Community Shores Bank (MI) Rewards Checking Earns 3.25% APY
In August, Community Shores Bank (CSB) unveiled its new Rewards Checking account, which earns 3.25% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualifying balances not earning any interest.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.25*% | - | $25k | Community Shores Bank | Rewards Checking | |
| OTHER TIERS: 0.15% → $25k+ | |||||
Qualifying Requirements
- At least 15 debit card purchases.
- Receive eStatements.
- Access Online Banking or CSB-Mobile Banking at least once per statement cycle.
CSB lists a fourth requirement that I think goes without saying: “Keep the account open.”
The Rewards Checking has no monthly service fee or minimum opening deposit, but there is a $1 minimum balance required to earn interest. There is a $3 paper statement fee/per cycle if the account is not enrolled in Online Banking and e-Statements. Nationwide ATM fees will be reimbursed up to $10 per statement cycle. In addition to the Visa® Debit Card, there is unlimited check writing. If a Rewards Checking account is closed within 90 days of opening, a $25 early closure fee will apply.
Availability
Headquartered in Muskegon, Michigan, Community Shores Bank’s market area is Muskegon and Ottawa Counties, but CSR stated that residents from “the surrounding area” are welcome to apply, if they come into a branch. Before traveling any distance, I think a phone call to CSB to determine eligibility would be prudent.
Opening a Rewards Checking account must be done in person at any of four West Michigan branches located in Grand Haven, Muskegon (2), and North Muskegon.
CSB’s online banking platform is currently dedicated to account management and bill payment services, including Popmoney.
Bank Overview
Community Shores Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 12.25% (excellent) based on September 30, 2019 data. In the past year, CSB has increased its total non-brokered deposits by $17.72 million, an excellent annual growth rate of 10.96%. Please refer to our financial overview of Community Shores Bank (FDIC Certificate # 34944) for more details.
Community Shores Bank will be celebrating its 21st anniversary in about two weeks. As the only independent community bank headquartered in Muskegon County, CSB is currently the 59th largest bank in Michigan, with assets in excess of $203 million.
How the Rewards Checking Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $25k, Community Shores Bank’s Rewards Checking APY currently ranks second.
| Interest Rate | Account Name | Credit Union/Bank |
|---|---|---|
| 4.00% APY | Kasasa Cash ($50k max) | TAB Bank |
| 3.25% APY | Rewards Checking ($25k max) | Community Shores Bank |
| 3.03% APY | eCentive Account ($25k max) | Heritage Bank |
The above rates are accurate as of 12/30/2019.
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 page.