Iowa-based MidWestOne Bank’s rewards checking account (RCA), Power Checking, had been earning 2.25% APY on qualifying balances up to $25k for more than two years until this morning's rate drop. The APY is now 1.75% on qualifying balances up to $25k. Qualifying balances above $25k earn 0.10% APY, with non-qualifying balances earning 0.05% APY.
|1.75*%||-||$25k||MidWestOne Bank||Power Checking|
|OTHER TIERS: 0.10% → $25k+|
Note: UPDATE 7/23/2020 – the Power Checking
2.25% 1.75% APY and Power Saver 1.51% 1.00% APY are only available in the Iowa market area. The current rates outside of Iowa are Power Checking 1.50% 1.00% APY and Power Saver 1.25% 0.75% APY.
The qualifying cycle requirements include,
- At least 15 debit card transactions.
- At least one direct deposit, automatic debit or bill pay transaction
- Receive electronic statements.
There is no monthly service fee or minimum balance requirement, but there is a $100 minimum opening deposit requirement. While paper statements are available, there is a $3 fee for each paper statement. There is a limit of one Power Checking account per household. Nationwide ATM fees will be reimbursed up to $15 per cycle, if the qualifications are met. ATM fees greater than $4.99 are not automatically reimbursed and a receipt must be presented for reimbursement. As stated on the Power Checking landing page,
If Power Checking qualification requirements are NOT met or if there are more than $15 per month in ATM fees, you will be charged $1 (plus any fees assessed by the ATM) per withdrawal from ATMs not owned by MidWestOne.
As a companion account to the Power Checking account, the Power Savings account currently earns 1.51% APY on qualifying balances up to $25k. Like the Power Checking account, qualifying balances above $25k earn 0.10% APY, with non-qualifying balances earning 0.05% APY. The minimum opening deposit is $100. Power Checking earned interest and reimbursed ATM fees will automatically transfer to the linked Power Savings account. While there is no monthly service fee, there is an ATM $5 set-up fee and $1 monthly fee. If there are more than six monthly Power Savings transactions, a $10 fee per statement cycle will be charged. ATM withdrawals from non-MidWestOne ATMs will incur a $1 fee each.
|1.00*%||-||$25k||MidWestOne Bank||Power Savings|
|OTHER TIERS: 0.10% → $25k+|
Headquartered in Iowa City, MidWestOne Bank’s market area for the Power Checking account includes portions of Colorado, Florida, Iowa, Minnesota, and Wisconsin. The first page of the online application is a bit deceptive, as it gives the impression that the availability is statewide: “I live in Colorado, Florida, Iowa and Southwest Wisconsin, or Minnesota and Western Wisconsin.” The geographic limitations (proximity to branch locations) are detailed only after a specific state is selected.
This application is for individuals living or working in Fort Myers and Naples area of Florida.
This application is for individuals living or working in the Denver metro area.
This application is for individuals living in the Minneapolis metro area, including locations in western Wisconsin.
This application is for individuals living or working in one of our communities in Iowa or Southwest Wisconsin.
MidWestOne Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.86% (excellent) based on March 31, 2020 data. In the past year, MidWestOne Bank has increased its total non-brokered deposits by $1.17 billion, an excellent annual growth rate of 43.48%. Please refer to our financial overview of MidWestOne Bank (FDIC Certificate # 14843) for more details.
MidWestOne Bank has its roots in the 1934 merger between the Iowa State Savings Bank and the Iowa Loan and Trust Company, which resulted in the Iowa State Bank & Trust Company. Following two mergers with The First State Bank (Conrad, IA) and MidWestOne Bank (Okaloosa, IA) in 2008, Iowa State Bank & Trust Company re-branded under the MidWestOne Bank name. More recent acquisitions include Central Bank (Golden Valley, MN) in 2016, and American Trust & Savings Bank (Dubuque, IA) and American Bank & Trust Wisconsin (Cuba City, WI) in 2019. MidWestOne Financial Group (3rd largest publicly traded bank holding company headquartered in Iowa) is the Bank’s parent company. MidWestOne Bank is currently the second largest bank headquartered in Iowa, with assets in excess of $4.7 billion.
How the Power Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in the Iowa market area and have maximum qualifying balances of at least $25k, MidWestOne Bank’s Power Checking APY currently ranks second.
|Interest Rate||Account Name||Credit Union/Bank|
|3.00% APY||Kasasa Cash (up to $25k)||The Bank of Denver|
|2.25% APY||Power Checking (up to $25k)||MidWestOne Bank|
|2.01% APY||Kasasa Cash (up to $50k)||First Security Bank & Trust|
The above rates are accurate as of 7/23/2020.