High-Yield Reward Checking and Savings Account at Princeville State Bank - Illinois Only

Princeville State Bank is offering a high-yield reward checking account called Kasasa Cash and also a companion savings account called Kasasa Saver. Both have competitive rates, and when used together, they can provide a good return for a large balance. First, the Kasasa Cash account has the following rates and features if certain monthly requirements are met (as of 8/23/2010):

• 3.51% APY on balances up to $25,000
• 0.50% APY on portion of balance over $25,000
• 0.05% base rate if requirements are not met
• ATM fee refunds up to $20 per month

Monthly requirements include:

• 10 debit card purchases
• one recurring automatic deposit or withdrawal
• Receive e-statements

Other account features include:

• No minimum to open
• No minimum balance
• No monthly fees
• Free online bill pay

The Kasasa Saver account has the following rates if the monthly requirements of the Kasasa Cash account are met (as of 8/23/2010):

• 1.75% APY on balances up to $100,000
• 0.50% APY on portion of balance over $100,000
• 0.05% base rate if requirements are not met

Like the Kasasa Cash account, Kasasa Saver has no minimum balance and no monthly fees.

Is It a Good Deal?

The Kasasa Saver yield may be a bit disappointing for reward checking fans, but for those who don't want to worry about multiple reward checking accounts, this can be a good deal. It's very rare to find a savings account with a yield this high on balances this high.

Online Application for Illinois Residents

These accounts are listed at the Kasasa.com website, and they show up when you search for any Illinois zip code (I tried several including zip codes from Chicago). You can apply online at Kasasa.com. The online application at the bank's website actually links over to the Kasasa.com application.

Branches are located in Princeville and Peoria, Illinois.

The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our financial overview of Princeville State Bank). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1950 (FDIC Certificate # 16900).

Other High-Yield Reward Checking Accounts

To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.