Update: The advertised interest rate is no longer available. First Robinson Savings Bank is offering an interest rate of 2.01% APY on balances up to $15,000 as of 2012. Visit our top rewards checking accounts of 2012 for updated offers from around the country.
- Offer from Archive -
BankVibe reader Erik found a fairly substantial high interest checking account offer through First Robinson Savings Bank out of Robinson, Illinois. As of September of 2008 their “rewards checking account” is yielding a whopping 6.01% APY if all conditions are met.
First Robinson Savings Bank, founded in Wabash Valley, Illinois, in 1883 has remained a small community bank throughout it’s existence. They claim to offer premium products that can’t be found at large national banks – and that they do. Their “Kasasa Cash Checking Account” is not found at any larger, well-known bank, however it is not unique to them. A number of small community banks and credit unions in the both the midwest and the south offer the “Kasasa Checking Account” (fancy name for rewards checking account). Basically the account provides a significantly higher interest rate when consumers meet the monthly requirements (see below for details).
Features of High Interest Checking Account
- Receive 6.01% APY on all balances up to $25,000
- 1.01% APY on all balances above $25,000
- ALL ATM fees generated within the United States will be refunded (aka free ATM withdraw)
Terms and Conditions
- Ten Debit Card Transactions per month (excluding ATM transactions)
- Process one of the following: Online Bill Pay, ACH Auto Debit or ACH Direct Deposit (which must clear during monthly statement cycle)
- Receive Account Statements Electronically via Newsletter E-Z-Notice
Also note that this rate is subject to change without notification, so if you do proceed with this bank make sure to check your monthly statements to ensure this rate remains valid.
Interest Rate Outlook: Expect deposit and money market rates to continue their decline. Rewards checking accounts will likely fall as well but will continue to provide higher APY’s than regular deposits and savings accounts.