Posted by William Charles on October 30, 2017
Rewards Checking

Published on October 30th, 2017 | by William Charles

189

[IN, MI, OH, IL, WI] New Buffalo Savings Bank: 2.27% APY On Balances Up To $15,000 & $25 Amazon Giftcard

Originally posted on 04/03/17. Reposting on 10/30/17 due to negative changes. Buffalo Savings Bank has sent out a letter stating a number of negative changes to the account:

  • Maximum balance reduced to $15,000 (previously $35,000). Effective 12/15/17 for existing account holders
  • They expect the account to be used for everyday expenses and reserve the right not to credit interest if they feel you are only trying to qualify for the rate

If you’re looking for a new savings account due to these changes, I’d start here.

Hat tip to David A

Offer at a glance

  • Interest Rate: 2.27% APY on balances up to $15,000 when requirements are met. 0.02% if requirements are not met
  • Minimum Balance: None
  • Maximum Balance: $15,000 for 2.27% APY, account then earns 0.25% APY on balances over this
  • Availability: IN, MI, OH, IL, WI only
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None 
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • New Buffalo Savings Bank offer a 2.27% APY account on balances up to $15,000 when you complete the following requirements:
    • Have at least 12 debit card purchases post and settle
    • Be enrolled in and agree to receive E-Statements
    • Be enrolled in and log into online banking
    • Valid e-mail address

 

Referral Bonus

You can also get a $25 Amazon gift card by referring a friend (both parties receive a $50 Amazon gift card). The requirements are as follows:

  • Enter e-mail
  • Open a free Kasasa checking account with New Buffalo Savings Bank
  • Qualify for your Kasasa account rewards within 180 days (same requires as needed for 2.27% APY rate)
  • Once we verify your qualifications, your gift card is delivered by email

Thanks to reader Kalf8483 for mentioning this bonus, this is their link. Feel free to share your link (once) in the comments. Note the referral bonus states it’s limited to Michigan, Indiana and Illinois – not sure if that is actually enforced or not. You can generate your own link here.

Avoiding Fees

This account has no monthly fees to worry about

Our Verdict

I like the fact that there is no monthly fees and also direct deposit isn’t required. In general these requirements are pretty easy to complete (here are some ideas on how to meet those debit card requirements). The downside is that they state they must be everyday transactions and reserve the right not to award the APY if they feel they aren’t every day transactions. The APY is higher than a basic high interest account, but not as good as most rewards checking accounts. The upside is that you also get the $50 Amazon gift card as well.

Much less useful due to the much smaller cap.

Hat tip to reader Connor C



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anne
anne

I just finished the application process and this is what I got:

Thank You!
We are currently verifying your application. Here’s what to expect next:

Next Steps
You will receive a confirmation email that we have received your application.
You will be contacted within 1-2 business days by an New Buffalo Savings Bank representative who will let you know if any additional documentation or information is required.
Once your application is successfully verified and we have received all necessary documentation we will process your opening deposit.

You can only fund the account from bank transfer or coming to a branch. It is very likely that ChexSystem report was pulled since I had to answer the typical ID verification questions like most of other bank applications.

anne
anne

I just got an email asking for an extensive list of documentations: pay stub, mortgage paperwork, utility bill, phone bill, SSN, and driver license! Wow.

anne
anne

More update: The banker who handled my account opening informed me through email that 12 debit card must be “Does not include on line purchases. Needs to be point of sale purchases like Speedway, McDonalds, Walmart and so on.” I wonder she does not know what “point of sale means.

kalf8483
kalf8483

interesting. keep us updated. also, do you have a referral link?

an
an

Just got signature card and debit card application forms and I need to mail them back. It is a very slow process to open an account with this bank. I don’t have a referral link.

Frito Pendejo
Frito Pendejo

She probably doesn’t understand. I bet amazon reloads will work, with pin-less debit.

David
David

I got warned about the same thing. I even asked if the transactions are reviewed manually or automatically and she wasn’t sure.
There is also another problem: the user interface, which btw seems to come directly from 1998, doesn’t show temporary authorizations/pending transactions so I’m having issues verifying my Serve account. Anyone else with the same problem?

anne
anne

I made 12 Cox transactions and we will see if those are counted. They may manually review the transactions and disqualify us.

anne
anne

I agree with you about the user interface. I think you can sort out the transactions by choosing transactions “since last log in” or something like that.

