New Reward Checking Account at Mountain Valley Bank in TN
I just noticed a new reward checking account that we began tracking in June. It's a Kasasa Cash account that's being offered by Mountain Valley Bank in Tennessee. Like many of the new Kasasa Cash accounts, the balance cap is a little disappointing. However, the rate is competitive. There's also a Kasasa Saver account. Below are the rates and features of these accounts as listed in the bank's Kasasa Cash page and in the Kasasa Saver page as of 8/22/2012:
Kasasa Cash Account
- 3.00% APY on balances up to $15,000
- 0.35% APY on amount of balance over $15,000
- 0.10% APY if requirements are not met
- Nationwide ATM fee refunds (up to $50 monthly, and $4.99 per transaction)
Kasasa Saver Account
- 1.01% APY on balances up to $15,000
- 0.25% APY on amount of balance over $15,000
- 0.10% APY if requirements are not met
Monthly Requirements
The above rates and the ATM fee refunds require the following:
- 12 debit card purchases
- 1 automatic payment, 1 direct deposit, or 1 bill pay transaction
- Receive eStatements
As is the standard for Kasasa accounts, there is no monthly service charge and no minimum balance to maintain account.
Availability
There's a link to an online application on the bank's Kasasa Cash page. I was told they only accept online applications from people who live in Tennessee. Those outside of the state would need to visit one of their branch locations to open a Kasasa account.
Bank Overview
Mountain Valley Bank branches are located in the Tennessee cities of Dunlap and Monteagle.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 48.94% based on March 2012 data. Please refer to our financial overview of Mountain Valley Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 1705).
How This Reward Checking Account Compares
For those who live in Tennessee, there's currently a slightly better deal at First State Bank which like Mountain Valley Bank has an online application that's open to all TN residents. First State Bank's reward checking account has a 3.10% APY for balances up to $15,000.
There are even better deals for those who live in certain areas of TN. One of the best deals is at Civic Bank Trust in Nashville. That bank has a reward checking account with a 3.00% APY for balances up to $30,000.
For nationally available reward checking accounts, there are only two that offer 3.00% APY. Both have low balance caps. One is Consumers Credit Union which has a 3.09% APY for balances up to $5,000. The other is Lake Michigan Credit Union which has a 3.00% APY for balances up to $15,000.
Searching for Reward Checking Accounts
To find Kasasa Cash accounts and other reward checking accounts in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.
If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.
