Missouri-based Hawthorn Bank’s competitive rewards checking account (RCA), Platinum Checking, currently earns 3.01% APY on qualifying balances up to $25k. Qualifying balances above $25k earn 0.02% APY, with non-qualifying balances not earning any interest.
|3.01*%||-||$25k||Hawthorn Bank||Platinum Checking|
|OTHER TIERS: 0.02% → $25k+|
There’s only one qualification cycle requirement: at least 25 debit card purchases, which is a large number of monthly transactions for an RCA. The 25 transactions are also tied to the Platinum Checking’s $6.25 monthly service charge.
Each debit card transaction that posts and clears during the statement cycle will offset the service charge by $0.25 up to a total of $6.25 and will appear as a credit on your statement. If you have 25 or more debit card transactions that post and clear, the service charge will be fully refunded.
The 25 transactions is definitely a more onerous requirement than most RCAs have. On the plus side, that requirement may help Hawthorn Bank maintain the rate and cap.
The Platinum Checking account has unlimited check writing and can be opened with a $25 minimum deposit. Nationwide ATM fees will be reimbursed up to $20 per statement cycle, if qualifications are met, but all ATM receipts must be presented within 60 days of the fee being incurred to qualify for reimbursement. There is a limit of one account per Social Security number.
There is a $3 paper statement fee that can be avoided by enrolling in online banking, receiving eStatements, and maintaining an active online banking (logging into online or mobile banking at least once every 120 days).
Headquartered in Jefferson City, Missouri, Hawthorn Bank offers its Platinum Checking account to U.S. citizens and resident aliens who live, work, or are planning on moving to either Missouri or Kansas. (The online application asks for a Zip Code to determine eligibility. I entered a variety of Missouri and Kansas Zip Codes and none of them were rejected.)
Opening a Platinum Checking can be done online, or at any of 22 Missouri branches located in Belton, Branson, California, Clinton (3), Columbia (2), Drexel, Harrisonville, Independence (2), Jefferson City (4), Lee’s Summit, Osceola, Springfield, St. Robert, and Warsaw. Appointments are recommended and can be scheduled using Hawthorn Bank’s Branch Locations page.
Hawthorn Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.66% (excellent) based on March 31, 2020 data. Hawthorn Bank has an excellent capitalization level (12.02%), the result of holding $1.52 billion in assets with $182.45 million in equity. Please refer to our financial overview of Hawthorn Bank (FDIC Certificate # 10619) for more details.
Established in 1911 as Farmers’ Bank of Deepwater, the Bank has had a total of nine names, with the Hawthorn Bank rebrand occurring in 2007. Owned by Hawthorn Bancshares, Inc. (a bank holding company headquartered in Jefferson City, Missouri), Hawthorn Bank specializes in commercial banking services for small and mid-sized businesses throughout Missouri. Hawthorn Bank is currently the 19th largest bank in Missouri, with assets in excess of $1.5 billion.
How the Platinum Checking Compares
Given that the Platinum Checking account is available in multiple states, I’ve chosen to compare it to nationally available RCAs. When compared to the nationally available High Yield Rewards Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $25k, Platinum Checking APY currently ranks first.
|Interest Rate||Account Name||Credit Union/Bank|
|3.01% APY||Platinum Checking ($25k max)||Hawthorn Bank|
|3.00% APY||Kasasa Cash ($25k max)||The Bank of Denver|
|2.25% APY||Advantage Checking ($25k max)||Presidential Bank|
The above rates are accurate as of 7/26/2020.
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.