David
David

Update: I made 12 debit transactions loading my serve account and they counted to get the reward rate. So at least we know the “retail purchase” requirement is not being enforced.

Ted
Ted

May I ask how do you check if your purchase counts towards the reward rate? Thanks!

windyfly
windyfly

Opened in minutes, resident of Texas. Waiting for the pull information. Funded with my DSV saving.

windyfly
windyfly

Okay. Get the same msg as the first po.

Paul
Paul

This has been around since at least April 2016. Previously it was reported this was only for Michigan residents but perhaps that has now changed

Paul
Paul

Let Us know if you get approved and post your $50 referral code and we can hopefully get a referral Conga going

Mser
Mser

I also just applied. But got “we are currently verifying your application”. No ID verification was done. Got the same “Next Steps” info as @anne reported above.

Very small credit union. Only 3 branches/35 employees. Seems to be well capitalized but chronically losing money over the last few years. Don’t know why they haven’t merged themselves out of existence decades ago (opened in 1921).

bob
bob

how about credit card funding? What were your options?

Mser
Mser

No CC funding option provided.

windyfly
windyfly

I have ID verification popped up.

Mser
Mser

Rec’d email today from banker. For verification, asked for copies of SSN, DL, Phone and Utility bills. A bit overkill, but if can dump $35K there, worth the hassle.

DarLong
DarLong

How do you know they are losing money?

Superchurn
Superchurn

this could be very sweet coupled with an auto-reload gift card balance setting on amazon. $60.53/month with no ba to deal with

jfluckey
jfluckey

Auto reload only works when your balance falls below a certain level, no? So you would have to make at the very least 6 purchases a month for that to work.

Superchurn
Superchurn

I’m not sure tbh…i’ve always manually reloaded

dan
dan

Amazon’s auto reload works without needing any balance level.. but it’s $5 minimum reload so would end up being $150 a month reloaded if you make it daily reload.

Rob
Rob

Isn’t the Amazon minimum reload $0.50?

Dan
Dan

I’m talking about auto reload

Aaron
Aaron

Is that 12 debit card purchases per month to maintain the 2.27%? Or is it just a one time thing, then it remains 2.27% onward without any further requirements?

Ken
Ken

I’m already doing 26+ AZ reloads a month, I don’t want to do anymore for fear of AZ action. Are there any other companies that allow you to reload small amounts to a single GC repeatedly?

Jerry M
Jerry M

Instead you can also pay off other bills with your debit card in small amounts such phone bill or internet.

Ken
Ken

I get 5x paying those with my Ink card, but I get what you mean. I have a utility that doesn’t charge a convenience fee that I could also do, but I’m always trying to meet minimum spend and you can’t MS for Amex anymore.

kalf8483
kalf8483

5x for $2.5. who cares

Ken
Ken

Obviously not you.

kalf8483
kalf8483

would appreciate it if anyone can confirm there is no hard pull

lucy sims
lucy sims

I contacted the banker, says its nationwide, i opened free checking account online with 200 dep, says pending review/approval. not sure hard pull or not, did 4 credit questions. FYI

Chris B
Chris B

Dear Chris:

In response to your question on a credit check for Kasasa. We do not do a hard credit pull. If you have any further questions, please feel free to contact me.

Nis
Nis

Please someone refer me on drnrwork@gmail.com

kalf8483
kalf8483

Anyone got a referral link? Looks like both parties get a $50 amazon GC

lucy sims
lucy sims

its strange that no one calls or email me about my 3/17 application as of 3/21/2017, maybe they are too slow, any one got more recent update or success opening an account?

Ken
Ken

Four days isn’t really long. HSBC took 4-6 weeks for most people. For M&T they don’t call or email, they just send a letter in the mail. Be patient or call them up.

Michael
Michael

Can someone please refer me as well? michaeljbogle@yahoo.com

Nick
Nick

Me as well 🙂

n.davis012@gmail.com

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