First National Bank (IA) Has Competitive Rewards Checking

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Deal Summary: Premier Rewards, 3.26% APY on qualifying balances up to $20k.

Availability: Nine northeast Iowa counties.

First National Bank’s (FNB) Premier Rewards checking account has been earning 3.26% APY on qualifying balances up to $20k for more than two years. Qualifying balances over $20k earn 0.10% APY, with non-qualifying balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.26*%$2k$20kFirst National Bank (4519)Premier Rewards
OTHER TIERS: 0.10% $20k+
Rates as of August 8, 2020.

The monthly qualification requirements include:

  • At least 12 debit card purchases ($5 minimum each).
  • At least one ACH deposit or withdrawal ($100 minimum).
  • Maintain a minimum $2k daily balance throughout the statement cycle.
  • Be enrolled in e-Statements with a valid e-mail address.

The Premier Rewards account has no monthly service fee and can be opened with a $25 minimum deposit. Paper statements are available ($3 each). Unlimited nationwide ATM fees will be reimbursed up to $10 per month, if qualifications are met. There is a limit of one account per member and only available as a non-commercial account.

Availability

Headquartered in Waverly, Iowa, First National Bank’s market area is comprised of nine northeast Iowa counties: Benton, Blackhawk, Bremer, Buchanan, Butler, Chickasaw, Fayette, Grundy, and Tama.

There's an online application that starts the opening process, but opening an account has to be finalized in-branch at any of seven Iowa branches located in Cedar Falls, Clarion, Eagle Grove, Goldfield, Plainfield, and Waverly (2).

Bank Overview

First National Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.60% (excellent) based on March 31, 2020 data. In the past year, FNB has increased its total non-brokered deposits by $108.58 million, an excellent annual growth rate of 30.57%. Please refer to our financial overview of First National Bank (FDIC Certificate # 4919) for more details.

In 1864, the first bank in Bremer County opened its doors for business. Originally known as Johnson & Leavit Bankers & Brokers, the bank was renamed Bank of Waverly in 1876. The bank was incorporated in 1884 and became known as the First National Bank of Waverly for the next 65 years. Following the 1949 merger with Waverly Savings Bank, the current First National Bank name was adopted. Not much changed for FNB until 1998, when Farmers State Bank of Plainfield was purchased, allowing FNB to expand outside of Waverly for the first time. First National Bank is currently the 36th largest bank in Iowa, with assets in excess of $535 million.

How Premier Rewards Compares

When compared to the 85 High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $20k, First National Bank’s Premier Rewards APY* currently ranks second.

Interest RateAccount NameCredit Union/Bank
3.30% APYVertical Checking ($20k max)Evansville Teachers Federal Credit Union
3.26% APYPremier Rewards ($20k max)First National Bank
3.00% APYKasasa Cash ($25k max)The Bank of Denver

The above rates are accurate as of 7/27/2020.

To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.

Related Pages: Cedar Rapids checking accounts, Des Moines checking accounts, reward checking accounts

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