Update 2/1/21: APY has been reduced to 1.5%.
Offer at a glance
- Maximum bonus amount: 2.5% APY
- Availability: Nationwide
- Additional requirements: 12 debit transactions, e-statements, login
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
The Offer
- Industrial Bank offers a 2.5% APY interest rate on balances up to $15,000 with their Kasasa checking account
To be eligible for the 2.5% rate, the following qualifying actions are necessary:
- Twelve debit transactions monthly
- Enroll in e-statements
- Login to the account (this has to be done monthly)
Aside from the 2.5% APY on the savings account, there’s also an ATM refund benefit on the account, up to $25 per month when qualifications are met.
The Fine Print
- Each individual is limited to one Kasasa checking account.
- Industrial Bank is not responsible for any delay by merchants in processing their transaction. Transactions and activities may take one (1) or more business days from the date the transaction or activity occurred to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards.
- The following activities do not count toward earning account rewards: transactions in a “pending” state, ATM-processed transaction, non-retail payment transactions, and purchases made with debit cards not issued by our bank, transfers between accounts, debit card transactions received by Industrial Bank as ATM transactions, ATM Withdrawals. Bundled transactions received as a single transaction count as a single transaction.
- “Monthly Qualification Cycle” means a period beginning one business day prior to the first day of the current statement cycle through one business day prior to the close of the current statement cycle.
- When Kasasa Cash qualifications are not met, all balances in the account earn 0.01% APY and ATM fees are not refunded.
- $25.00 minimum deposit is required to open the account.
- There is no fee to open or close this account; there is no minimum balance requirement to avoid being charged a fee. There are no per check or per deposit fees charged.
Our Verdict
This high-interest-checking account is especially interesting being that the requirements are very easy to meet and the account is available nationwide. The bank is located in DC, and they seem to accept applications from anywhere. We also need to find out if there’s a hard pull done during the account opening process – let us know your experiences in the comments.
2.5% on up to $15k is pretty good, though there are some better options available; be sure to check this post for the Best Savings Accounts available. We’ll add this one in there as well.
