Murphy-Wall State Bank and Trust is offering a high-yield reward checking account called Kasasa Cash. The account has the following rates and features if certain monthly requirements are met:
- 3.50% APY on balances up $25,000
- 0.50% APY on portion of balance over $25,000
- 0.05% base rate if requirements are not met
- ATM fee refunds nationwide up to $25 per month
The monthly requirements include:
- 10 check card purchases
- 1 direct deposit or ACH auto debit
- Access Online Banking
- Receive eStatements
Other features of this account include:
- $100 minimum initial deposit
- No monthly fee
- No minimum balance
- Free Online Banking with Bill Pay
The bank also offers the Kasasa Saver account which allows you to earn a decent rate if you have balances over $25,000. It offers the following rates if you meet the above requirements for your Kasasa Cash account:
- 1.50% APY on balances up to $50,000
- 0.50% APY on portion of balances over $50,000
- 0.05% APY base rate if requirements are not met
Like the Kasasa Cash account, it has no monthly fees or minimum balance requirements.
There's an online application link at the bank's Kasasa Cash page. This link takes you to the Kasasa website that provides the online application service.
The application only accepts certain zip codes. As of 2/24/10, all Illinois zip codes appear to be accepted including zip codes from Chicago. Note, it has been common for banks to change availability on these accounts. So if it doesn't accept your Illinois zip code, please leave a comment.
Branches are located in southern Illinois in the cities of Pinckneyville and Murphysboro.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 10860).
Value of Kasasa Saver?
I've seen more banks include the Saver account with the reward checking account. The Saver account can be useful for those who have balances over the reward checking cap and don't want the hassles of maintaining multiple reward checking accounts. As in the case above, the Saver rate is very competitive compared to internet savings account rates.
Other Reward Checking Accounts
There are still nationwide reward checking accounts paying 4% (see post) and a few local reward checking accounts that are even paying over 5% (see post). However, rates under 4% are becoming more common, and anything over 3% is a decent deal for reward checking rates.
To find nationwide reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.