American Bank's (IA/SD) Rewards Checking Maintains 3.20% APY


Availability: Market area includes ten northwest Iowa counties and three southeast South Dakota counties.

For more than six years, American Bank N.A.’s Rewards Checking account has earned 3.20% APY on qualifying balances up to $25k (the exception being a 6-month window in 2014 when the rate dropped by 5 basis points). Qualifying balances over $25k and non-qualifying balances both earn 0.40% APY.

3.20*%$0$25kAmerican Bank N.A.Rewards Checking
OTHER TIERS: 0.45% $25k+
Rates as of July 12, 2024.

Rewards Checking Qualification Requirements

  • At least 10 debit card purchases.
  • At least one monthly Direct Deposit, or at least three ACH transactions.
  • Be enrolled in and receive eStatements.
  • Maintain an active online account.

The Rewards Checking account has no minimum balance requirement or monthly service fee. Nationwide ATM fees will be reimbursed up to $10 monthly per statement cycle when qualifying requirements are met.


Headquartered in Le Mars, Iowa, American Bank N.A. offers its Rewards Checking account to the residents of the northwest Iowa counties of Cherokee, Clay, Dickinson, Ida, Lyon, O’Brien, Osceola, Plymouth, Sioux, and Woodbury, and the southeast South Dakota counties of Lincoln, Minnehaha, and Union.

Opening a Rewards Checking account can be done online, or at either of the two northwest Iowa branches located in Le Mars and Remsen.

Bank Overview

American Bank N.A. (FDIC Certificate # 5800) has an overall health grade of "B+" at, with a Texas ratio of 9.31% (excellent) based on June 30, 2016 data. American Bank N.A. has an excellent capitalization level of 13.04%, the result of holding $272.84 million in assets with $35.56 million in equity. Please refer to our financial overview of American Bank N.A. for more details.

As a locally owned and operated financial institution, American Bank, N.A. began in 1887 as the Farmers Loan and Trust Company, with a capitalization of $50k. In 1918, the Bank was renamed First Trust & Savings Bank, and remained so for almost 80 years. AmBank Company, Inc. of Sioux Center, Iowa, purchased the Bank in 1994 and a re-brand to American Bank, N.A. occurred the following year.

How the Rewards Checking Compares

When compared to the 33 High Yield Reward Checking Accounts tracked by, which are available with the Bank’s market area and have maximum qualifying balances of at least $25k, American Bank N.A.’s Rewards Checking APY currently ranks second.

The above rates are accurate as of 11/18/2016.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account rates table or our Rates Map page.

5.70% 7-Month CD at an Iowa Bank (American Bank)
American Bank N.A. is offering a special 5.70% APY 7-month certificate of deposit. The minimum is $10,000. Interest is paid at maturity.

The bank has branches in Le Mars and Remsen, Iowa. These cities are about 25 miles northeast of Sioux City. From the website, it's not clear if they accept deposits by mail. I've sent an email requesting more information.

American Bank has been FDIC insured since 1934. It has a 4 out of 5 star safe and sound rating (sound) by

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