I recently discovered Coatesville Savings Bank’s (CSBank) CA$H REWARD$ Checking that offers 1) a decent 2.00% APY, 2) an excellent maximum qualifying balance of $50k, and 3) almost unheard of second APY tier of 1.00% on qualifying balances between $50k and $150k. Qualifying balances over $150k earn 0.30% APY, with non-qualifying balances earning 0.05% APY.
This very competitive Rewards Checking Account (RCA) was added to CSBank’s product line earlier this year. I was hoping to find a companion savings account, but there isn’t one, yet.
CA$H REWARD$ Checking Qualification Requirements
- At least 12 debit card purchases.
- Be enrolled in and receive eStatements.
The CA$H REWARD$ Checking account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 monthly. There is a limit of one account per Social Security number.
While Coatesville Savings Bank’s market area is primarily Chester and Lancaster Counties, Pennsylvania, the CA$H REWARD$ Checking account is available to all Pennsylvania residents
Unfortunately, CSBank’s online banking platform is limited to account management and bill payment services, necessitating an in-person visit to a branch to open the CA$H REWARD$ Checking account. There are five Pennsylvania branches located in Christiana, Coatesville, New Holland, Oxford, and Quarryville.
Coatesville Savings Bank (FDIC Certificate # 30085) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 19.39% (above average) based on June 30, 2016 data. In the past year, CSBank increased its total deposits by $5.5 million, an excellent growth rate of 3.21%. Please refer to our financial overview of Coatesville Savings Bank for more details.
Established in 1919 as the Coatesville Federal Savings and Loan Association, CSBank has been serving the communities in southern Chester and Lancaster Counties for nearly 100 years.
In 1919, fifteen men with the pooled resources of some two hundred dollars, met in the
back of the Coatesville Trust Company at Third Avenue and Lincoln Highway in Coatesville,
PA. They united under the name of the Industrial Building and Loan Association and offered
a chance at home ownership to those to whom it would not otherwise be readily available.
The current name was adopted in 1991 when the Bank reorganized and became a mutual savings bank. Coatesville Savings Bank is Pennsylvania’s 120th largest bank with assets in excess of $207 million.
How the CA$H REWARD$ Checking Compares
When I compare High Yield Reward Checking Accounts the variables include market area or FOM, and a “maximum qualifying balance of at least” some dollar amount. Coatesville Savings Bank’s CA$H REWARD$ Checking is available throughout Pennsylvania and there are 84 RCAs available within the state. That’s the easy part: only three of the 84 RCAs have maximum qualifying balances of at least $50k, which makes for quite a limited comparison.
Let’s just do a maximum earnings potential comparison using the RCAs available in Pennsylvania with the top APYs and maximum qualifying balances of at least $25k.
|Interest Rate||Account Name||Credit Union/Bank||Maximum Earnings|
|3.04% APY||Dividend +Plus Checking (up to $25k)||Erie Federal Credit Union||$760|
|2.50% APY||Cash Rewards High Interest Checking (up to $25k)||Mid-Illini Credit Union||$625|
|2.00% APY||CA$H REWARD$ Checking (up to $50k)||Coatesville Savings Bank||$1,000|
The above rates are accurate as of 10/11/2016.