KS StateBank Changes Availability Of Checking PLUS

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Deal Summary: Checking PLUS, 1.50% APY on qualifying balances up to $25k.

Availability: Online market area includes Arizona, Kansas, and Missouri.

The last time I wrote about KS StateBank’s reward checking account (RCA), Checking PLUS, was in early 2016. At that time, KS StateBank had just started offering Checking PLUS on a nationwide basis. The Checking PLUS online market area was recently changed to Arizona, Kansas, and Missouri.

My first Checking PLUS blog post was way back in 2008 and DA started tracking Checking PLUS in 2009. In addition to account longevity, the Checking PLUS has maintained a rate of 1.90% APY from June 2012 to March 2020. The current 1.50% APY has been in effect since late March. While several of the newer RCAs have higher rates, the Checking PLUS has offered competitive rates for about 12 years.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%-$25kKS StateBankChecking Plus
Rates as of January 20, 2021.

To earn the stated APY, the following monthly qualifying requirements must be met.

  • At least 10 debit card purchases.
  • Have at least one direct deposit or ACH transaction.
  • Receive E-Statements.

The Checking PLUS account has no monthly service fee or minimum balance to earn rewards, but does require a $100 minimum opening deposit. The $2 paper statement fee can be avoided by signing up for Online Banking and E-Statements or by maintaining a $5k minimum balance. Unlimited nationwide ATM fees will be automatically reimbursed up to a monthly aggregate of $25, if qualifications are met. The Checking PLUS account offers unlimited check writing and may only be used as a personal account.

Availability

Headquartered in Manhattan, Kansas, KS StateBank began offering a portion of its product line (including the Checking Plus account) on a nationwide basis nearly five years ago.

The first page of KS StateBank’s online application now reads,

Online applications for Checking PLUS are limited to residents of Kansas, Missouri and Arizona, age 18 and older, as well as our current clients. All U.S. residents, ages 18 and older, are welcome to apply for our other deposit accounts including CD's, Simple Savings and Advantage Money Market.

A Checking PLUS account can be opened online, or at any of six full-service Kansas branches located in Junction City, Manhattan (4), and Wichita. KS StateBank also has a branch in Phoenix, Arizona, obtained through its 2012 acquisition of Sonoran Bank. According to the Locations and Hours page,

The lobbies at our Westloop and Highway 24 branches in Manhattan, along with our Junction City, Wichita and Phoenix branches, are open to assist clients. Our Aggieville and Downtown Manhattan branches will continue to serve clients through our drive up lanes.

Bank Overview

KS StateBank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.27% (excellent) based on June 30, 2020 data. In the past year, KS StateBank has increased its total non-brokered deposits by $251.66 million, an excellent annual growth rate of 16.44%. Please refer to our financial overview of KS StateBank (FDIC Certificate # 19899) for more details.

Established in 1969 as Kansas State Bank of Manhattan, KS StateBank has grown to become the seventh largest bank in Kansas, with assets in excess of $2.2 billion and nearly 30,000 customer accounts. In 2012, the Bank acquired Sonoran Bank, N.A., located in Phoenix, Arizona. The KS StateBank re-brand occurred in January 2015, in an effort to better reflect the Bank’s increasing presence as an internet bank.

How Checking PLUS Compares

Given the multi-state market area, comparing the Checking PLUS account 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, KS StateBank’s Checking PLUS APY currently ranks sixth.

The above rates are accurate as of 11/19/2020.

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.

Related Pages: Topeka checking accounts, Wichita checking accounts, Phoenix checking accounts, reward checking accounts

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