High-Yield Reward Checking Account at Community National Bank of the Lakeway Area in Tennessee


Update 10/23/10: The top rate has fallen to 3.51% APY for balances up to $10K. Refer to the bottom of the post for the account history.

Community National Bank of the  Lakeway Area is offering a reward checking account called Kasasa Cash. It has the following rates and features if certain monthly requirements are met:

  • 3.51% APY on balances up to $10,000
  • 0.50% APY on portion of balance over $10,000
  • Refunds ATM fees nationwide of up to 10 transactions per month
  • 0.10% base rate if monthly requirements are not met

The monthly requirements include:

  • 10 signature-based debit card purchases
  • 1 automatic payment or direct deposit
  • Receive e-statements

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

  • $25 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Free online Bill Pay

Update 9/27/09: The "Apply Now" button on the bank's Kasasa Checking page takes you to an online application at Kasasa.com. It appears only Tennessee zip codes are now accepted in the application.

It's a small bank with two branches located in Morristown and Jefferson City. The bank has been FDIC insured since 2003 (FDIC Certificate # 57445).

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.

Account History:

  • 10/01/10: 3.51% APY up to $10K; 0.50% over; 0.10% base; 12 debit card (Kasasa Cash)
  • 12/31/09: 3.76% APY up to $25K; 0.76% over; 0.10% base
  • 09/27/09: Availability reduced to Tennessee.
  • 09/04/09: Availability reduced to SE part of US.
  • 07/04/09: The reward checking account is now available nationwide.
  • 06/02/09: 4.51% APY up to $25K; 1.01% over; 0.25% base; 10 debit card (Community Rewards Checking)

Edit 7/18/09: Updated ATM fee info

ichaelm (anonymous)   |     |   Comment #1
BankingGuy, there's another high-paying bank in TN. I just posted a message at iBankDesign regarding TN. Commerce Bank's Savings account, which pays 2.30% on balances up to 100K w/ no min. balance req'd. You used to list this bank on your weekly summary, although you no longer do so. If you want to do another writeup on this bank, feel free.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks. I'll post on this soon. I used to list their money market account rates. But these are indexed to the 6-mo T-Bill rates, so they've been very low for the last year and they fell off the list.
Anonymous   |     |   Comment #3
Anyone know if they reject for too many ChexSystems inquiries?
Anonymous   |     |   Comment #4
Is this a Christian Bank??

There's a link for:

"Click For A Daily Devotion"

with a pic of the "Holy Bible".

Anonymous   |     |   Comment #5
This account also provides 10 free nationwide ATM withdrawals per month. Not refunds for the transactions. The service charges never hit your statement. Awesome.
Anonymous   |     |   Comment #6
They approved me and i have had several inquiries.
M (anonymous)   |     |   Comment #7
I just received this email from them:
We are in the process of adding external bank transfers to our online banking site. This feature should be operational within the next two weeks and will allow you to transfer money to and from other banks using your Community Rewards Checking account. Until this feature is operational, please use the attached Automatic Transfer Authorization form to make any additional deposits to your account. Please allow 1-2 business days for us to complete the transfer. Each transfer will be free of charge. Please fill out the form and fax it along with a copy of a voided or cancelled check for the withdrawal account to 423-317-3256. If you have any questions or concerns, please reply to this email or call the bank during normal business hours.
Anonymous   |     |   Comment #8
Since this is a Tennessee Bank, why isn't it listed under several other states in the Southeast, but not Tennessee?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #9
Thanks for catching this. When I typed in the "Tennessee" label, blogger changed this to "First Tennessee Bank" and I didn't notice it. That's why the table didn't include this under Tennessee. I fixed the Tennessee label so it'll be included on the next table update.
Anonymous   |     |   Comment #10
Now limited to Tennessee residents only.
Anonymous   |     |   Comment #11
Thanks so much to keep everything so up-to-date; Banking Guy!!
Anonymous   |     |   Comment #12
They just sent out an email stating that the top rate will drop to 3.76% on December 31st. They also warned about abusing the 12 transactions per cycle by making multiple small purchases.
Anonymous   |     |   Comment #13
yes, I receive the same notification of reducing the rate to 3.7x something. Thinking of switching...