Wyoming Deposit Account Rates and Deals

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

• Savings Account Weekly Rate Summary
• my last 40 posts on checking and savings account bonuses
• bank deals by state

UniWyo FCU is offering a reward checking account called Xtraordinary Checking. The account has the following rates if certain monthly requirements are met:

• 5.25% APY on balances up to $25,000
• 0.15% on portion of balances above $25,000
• 0.15% base rate if qualifications are not met

The monthly requirements include:

• 10 debit card purchases
• One direct deposit
• Aggregate deposit/loan balance of $5,000 or more
• Receive electronic statements

Additional features of the account regardless of the monthly requirements include:

• No minimum balance requirement
• No monthly service charge
• $5 minimum balance in a savings account

Membership is open to anyone affiliated (on a local level) with the University of Wyoming. Others include employees of Albany County, the City of Laramie and Wyoming Technical Institute (WyoTech). Refer to the credit union's Field of Membership Page for more details.

The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. The above rates are based on 3/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 9089).

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.

Edit 9/15/09: Corrected balance requirement.

Update 11/22/09: The top rate has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Wyoming National Bank is offering a reward checking account with the following rates and features:

• 3.01% APY on balances up to $25,000
• 1.01% APY on portion of balance over $25,000
• 0.20% base rate if monthly requirements are not met
• Refunds ATM fees up to $25 per cycle

The monthly requirements include:

• 10 debit card purchases
• 1 direct deposit or ACH auto debit
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• No minimum initial deposit
• No minimum balance requirement
• No monthly service charge

A branch visit is required to open an account, and you must bring two forms of ID. Branches are located in Riverton and Lander, Wyoming.

The bank has been a FDIC member since 1999 (FDIC Certificate # 35220).

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.

Rate History:
11/20/09: 3.01% APY up to $25K
07/17/09: 4.01% APY up to $25K; 1.01% over; 0.20% base

Warren FCU is listing some competitive certificate rates. These include Bump-Up Certificates with an APY of 4.00% for terms of 24 and 36 months and an APY of 4.25% for terms of 48 and 60 months. Minimum deposit is $250. I don't see any details of the bump feature, but if it's typical it'll allow you to bump up the rate one or two times during the term of the CD to match the current rate of the corresponding CD. Even without the bump feature, the rates are very competitive. These rates are listed at the credit union's rate table as of 1/14/2009.

There's also a competitive 30-month CD listed with an APY of 3.75% as of 1/14/2009. According to the rate table, it's an expandable CD that allows additional deposits. Add-on CDs can be a good hedge against a long low-rate environment.

The credit union also has a reward checking account that currently pays 5.01% APY on balances up to $25K (see post).

Membership is open to those who live, work, and worship or attend school within Warren FCU's Investment Area inside the city of Cheyenne. You can also be eligible to join via a long list of Select Employer Groups. Please refer to the credit union's field of membership page and SEG page for more details. Membership requires a minimum balance of $5 in the share savings account.

Branches are located in Cheyenne, Wyoming and Wellington, Colorado.

The credit union is federally insured by the NCUA (Charter # 7361).

Edit 12:55pm PT 1/14/09: Added FOM.

Update 10/04/09: The top rate has fallen to 4.01% APY.

Warren FCU is offering a reward checking account called Extreme Checking which pays 4.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees nationwide if the following monthly requirements are met:

• 10 VISA check card purchases
• one direct deposit or ACH (auto debit)
• access monthly statements online

If these are not met, the rate falls to 0.15%. There are no monthly service charges and no minimum balance.

Membership is open to those who live, work, and worship or attend school within Warren FCU's Investment Area inside the city of Cheyenne. You can also be eligible to join via a long list of Select Employer Groups. Please refer to the credit union's field of membership page and SEG page for more details. Membership requires a minimum balance of $5 in the share savings account.

Branches are located in Cheyenne, Wyoming and Wellington, Colorado.

The credit union is federally insured by the NCUA (Charter # 7361).

Other Reward Checking Accounts

This is the first reward checking account that I've found in Wyoming. I'm still looking for ones in Alaska and South Dakota. 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.

Rate History:
10/01/09: 4.01% APY up to $25K
01/14/09: 5.01% APY up to $25K; 1.01% over; 0.15% base

Update 7/26/09: The top yield has fallen to 3.51% APY. See bottom of post for the rate history.

Bank of Idaho is offering a reward checking account that pays 3.51% APY on balances up to $25K (0.51% over) and refunds ATM fees (up to $25/cycle) if the following monthly requirements are met: 1) 10 Visa Debit Card transactions, 2) Direct Deposit or ACH auto debit, 3) receive electronic statements, and 4) one login to online banking. If these are not met, the rate falls to 0.25%. There are no monthly fees or minimum balance regardless of meeting these requirements.

Customers who have the Kasasa Cash reward checking account can qualify for the Kasasa Saver Account. The rate is 3.01% APY on all balances if checking requirements are met.

Update 5/10/09: There's now an online application which appears to be available to residents of ID, UT, WY and MT.

Branches are located in the Idaho cities of Ashton, Idaho Falls, Island Park, Pocatello and St. Anthony. The bank is FDIC insured (Certificate # 26403).

Other Reward Checking Accounts

To learn more about reward checking accounts, please refer to my High Yield Reward Checking Reviews post. For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:
07/22/09: Top yield: 3.51% APY
05/07/09: Top yield: 4.01% APY (name changed to Kasasa Cash with availability in ID, UT, WY and MT)
12/23/08: Top yield: 3.01% APY, 0.51% APY for above
11/22/08: Top Yield: 4.01% APY
08/11/08: Top yield: 5.01% APY
04/22/08: Top yield: 4.01% APY
11/07/07: Top yield: 6.01% APY, 1.01% APY for above

Update 5/09/08: The bank has been closed. See post for more details.

ANB Financial is offering a special 5.82% APY 11-month certificate of deposit. The minimum deposit is $500. There's a 3-month interest penalty for early withdrawals. It's not listed at the bank's website. A reader emailed me the info on this, and I called this afternoon for further details.

The special CD is part of the grand opening of its new branch in Idaho Falls. The banking rep said the special is also available at its Jackson, Wyoming branch. A branch visit is required. Please refer to the bank's about page for branch locations. They also have branches in Utah and Arkansas, but I'm not sure if this promotion is available in those states.

The bank is FDIC insured (FDIC Certificate # 33901).

Thanks to the reader who emailed me this info.