When I first reviewed the reward checking account at Treynor State Bank in 2010, the account was only available to Iowa residents. It's now open to residents of several mid-western and western states. Like many other reward checking accounts, both the rate and balance cap have fallen, but the account remains competitive. One thing that helps offset the low balance cap is a linked savings account. These reward checking and savings accounts are under the Kasasa brand. The reward checking is called Kasasa Cash and the linked savings account is called Kasasa Saver. These accounts have the following rates and features if certain monthly requirements are met (as of 9/10/2012):
- 3.01% APY on balances up to $15,000 (Kasasa Cash)
- 1.01% APY on balances up to $25,000 (Kasasa Saver)
- 0.71% APY on the amount over these balances
- 0.05% APY base rate if requirements are not met
- ATM fee refunds nationwide up to $25 per month
Monthly requirements include:
- 15 debit card purchases
- 1 recurring direct deposit, ACH auto debit, or online bill payment
- Sign up for and receive eStatements
Both accounts are free with no monthly service fee and no minimum balance requirement.
There's a link to an online application on the bank's Kasasa Cash page and its Kasasa Saver page. The first page of this application requires that you confirm that you live in its market area. This used to be just Iowa. It now includes many states. The following is from the application:
To open an account wtih Treynor State Bank you must be a resident of the state of Arkansas, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Tennessee, Utah, Wisconsin, or Wyoming. Please confirm your eligibility below before proceeding
Treynor State Bank branches are located in the Iowa cities of Treynor, Council Bluffs and Macedonia.
The bank's financial health has weakened a bit since my 2010 review. Its overall health score at DepositAccounts.com is 3 stars (out of 5) with a Texas Ratio of 23.73% (average) based on June 2012 data. Please refer to our financial overview of Treynor State Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 14812).
How This Reward Checking Account Compares
There are only two reward checking accounts that are nationally available with at least a 3.00% APY. Consumers Credit Union pays 3.09% APY for balances up to $5K, and Lake Michigan Credit Union pays 3.00% APY for balances up to $15K.
These rates are accurate as of 9/10/2012.
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.