New Reward Checking Account at Flanagan State Bank
Flanagan State Bank has started to offer a high-interest reward checking account under the Kasasa brand. The account is called Kasasa Cash. Like many of the new reward checking accounts, its balance cap is disappointing. Nevertheless, it’s always nice to see a new reward checking account. The bank also offers a savings account, called Kasasa Saver, that links to this checking account. Below is an overview of these accounts. Flanagan State Bank currently doesn’t list these accounts on its website. However, they’re listed at this Kasasa.com page with the following features as of 4/22/2014:
Kasasa Cash rates and ATM fee refund policy if monthly requirements are met:
- 2.25% APY on balances up to $10,000
- 0.25% interest rate on portion of the balance over $10,000
- 0.05% on the entire balance if requirements are not met
- Nationwide refunds on ATM fees
Kasasa Saver account must be linked to the Kasasa Cash account. The following are the Kasasa Saver rates if monthly requirements are met:
- 0.50% APY on balances up to $10,000
- 0.25% interest rate on portion of the balance over $10,000
- 0.05% on the entire balance if requirements are not met
Monthly requirements to qualify for the above rates and ATM fee refunds:
- 12 debit card purchases
- log into online banking at least once
- e-statements
Both accounts are free accounts with no monthly service fees and no minimum balance requirements. Minimum to open is $100 for Kasasa Cash and $50 for Kasasa Saver. There’s a limit one account per social security number.
Availability - Currently Nationally Available
The bank’s online application at Kasasa.com is currently allowing people from any state to apply. Please note that Flanagan State Bank is a small bank, and small banks often change their eligibility policies. Since these accounts are not real competitive deals, the bank shouldn’t be overloaded with applications and will hopefully be able to maintain nationwide eligibility.
Bank Overview
Flanagan State Bank is a small family owned bank in Central Illinois. The bank’s main office is located in Flanagan, Illinois. It also has branches in the Illinois cities of El Paso, Benson, Bloomington, Le Roy, and Gridley.
The bank has an overall health grade at DepositAccounts.com of an A with a Texas ratio of 6.53% (excellent) based on December 2013 data. Please refer to our financial overview of Flanagan State Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 11734).
How This Reward Checking Account Compares
For nationally available reward checking accounts, Flanagan State Bank offers the second highest rate for banks. Only Lee Bank offers a higher rate. Its reward checking account pays 2.50% for balances up to $15K. Other banks offer rates close to 2.25% with higher balance caps. The best one is at Security Bank which has a reward checking account that pays 2.05% APY for balances up to $25K.
For all-access credit unions, the best rate for a $10K balance cap is at Consumers Credit Union which has a reward checking account that pays 4.09% APY for balances up to $10K. You can actually earn up to 5.09% APY, but this requires that you spend $1,000 or more in credit card purchases. The best deal when you consider the combination of rate and balance cap is at INOVA Federal Credit Union which offers 3.00% APY on balances up to $20K.
The above rates are accurate as of 4/22/2014.
To find the best reward checking accounts in your area or that are available nationwide, please refer to our reward checking account table. Use the "Filter Accounts" button on top of the table to select either nationwide accounts and/or your state. Also, you can use this button to select the investment amount. This allows you to compare accounts with different rate tiers. For more details about how to use the rate tables, please refer to our rate table guide.
