One American Bank – 2% APY Rewards Checking Account On Up To $10,000 [No Direct Deposit Required]

Looks like this account is no longer being offered to sign up for.

Update 4/21/20: Rate reduced to 2% from 3.5% APY. Hat tip to reader vc

Update: Looks like you now need to reside in South Dakota.

Offer at a glance

  • Interest Rate: Up To 3.5% APY
  • Minimum Balance: $50 minimum opening deposit
  • Maximum Balance: $10,000
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: 12 debit card purchases, eStatements & log into online banking once a month
  • Hard/soft pull: Soft pull
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC
  • Expiration date: None listed, but deal isn’t always available nationwide

The Offer

Direct link to offer

  • Earn an 3.5% APY on your average daily balance on One America Bank’s Kasasa checking account when you complete the following requirements each Monthly Qualification Cycle:
    • Have at least 12 debit card purchase transactions post and settle to your account during the Monthly Qualification Cycle [starting October 20th, these need to be a minimum of $5 each)
    • Be enrolled in and agree to receive e-Statements, electronic account notices and disclosures
    • Be enrolled in and log in to Online Banking at least one time per Monthly Qualification Cycle

kasa checking account

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is no monthly account fee on this account, not sure about early account termination fees but since this isn’t a sign up bonus you shouldn’t really want to close the account anyway.

Our Verdict

Here are some ideas on how to meet the debit card requirements. I’d also recommend reading this post on which high interest savings account to get, there are a few options that offer 5% APY and with easier to meet/no requirements. For people that have already maxed out those accounts, then this is another good option assuming there is no hard pull. Even better if you can fund with a credit card.

Feel free to share your experiences with this account in the comments below.

Hat tip to Deposit Accounts

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Could not find any application link in their website ….. DoC link is not working


“Effective October 16, 2020, the Kasasa Cash rate is 1.49% with an Annual Percentage Yield (APY) of 1.50%. Kasasa Cash Back rate is 1.50%.”

Also a note for anyone who wants to sign up, when I did, I talked to the rep who opened my account and she mentioned that she Googled my address and couldn’t find it. I found it odd that she would even resort to doing anything other than a standard chex and credit bureau check. Felt a little weird and uncomfortable. They seem to really scrutinize the cashback accounts.


The “Direct link to offer” no longer works, and I couldn’t find a link on their website to open the account online.

matthew f

didn’t this one use to be nationwide? Or is that All America Bank / Redneck?

Frito Pendejo
Frito Pendejo

Damn. At least it happened *before* I signed up. Was just looking for my next stash


Chuck “Effective April 17, 2020, the Kasasa Cash rate is 1.98% with an Annual Percentage Yield of 2.00%. Kasasa Cash Back rate is 2.00%. ” check your account bc they didn’t have the courtesy of notifying us via the monthly cashback summary or statement.


Must reside in South Dakota to open this account. On the app screen, you cannot proceed if you don’t have a South Dakota zip code. “In order to apply for a ONE AMERICAN BANK consumer account online, you must reside within our specific market area of South Dakota.”


“You must be a US citizen to open an account online. Non-US citizens should contact your nearest branch location to open an account.”


Your verdict states “there are a few options [at other banks] that offer 5% APY and with easier to meet/no requirements”… Is this still the case? It seems like this is the 3rd highest (as of Oct 10, 2018) and the top two others also have difficult requirements. (Mango’s $800 DD requirement is hard to directly compare with 12 monthly txns).