It’s no secret that banks and credit unions frequently add new products, eliminate old ones, and even change the name of an existing account. That’s what has happened with Citizens State Bank’s (CSB) rewards checking account. In September 2014, DA member cumulus noted that CSB’s MyCash Checking account earned 5.00% APY, with a $10k cap. Sometime after cumulus’ Forum post, the account name was changed to E-Checking, and as late as two weeks ago, the E-Checking account only earned 1.00% APY on qualifying balances up to $25k.
At some point in the first week of November, CSB unveiled the MyCash Checking account, which currently earns 2.50% APY on qualifying balances up to $20k. Qualifying balances of $20k+ earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
|2.50*%||-||$20k||Citizens State Bank (19806)||MyCash Checking|
|OTHER TIERS: 0.25% → $20k+|
MyCash Checking Qualification Requirements
- At least 15 debit card purchases
- At least one Direct Deposit
- Receive e-Statements
The MyCash Checking account has no minimum balance requirement or monthly service fee, but does require a $50 minimum opening deposit. There is a limit of one account per Social Security number.
Citizens State Bank will require a valid picture Texas Driver's
license and your social security card prior to opening any account.
Headquartered in Tyler, Citizens State Bank’s market area includes Henderson, Kaufman, and Smith Counties in East Texas.
Opening a MyCash Checking account must be done in person at any of the seven Texas branches located in Athens, Chandler, Lindale, Mabank, Seven Points, and Tyler (2).
CSB’s online banking platform is currently limited to account management and bill payment services.
Citizens State Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.23% (excellent) based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by 6.86 million, an excellent annual growth rate of 3.15%. Please refer to our financial overview of Citizens State Bank (FDIC Certificate # 19806) for more details.
Citizens State Bank is celebrating its 50th anniversary, having opened its doors as the Chandler State Bank in October 1967. The Bank served the city of Chandler for 30 years before it expanded into neighboring Smith County. The Bank acquired the Bank of East Texas in Tyler in June 1990 and re-branded a month later. Citizens State Bank continues to be locally owned and operated by the Kidd Family Legacy.
How MyCash Checking Compares
When compared to the 32 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available in the Bank’s market area and have maximum qualifying balances of at least $20k, Citizens State Bank’s MyCash Checking APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking-High (up to $20k)||Consumers Credit Union|
|2.53% APY||Texas Reward Checking (up to $25k)||Texas Bank|
|2.50% APY||MyCash Checking (up to $20k)||Citizens State Bank|
The above rates are accurate as of 11/14/2017.