Frontier Bank’s reward checking account (RCA), Big Deal Cash, was added to the product line in July 2019, with an initial 3.25% APY on qualifying balances up to $25k. The rate dropped to 2.25% APY in March and is still in effect. Qualifying balances of $25k+ earn 0.15% APY, with non-qualifying balances earning 0.05% APY.
The Big Deal Cash isn’t the first RCA offered by Frontier Bank: between 2013 and 2019, Kasasa brand products were part of Frontier Bank’s product line. In 2013, the market area for Kasasa brand products was limited to three states (IA, MN, SD), but was expanded to 12 states in 2014. The initial rate was 3.05% APY on qualifying balances up to $20k. In July 2019, Frontier Bank dropped the Kasasa brand products, unveiling its proprietary Big Deal product line. According to CSR, the current five-state market area was established with the debut of the Big Deal products.
To earn the stated APY, the following monthly qualifying requirements must be met.
- At least 12 debit card purchases.
- Have at least one direct deposit or automatic payment.
- Receive eStatements.
The Big Deal Cash account has no monthly service fee or minimum balance to earn rewards, but does require a $50 minimum opening deposit. Unlimited nationwide ATM fees will be automatically reimbursed up to a monthly aggregate of $20 (maximum $4.99 per transaction), if qualifications are met. An ATM receipt must be presented for reimbursement of an individual ATM fee of $5 or more. Unlimited check writing is available, with free checks provided at account opening. There is a limit of one Big Deal Cash account per Social Security number.
$200 Welcome Bonus
Frontier Bank has a limited-time $200 bonus for opening a new Big Deal checking account online. The $200 Welcome Bonus is currently mentioned on the Bank's home page. According to the Checking page, the following conditions apply:
- Must be 18 years of age or older to qualify.
- $50 minimum deposit is required to open the account and obtain the bonus.
- [Monthly] Qualifications must be met within the first 60 days of account opening.
- The bonus will be deposited into your BIG DEAL® checking account with 70 days after the new account is opened.
- The bonus is considered interest.
- If your BIG DEAL® account is closed within 90 days of account opening, Frontier Bank may deduct the account opening bonus at closing.
- Limit of 1 bonus per account per calendar year.
- Offer not valid for switching from a current Frontier Bank account to a new BIG DEAL® account.
Big Deal Saver
The Big Deal Saver account currently earns 0.75% APY on qualifying balances up to $50k. Qualifying balances above $50k earn 0.15% APY; non-qualifying balances do not earn any interest.
Earned rewards and reimbursed ATM fees from a linked Big Deal Cash or Big Deal Cash Back account are automatically transferred each month to the Big Deal Saver. There no monthly service fee or minimum balance required to earn the stated APYs. The minimum opening deposit is $50 and there is a limit of one Big Deal Saver account per Social Security number.
Annual Earnings of Combined Big Deal Cash/Big Deal Saver Accounts
The potential combined annual earnings of the Big Deal Cash (2.25% APY/$25k) and the Big Deal Saver (0.75% APY/$50k) is approximately $937 (1.25% APY/$75k). If you include the $200 Welcome Bonus, the resulting yield would be approximately 1.51% APY.
Big Deal Cash Back
Frontier Bank’s Big Deal Cash Back account earns 3.00% cash back on debit card purchases, limited to the first $300 in monthly debit card purchases. If you are planning on maintaining a balance under $4,800, the Big Deal Cash Back account would probably be a better deal than the Big Deal Cash account; the maximum annual earnings for the Big Deal Cash Back account is $108 ($9 per month).
Headquartered in Sioux Falls, South Dakota, Frontier Bank is currently offering its Big Deal product line to U.S. citizens/resident aliens (18-years or older) who live in Iowa, Minnesota, Nebraska, North Dakota, or South Dakota.
Opening a Big Deal Cash/Big Deal Saver account(s) can be done online, or at any of three Iowa branches (George, Little Rock, Rock Rapids) or two South Dakota branches (both in Sioux Falls). There is no information on Frontier Bank’s website concerning any COVID-related branch limitations (lobby closures, appointments, hours of operations, etc.).
Frontier Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.05% (excellent) based on June 30, 2020 data. In the past year, Frontier Bank has increased its total non-brokered deposits by $19.13 million, an excellent annual growth rate of 11.37%. Please refer to our financial overview of Frontier Bank (FDIC Certificate # 33922) for more details.
Established in 1994 as Midwest Federal Savings Bank, the Frontier Bank rebrand occurred three years later. In 1999, First Bank and Trust Company (established 1932) was acquired and Rock Rapids (Iowa) became the bank’s new headquarters. Seventeen years later, Frontier Bank relocated its headquarters to Sioux City, South Dakota. Frontier Bank is currently the 21st largest bank headquartered in South Dakota, with assets in excess of $248 million.
How Big Deal Cash Compares
Given the multi-state market area, comparing the Big Deal Cash to nationally available reward checking accounts is appropriate. When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available nationwide and have maximum qualifying balances of at least $25k, Frontier Bank’s Big Deal Cash APY currently shares the top spot with Presidential Bank’s Advantage Checking.
The above rates are accurate as of 11/16/2020.
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.