa, Nebraska, Nevada and Texas.
Mutual of Omaha Bank's ratings for safety and soundness are fair as of 3/31/09 financial data:
- 3 stars (adequate) at BauerFinancial
- 3 stars (performing) at Bankrate.com
Other Competitive Certificate of Deposit Rates
Bank of the West has brought back its $100 checking account bonus. In addition, they have made the promotion more flexible. You can earn $100 by either direct deposit of at least $250 or 10 online bill payments. The promotion details are listed in the bank's promo page at www.bankofthewest.com/neighbor. Checking account must be opened by 10/02/09. Some important details mentioned in the small print include:
- 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
I just called the bank's customer service number (800 488-2265 / option 8), and according to the CSR, a branch visit is required to qualify for this promo. I told her that was confusing since the promo page had "apply now" buttons. If you receive different info from a CSR, please leave a comment.
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 also offers an online savings account, and according to the CSR, it's available nationwide. The rate as of 8/14/09 is a little low: 0.50% APY for under $10K and 1.50% APY for over $10K. According to the CSR, 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. It's good to see a major bank offering an online savings account, but they're going to need to make it more competitive.
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 for the best nationwide savings accounts.
- Receive a $5 bonus per transfer of $25 or more
- Maximum of $10/month can be received for 2 transfers
- The $5/transfer bonus lasts the first 6 months
- Bonus goes down from $5 to $1 after the first 6 months
Note, this promotion is not associated with their internet bank, FNBO Direct. It's being offered directly from the main bank's website. There's an online application, and it appears to be available nationwide. I've sent an email to confirm. Update 7/13/09: I received a reply from FNBO about the availability of this account:
You may apply for a checking account online, however you must be reside within 50 miles of the Omaha Metro area.
FNBO has branches in Nebraska and Iowa. The bank has been a FDIC member since 1934 (FDIC Certificate # 5452).
Credit for this find goes to goes to FW member oopsz who posted it on this FW thread.
