American National Bank of DeKalb County has recently introduced a reward checking and savings account as part of the Kasasa brand. The reward checking account, called Kasasa Cash, has a very competitive rate, but the savings account rate is disappointing. The rates and features of the reward checking account if certain monthly requirements are met are shown below:
- 4.25% APY on balances up to $25,000
- 0.85% APY on portion of balance over $25,000
- 0.05% base rate if requirements are not met
- Nationwide ATM fee refunds up to $25 per statement cycle
The above rates are listed at the bank's Kasasa Cash page as of 5/19/2010.. Monthly requirements include:
- 12 Debit Card purchases
- 1 direct deposit or ACH automatic payment
- Receive e-statements
Other account features include:
- Minimum to open account is $50
- No minimum balance requirement
- No monthly service charge
The savings account is called Kasasa Saver, and it has a rate of 1.00% APY as off 5/19/2010. This yield applies to all balances if the above Kasasa Cash requirements are met. If they're not met, the rate falls to 0.05%.
The Saver accounts can be handy for those with more than $25K in savings. Most banks offering a Saver account like this have higher yields. With a rate only 0.15% higher than the Kasasa Cash yield for balances over $25K, it barely seems worthwhile to open this Saver account.
The bank has an online application for these Kasasa accounts. However, the first page of the application states the following (as of 4/7/2011):
American National Bank of DeKalb County is proud to be a community bank and to serve the residents of DeKalb County. By proceeding, you confirm you are a resident of DeKalb County.
Branches are located in DeKalb and Sycamore, Illinois.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our American National Bank of Dekalb County rates and reviews page). The bank has been a FDIC member since 1973 (FDIC Certificate # 21272).
Other High-Yield Reward Checking Accounts
Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.
Edit 4/7/2011: Updated the bank's new account restriction