Lakeside Bank (IL) Ups Kasasa Cash To 2.50% APY Up To $25k

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Deal Summary: Kasasa Cash, 2.50% APY up to $25k; Kasasa Saver, 1.25% APY up to $100k.

Availability: Market area is Chicago and the surrounding suburbs.

About 2½ years ago, Lakeside Bank began offering a Kasasa Cash account, earning 2.25% APY up to $25k at the time. Earlier this year, this rewards checking account (RCA) experienced a couple of favorable changes, with a new 2.50% APY on qualifying balances up to $25k. Qualifying balances between $25k and $125k now earn 0.50% APY, while non-qualifying balances earning 0.02% APY. Prior to this change, qualifying balances of $25k+ and non-qualifying balances did not earn any interest.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%-$25kLakeside BankKasasa Cash
OTHER TIERS: 0.50% $25k - $125k
Rates as of September 20, 2019.

The qualification requirements have remained unchanged:

  • At least 12 monthly debit card transactions.
  • Receive electronic statements.
  • Log into the account at least once monthly.

The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. Nationwide ATM fees will be reimbursed up to $20 each month, if qualifications are met. There is a limit of one account per Social Security number.

Kasasa Saver

The companion Kasasa Saver APY and qualifying balance limits have also changed: qualifying balances up to $100k now earn 1.25% APY, a 25 bps increase over the original APY. Qualifying balances between $100k and $200k now earn 0.50% APY, with non-qualifying balances earning 0.02% APY. Like the Kasasa Cash account, the Kasasa Saver's second APY tier and non-qualifying APY are new features.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25*%-$100kLakeside BankKasasa Saver
OTHER TIERS: 0.50% $100k - $200k
Rates as of September 20, 2019.

The Kasasa Saver account has no minimum balance requirement or monthly service fee, and requires a minimum $100 opening deposit. Kasasa Cash interest and ATM fee reimbursements are automatically deposited into the Kasasa Saver account. Six fee-free withdrawals/transfers are permitted each month, although this limit does not include withdrawals or transfers made in person at a branch or at an ATM.

Availability

Headquartered in Chicago, Lakeside Bank is a locally-owned community bank with a market area that includes the greater Chicago metropolitan area.

Since I last wrote about Lakeside Bank’s Kasasa Cash and Kasasa Saver, an online application, uOpen has been added. The first page of the online application states, “We welcome applicants from Chicago and surrounding suburbs.” According to CSR, your Zip Code determines eligibility.

If you prefer a brick-and-mortar experience, Lakeside Bank has six Chicago branches (including one in the Illinois Board of Trade Facility) and one branch in the western Chicago suburb of Elmhurst.

Bank Overview

Lakeside Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.38% (excellent) based on March 31, 2019 data. In the past year, Lakeside Bank has increased its total non-brokered deposits by $91.65 million, an excellent annual growth rate of 8.92%. Please refer to our financial overview of Lakeside Bank (FDIC Certificate # 19571) for more details.

Established in 1966, Lakeside Bank was formed with a vision to transform Chicago’s South Side. R. R. Donnelly & Sons held the majority stock ownership and the Bank was named after the Lakeside Press, Donnelly’s successful publishing company. Within 20 years of operation, Lakeside Bank’s assets totaled over $100 million. Today, Lakeside Bank has assets in excess of $1.7 billion and continues to reinvest 100% of its deposits within the community.

How the Kasasa Cash Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $25k, Lakeside Bank’s Kasasa Cash APY currently ranks tenth. The following comparison lists the top four RCA APYs, in addition to Lakeside Bank’s Kasasa Cash.

The above rates are accurate as of 7/18/2019.

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: Chicago checking accounts, reward checking accounts

Comments
Lakeside Bank (Chicago) Has New Kasasa Cash Account

Deal Summary: Kasasa Cash, 2.25% APY up to $25k; Kasasa Saver, 1.00% APY up to $100k

Availability: Market area is the greater metropolitan Chicago

Lakeside Bank has added a Kasasa Cash account that earns 2.25% APY on qualifying balances up to $25k. Unlike many other banks, Lakeside Bank’s Kasasa Cash does not earn any interest on qualifying balances of $25k+ or on non-qualifying balances.

Kasasa Cash Qualification Requirements

  • At least 12 monthly debit card transactions.
  • Receive electronic statements.
  • Log into the account at least once monthly.
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Lakeside Bank (Chicago) Has New 8-Month CD Special
Availability: Market area is the greater metropolitan Chicago

Lakeside Bank (Illinois) has just added an 8-month CD Special (1.05% APY with a qualifying relationship; 0.90% APY without qualifying relationship).

The minimum deposit for is $2.K of new money, with a balance cap of $250K.

A qualifying relationship is either a Lakeside Bank checking account ($100 minimum balance) or Lakeside Bank savings account ($500 minimum daily balance).

According to CSR, the Early Withdrawal Penalty is three months interest.

Availability

Illinois-based Lakeside Bank is a locally owned community bank, which has...

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