Bank Deals Blog: Checking & Reward Checking Deals

While First-Lockhart National Bank (First-Lockhart) has been offering some type of competitive rewards checking account (RCA) for more than ten years, the Kasasa brand has only been a part of the product line for about ten months. The Free Kasasa Cash Checking account currently earns 3.05% on qualifying balances up to $25k; qualifying balances above $25k earn 1.045% APY, with non-qualifying balances earning 0.05% APY.

Keystone Bank has added three No Penalty CDs to its product line: 7-month (2.10% APY), 11-month (2.05% APY), and 13-month (2.00% APY). The minimum opening deposit is $10k, with no stated balance cap. The no penalty feature allows for an early closure only; partial withdrawals are not permitted.

You probably noticed that these No Penalty CD rates go...

Now through February 17, 2020, Connexus Credit Union (Connexus) is offering a $250 bonus when opening a new Xtraordinary checking account using the promotion code, FREECHECKING. This offer is only available to members who do not have an existing Connexus checking account, or one that was closed on or after January 2, 2020, and is limited to one bonus per member.

According to the landing page, earning the...

PA Central Federal Credit Union’s (PA Central) rewards checking account, High Dividend Checking, currently earns 2.02% APY on qualifying balances between $500 and $75k. Non-qualifying balances and qualifying balances below $500 and above $75k do not earn any interest. While 2.02% APY is low for a rewards checking account, the $75k balance cap is unusually high.

The qualifying requirements include:

• At least 12 signature debit card...

At the end of October, TDECU added a 12-month Promo Rate CD earning 2.20% APY. This limited-time special requires a $1k minimum opening deposit, with no stated balance cap.

The 12-month Promo Rate CD is also available as an IRA (Traditional or Roth), earning the same APY with the same funding requirements.

As stated on the Rates and Fees page (Miscellaneous Account Fees), the Early Withdrawal...

In August, Community Shores Bank (CSB) unveiled its new Rewards Checking account, which earns 3.25% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualifying balances not earning any interest.

Qualifying Requirements

• At least 15 debit card purchases.
• Receive eStatements.
• Access Online Banking or CSB-Mobile Banking at least once per statement cycle.

CSB lists a fourth requirement that I think goes without saying: “Keep the account open.”

Spencer Savings Bank (Spencer) recently added a new Kasasa Cash Checking account, which earns 3.25% APY on qualifying balances up to $25k. Qualifying balances greater than $25k earn 0.30% APY, with non-qualifying balances earning 0.05% APY.

Qualification Requirements

• At least 12 debit card purchases per statement cycle.
• At least one ACH direct deposit or one automatic debit per statement cycle.
• Establish and maintain a Spencer Online Banking account.
• Receive eStatements.

The Kasasa Cash Checking account has no minimum...

Minnesota-based Heritage Bank had been offering very competitive rates on its long-term Triple Option CDs. Unfortunately, the rates have recently fallen, but there are still very competitive rates on Heritage Bank’s 6-month Triple Option CD Special. This CD currently earns 2.31% APY ($100k) or 2.21% APY ($10k).

The Triple Option features include additional deposits, unlimited rate bumps, penalty-free withdrawals, albeit with significant limitations.

If your stocking stuffers weren’t that exciting, perhaps XCEL Federal Credit Union’s (XCEL) newly added 24-month Winter Promo CD (2.50% APY) will make you feel jolly. The minimum opening deposit is $500, with no stated balance cap. According the fine print on the Rates page, “This offer expires 01/31/20 or may be withdrawn at any time for any reason.”

The 24-month Winter Promo CD is also available as an...

Three years ago this month, Cornhusker Bank introduced its Rewards Checking Account – the Power Checking account – as a replacement for its Relationship Checking account. The initial 3.50% APY was in effect for six weeks before a single basis point was added. Since January 2017, the Power Checking account has earned 3.51% APY on qualifying balances up to $25k. Portions of qualifying balances over $25k earn...