First State Bank Nebraska Offers Multi-State Rewards Checking Account


Deal Summary: First Rate Checking, 2.75% APY on qualifying balances up to $25k.

Availability: Online market area includes Colorado, Iowa, Kansas, Missouri, Nebraska, South Dakota, and Wyoming.

First State Bank Nebraska’s (FSBN) rewards checking account (RCA), First Rate Checking, currently earns 2.75% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualifying balances earning 0.05% APY.

3.75*%-$25kFirst State Bank NebraskaFirst Rate Checking
OTHER TIERS: 0.10% $25k+
Rates as of February 27, 2024.

The statement cycle qualification requirements include,

  • At least 12 debit card POS transaction ($5 min each).
  • At least one automatic debit or direct deposit.
  • At least one on-line bill payment using FSBN’s internet banking platform.
  • Receive electronic statements.
  • Sign into internet banking platform at least once per statement cycle.

The First Rate Checking account has no minimum balance requirement or monthly service fee. The opening deposit ($100 minimum) can be funded by credit/debit card ($500 maximum) or by a transfer from a savings/checking account. Unlimited check writing is available and a free VISA® debit card will be issued following account opening. Surprisingly, there is no reimbursement for any ATM transaction fees. There is a limit of one First Rate Checking account per customer.

First Rate Savings

Almost four years ago, I wrote about FSBN’s First Rate Savings, which had just been added to the product line. Since March 2017, the First Rate Savings experienced five rate increases (+74 bps) and four rate decreases (-65 bps), so the current 1.10% APY is a mere 9 bps higher than the initial APY.

2.00%$100-First State Bank NebraskaFirst Rate Savings - Online
Rates as of February 27, 2024.

For more details about the First Rate Savings account, please refer to the FSBN July 2016 blog post.


Headquartered in Lincoln, Nebraska, First State Bank Nebraska’s market area for the First Rate Checking account includes Colorado, Iowa, Kansas, Missouri, Nebraska, South Dakota, and Wyoming.

The First Rate Checking account can be opened online, or at any of 16 southeast Nebraska branches located in Beatrice, Cortland, De Witt, Dorchester, Filley, Firth, Hallam, Hickman, Lincoln (2), Nehawka, Pickrell, Waverly, Western, Wilber, and Yutan.

Bank Overview

First State Bank Nebraska has an overall health grade of "A" at, with a Texas Ratio of 2.50% (excellent) based on June 30, 2020 data. In the past year, FSBN has increased its total non-brokered deposits by $26.27 million, an excellent annual growth rate of 5.84%. Please refer to our financial overview of First State Bank Nebraska (FDIC Certificate # 13868) for more details.

In 1912, First State Bank Nebraska was established in Hickman, Nebraska, and was simply called First State Bank. Beginning in 2004, First State Holding Company acquired First State Bank and five other Nebraska banks, which collectively became First State Bank Nebraska in 2012. FSBN is currently the 23rd largest bank headquartered in Nebraska with nearly 20,000 customer accounts and assets in excess of $674 million.

How First Rate Checking Compares

Given the First Rate Checking’s multi-state availability, a comparison to nationally available RCAs is appropriate. When compared to the High Yield Reward Checking Accounts tracked by, which are available nationwide and have maximum qualifying balances of at least $25k, First State Bank Nebraska’s First Rate Checking APY currently ranks first.

The above rates are accurate as of 9/4/2020.

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: Omaha checking accounts, Lincoln checking accounts, reward checking accounts

First State Bank Nebraska Has New Online "First Rate Savings"
Availability: First Rate Savings available to residents of Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota (online only).

About a week ago, First State Bank Nebraska (FSBN) unveiled its new First Rate Savings (1.01% APY).

First Rate Savings Requirements

  • Must be opened online
  • Minimum opening balance is $100
  • Receive eStatements
  • Access Online Bank

While there is no monthly maintenance fee or minimum balance fee for the First Rate Savings, there is a "$2.00 dormant account fee per month after 12 months of no activity." There is also a combined total of six withdrawal and/or...

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