1st National Bank Offers Multi-State FNB Cash Checking


Deal Summary: FNB Cash Checking, 2.50% APY on qualifying balances up to $35k.

Availability: Residents of Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin.

Minnesota-based 1st National Bank’s rewards checking account (RCA), FNB Cash Checking, currently earns 2.50% APY on qualifying balances up to $35k. Qualifying balances above $35k earn 0.40% APY, with non-qualifying balances earning 0.10% APY.

4.09*%-$35kFirst National Bank of HenningFNB Cash Checking
OTHER TIERS: 0.25% $35k+
Rates as of April 22, 2024.

The qualification cycle requirements include,

  • At least 12 debit card purchases.
  • At least one direct deposit, ACH payment, or bill pay transaction.
  • Be enrolled in and log into online or mobile banking.
  • Be enrolled in and received eStatements.

The FNB Cash Checking account has no monthly service fee or minimum balance requirement, but it does require a $100 minimum opening deposit. There is unlimited check writing and a free VISA® EMV debit card is provided. Unlimited nationwide ATM fees will be reimbursed (if qualifications are met), with a maximum of $4.99 per transaction. There is a limit of one account per Social Security number.

1st National Bank has been offering an RCA for at least 13 years. When I first wrote about the account in November 2007, the RCA offered a very competitive 6.01% APY. By February 2009, the APY had fallen to 3.01% in a series of three rate drops. The qualify balance cap also changed several times, including caps of $10k, $20k, $25k, and finally $35k. Prior to offering the FNB Cash Checking account, the Kasasa brand was part of 1st National Bank’s product line.


Headquartered in Ottertail, Minnesota, 1st National Bank’s physical presence is limited to Otter Tail County, but offers its FBN Cash Checking account to U.S. citizens and resident aliens who live in Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin.

While the FNB Cash Checking page has an “Open An Account” button, it goes to a form that just collects basic personal information.

Please fill out the fields in the form to the right. One of our representatives will contact you within one business day to complete the process.

1st National Bank has closed the lobbies of its three Minnesota branch lobbies to walk-in transactions, but appointments can be scheduled.

Bank Overview

1st National Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.21% (excellent) based on December 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $5.48 million, an excellent annual growth rate of 3.04%. Please refer to our financial overview of 1st National Bank (FDIC Certificate # 5162) for more details.

1st National Bank’s roots can be traced back to three Otter Tail County banks: Otter Tail County Bank (est. 1900), The First National Bank of Henning (est. 1903), and The First National Bank of Battle Lake (est. 1903). 1st National Bank’s current owners, the Espeland family, have been involved with the Bank since 1930. Currently the 84th largest bank in Minnesota, 1st National Bank has assets in excess of $217 million.

How the FNB Cash Checking Compares

Given that the FNB Cash Checking account is available in multiple states, I’ve opted to compare it to nationally available RCAs. When compared to the nationally available High Yield Rewards Checking Accounts tracked by DepositAccounts.com with qualifying balances of at least $35k, 1st National Bank’s FNB Cash Checking APY currently ranks first.

The above rates are accurate as of 5/15/2020.

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.

Related Pages: Fargo checking accounts, reward checking accounts

Predatory Depositor
  |     |   Comment #1
Good job posting the RCA's although their rates look like they're getting slammed too. From what I've seen however the interest is only one source of profit on those deals, so I hope those who are into that can still benefit from these.

I spent the entire day today trying to snag a 2.25% 36 month IRA from Scient FCU, to bail me out of a serious IRA cash overload I have right now from large maturing CDs. Could the timing have been worse? I'm taking a beating. The IRA market is brutal. Got all the paperwork filled it all out, spoke extensively with the reps there to make sure all the ducks were lined up, was getting ready to mail it by overnight, breathing a sigh of relief, called back to ask them one more question before I mailed it, and the rate dropped to 1.50%... after being at 2.25% for I think almost two months.

On to plan Y. I'm running out of letters. Come to think of it I don't even have a plan. Can't remember the last time that happened.

The only positive thing I can say is I remember maybe 5 or 6 years ago walking into a local credit union that was offering 1.5% and I remarked to them that I never thought I would so be excited to see a rate like that and locked it up pronto because I couldn't believe my luck.

I guess we have to be grateful for what we have.
3.01% Reward Checking Account at a Minnesota Bank (First National Bank of Henning)
Update 2/22/09: The top yield has fallen to 3.01% APY. See bottom of post for the rate history.

First National Bank of Henning is offering a reward checking account that pays 3.01% APY on balances up to $25K (1.01% for over) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) receive electronic statements, and 3) access online banking. If these requirements are not met, the rate falls to 0.25%. There are no minimum balance requirements, but a minimum deposit of $100 is...

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