As of this morning, Cornhusker Bank is offering a new Rewards Checking Account – the Power Checking account, which earn 3.50% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.20% APY, with non-qualifying balances earning 0.01% APY.
- At least 18 debit card purchases each statement cycle.
- Enrollment in e-Statements.
- At least one Direct Deposit (no minimum stated) per statement cycle.
The Power Checking account has no minimum balance requirement or monthly service fee, but does requires a minimum $100 opening deposit.
The Power Checking account is a replacement for the Relationship Checking account. The conversion is automatic with no action needed by the account holder; Direct Deposits, automatic bill payments, and debit cards will not be affected.
$50 New Account Bonus
According to the fine print on the Power Checking promotion page,
Customers who open a Power Checking account prior to March 31, 2017 and have a direct deposit and e-statements within 90 days qualify for a one time cash bonus of $50. The $50
will be credited to your account following the statement cycle when the requirements are met.
Headquartered in Lincoln, Nebraska, Cornhusker Bank’s primary market area is Lancaster County, home of the State Capital (Lincoln) and the second-most populous county in Nebraska (more than 306,000 residents). According to CSR, the Bank’s market area also extends into “nearby areas.”
Opening a Power Checking account must be done in person at any of nine Nebraska branches, all located in Lincoln. The Bank’s online platform is currently dedicated to account management and bill payment services.
Cornhusker Bank is also part of the MoneyPass network, which provides surcharge-free access at more than 23,000 ATMs across the United States, including more than 2,000 Walmart stores.
Cornhusker Bank (FDIC Certificate # 14264) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.70% (excellent) based on September 30, 2016 data. In the past year, Cornhusker Bank increased its total deposits by $31.76 million, an excellent growth rate of 8.27%. Please refer to our financial overview of Cornhusker Bank for more details.
The Bank was originally established in 1903, as one of the many Farmers State Banks located throughout the Midwest. (At one point, there were more than 90 “Farmers State Banks” in operation.) As the name suggests, the Bank’s customer base were the farmers of Lancaster County - the vast majority of its residents. The Cornhusker name came into play in 1960, when the Bank’s headquarters were moved from Davey to Lincoln. Cornhusker Bank is currently Nebraska’s 20th largest bank, with assets in excess of $492 million.
How Power Checking Compares
When compared to the 19 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the Bank’s market area and have maximum qualifying balances of at least $25k, Cornhusker’s Power Checking APY currently ranks first.
|Interest Rate||Account Name||Credit Union/Bank|
|3.50% APY||Power Checking ($25k max)||Cornhusker Bank|
|2.50% APY||Cash Rewards High Interest Checking ($25k max)||Mid-Illini Credit Union|
|2.26% APY||Golden Rewards Checking ($25k max)||Golden Plains Credit Union|
The above rates are accurate as of 12/1/2016.