Posted by William Charles on June 18, 2017
Rewards Checking

Published on June 18th, 2017 | by William Charles

32

[Kansas] Security State Bank 3% APY On Balances Up To $10,000 – Direct Deposit Not Required

Offer at a glance

  • Interest Rate: 3% APY
  • Minimum Balance: None
  • Maximum Balance: $10,000 for 3% rate
  • Availability: Nationwide Kansas only now
  • Direct deposit required: None
  • Additional requirements: 12 debit card transactions
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • Security State Bank is offering a 3% on balances up to $10,000 if you meet the following requirements:
    • Have at least 12 debit card transactions post and settle
    • Be enrolled in and agree to receive eStatements
    • Be enrolled in and log into online banking
  • If the requirements are not met then a 0.01% APY rate applies. Balances over $10,000 earn a rate of 0.25% if requirements are met

The Fine Print

  • Account transactions and activities may take one or more days 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.
  • ATM-processed transactions and transfers between accounts do not count toward earning account rewards.
  • “Monthly Qualification Cycle” means a period beginning one (1) business day prior to the first day of the current statement cycle through one (1) business day prior to the close of the current statement cycle.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Account has no monthly fees to worry about. When the requirements for the 3% rate are met you can also receive ATM rebates up to $25 (maximum of $4.99 per transaction. An ATM receipt must be presented within sixty (60) calendar days of transaction for reimbursements of individual ATM fees of $5.00 or higher)

Our Verdict

Fairly easy to meet the requirements (here’s some easy ideas on how to meet the debit card requirement). I do think there are better options out there (and we discuss them in this post) but this could be useful for somebody that needs additional capacity if it turns out to be a soft pull.



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Wong
Wong

Nice find Doc. I do wonder though, doesn’t it just suffice to have an Ally bank account with unlimited ACH push/pull + Popmoney along with 4x Insight cards that earn 5% without any special requirements? Then when you max Insight, you can have 10x Netspend cards. I recall reading that DP somewhere in reddit or depositaccounts.

I’m personally with Northpointe bank as my main bank at the moment because of the cheap Popmoney transfers, and the 5% doesn’t hurt. I’m personally spending about $1k per month on the NP but on the same merchant to meet the requirements.

joE
joE

“I’m personally spending about $1k per month on the NP but on the same merchant to meet the requirements.”

You mean the hidden, undisclosed, we’ll randomly shut your account ghost lilmits! Requirements are stated not hidden. For example their 15 purchases must be made, is a requirement.

Wong
Wong

Thank you for the correction, joE. I wish I could edit or delete my posts on DoC. My post should should read instead

“I’m personally spending about $1k per month on the NP card but on the same merchant to float the boat of whatever NP bank drone that is looking at my account to convince him/her not to hit me with the banhammer.”

anthonyjh21
anthonyjh21

4x insight? Are you including a significant other, each with two accounts? Sorry but I’m not following here.

Wong
Wong

You can get up to 4. There are some DPs on the old Insight post comments.

anthonyjh21
anthonyjh21

Per person? TIA

Ken
Ken

Yes, it’s now 4 per person. If you have an old Axiom card that will pay its last yield payment July 1st and then it will be shutdown July 31st.

anthonyjh21
anthonyjh21

@ Ken

Wow, thanks for that information. Are you changing email address, phone number etc. while keeping SSN the same?

Ken
Ken

Nope, keeping everything exactly the same. They’ll made you pick a new username for each new account, but everything else can remain the same, including passwords.

anthonyjh21
anthonyjh21

Much appreciated. Selfishly, I hope this doesn’t make it to a new DoC post… this could easily be killed.

Ken
Ken

It’s in a DoC post, but an Insight agent told a reader that up to 4 cards were allowed, so we should be good to go.

Once my Axiom card pays out interest July 1st I’ll pull funds, close, and apply for a new RBOC card #4.

DirtyLilRat
DirtyLilRat

10x Netspend cards? Could you explain? Is it (netspend, brinks, ace, western, heb)*2?

Ed
Ed

The title should be State Security Bank 3% APY On Balances Up To 10,000

Chuck

Fixed, thanks

Theory
Theory

Another typo:

Balances over $10,000 earn a rate of 0.25% if balances (should be “requirements”) are met

Chuck

Looks like Will must have fixed that now

Mark
Mark

They have a 50 cent mobile deposit fee the ffffff

Superchurn
Superchurn

thats ridiculous

Wong
Wong

They probably hired some ex-Bank of America VPs into upper management. Cut costs! Add more fees onto basic banking! 0.01% interest rates!

az
az

It is Security State Bank, not Security State Bank.

hardy
hardy

CSR told me its soft pull But only available statewide, so only to Kansas state person.

Chuck

Hmm, doesn’t seem that way from the application.

Milespoints
Milespoints

Just tried applying and after submitting app i got a response that they are only opening accounts for in state now. Should modify post to reflect that

Chuck

I’ll update, thanks

Alex Taheri
Alex Taheri

I just applied last night, did not receive that response.

Wonder if it just started the restriction today

Curmudgeon
Curmudgeon

Per online chat with this bank today:

– pulls credit report, soft pull
– pulls ChexSystems
– no credit card funding, only ACH
– max one 3% checking and one cash back checking per social security number
– said having a non-Kansas drivers license was OK as long as you have a Kansas address (haven’t tested this yet though)

Hope you never need to go to the branch though – it’s waaaaaaaaay out in the sticks.

Curmudgeon
Curmudgeon

Can confirm that Amazon $0.50 reloads work for debit requirement.

It’s a bit lame that you have to log into the account each month, but I guess that’s why I have my tracking spreadsheet to keep all of this straight. 😀

Also, I don’t live in Kansas, but was able to use a relative’s address in KS to sign up for the account. They were fine with it since I sent my non-Kansas drivers license to open the account.

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