Update 5/8:
- Rate reduced from 3.5% APY to 3% APY
- Maximum balance reduced from $35,000 to $15,000
- No longer accepting out of state applications.
Offer at a glance
- Interest Rate: 3% APY
- Minimum Balance: None
- Maximum Balance: $15,000
- Availability: Nationwide
- Direct deposit required: Yes, or ACH transaction
- Additional requirements: 6/12 debit card purchases & eStatements
- Hard/soft pull: Soft pull
- ChexSystems: Yes
- Credit card funding: Unknown
- Monthly fees: None
- Insured: FDIC
The Offer
- Security Bank of Crawford offers a Kasasa cash checking account. This account earns 3% APY on balances up to $15,000 when the following requirements are met:
- At least 1 direct deposit or ACH credit transaction
- At least 6 debit card purchases (normally this is 12 but it has been reduced to 6)
- Be enrolled in and agree to receive e-statements
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
Apparently this is available nationwide, if that’s the case I don’t expect this rate to stay at 3.5% APY. We still need to know if this is a hard or soft pull to open. We will add this to the list of the best high yield savings accounts.
Hat tip to reader Adam
Anybody else’s statement period end May16th? Halfway through the month is weird
Mine says 5/13. Some of my rewards account periods end with the calendar month, others use 2nd Wed, 3rd Thur, 4th Wed
Got same notification letter stating current reward checking account requirements advertised on the web site since May 6th, 2020 –3.00% APY on balances up to $15,000 when qualifications are met—will become effective on June 9th, 2020 for account holders who opened their accounts before May 6th, 2020.
Also, received a congratulations e-mail message for getting the higher 3.50% APY in the last monthly qualification cycle. In reality, I got the 3.50% APY because requirements are waived in the first monthly qualification cycle not because I met the requirements.
When you get that e-mail message, please review carefully the table showing if you met or not each qualification requirement. I noticed the e-statements signing requirement was not met in my case.
The process of signing for e-statements in the web site is very convoluted. I believed I was already registered for e-statements but I was not.
You must click on the View Test Document blue button to confirm you are able to read PDF documents. However, the confirmation PDF document you got after clicking on that blue button is not an e-statements registration confirmation message. You must also ensure the Select All check box is selected in order the ACCEPT TERMS button gets enabled. The ACCEPT TERMS button is enabled when its color changes from gray to green. Only after clicking on the ACCEPT TERMS green button you are really registered for e-statements.
Hope this helps!
Great tip, thanks
EDUARDO BAEZ
Got letter today from Crawford bank announcing the 3% rate and $15K cap ‘become effective on June 9th, 2020’.
I have seen in almost in all cases of high yields checking accounts the banks require a high number of debit card transactions (sometimes with even more restrictive language around what type of transactions like this one). Can someone explain what is the rationale ? What do the banks gain by enforcing higher debit card usage ?
Small banks/CUs make 1%+ on debit card transactions. If people really put all their spend through the debit card, the bank brings in decent revenue.
I asked via secure message and Bank rep says the 3% on $15K changes go into effect in 30 days and account holders will be getting letter in mail about it.
Applied at the end of April, still no one contacted me yet, then the rate dropped 🙂
well, I guess I will pass this one.
3% on 15k
She wrote: “With the rates changing during this trying time, we are in the midst of lowering our Kasasa Cash Rate and cap. We will be lowering it to 3.00% APY on up to $15,000.00 when qualifications are met… Please be reminded this account is intended to be your primary checking account, and if you are seen to be gaming the system, we can close your account at anytime.”
https://www.secbank.net/personal/personal-checking/free-kasasa-cash-checking.html
The web page is showing already the new terms effective May 6th, 2020.
3.00% APY on balances up to $15,000 when qualifications are met.
So they dont want you to game the system while they can openly game the system by reducing the rate and balance tier at any time and screw everyone since they just offered the account seems like they already set everyone up
Received email saying no longer accepting out of states applications…
Same here.
Good thing I didn’t attempt to apply. I usually wait a bit on these “too good to be true” accounts. I guess since it’s only a soft pull all you wasted was a Chex inquiry.
Yeah, good thing I keep all my 3 reports locked 🙂 no hp. About Chex – still don’t know how to check it.
Have you been declined for any checking account in the past 60 days? If so, you are eligible to get a free Chex report.
I’m waiting until almost 60 days have past from when SkyOne rejected me to request mine.
I didn’t have denials but I did applied to a bunch of local high interest accounts here that just didn’t process me because I am out of state. I wonder if even “attempted applying will be in Chex report.
Like
Eric said, you can request one within 60 days of a denial, but also, just like any credit report, you get one free annually. Really, Chex doesn’t know if you got approved or denied, so 60 days from any known inquiry would probably suffice.
Thank you! Yes I should try that.
After applying and following up, I was told they cannot identify my SSN( so denied my application)which was strange as during the application it asked for security questions related to my SSN. Then CSR mentioned I can apply again and send in my SSN card if the same issue exists. I applied again and after 3 days i emailed to get the status and was told they have decided to not accept out of state applications. Wow. After submitting the application twice?