bank rates

13-State Deal: Checking Pays 3.05%

Red pen on top of check and check registerWhen we saw little Frontier Bank’s big savings and rewards checking accounts, we had to do a double take.

The bank, based in Rock Rapids, Iowa, has a savings rate higher than that of the best nationally available offer and a rewards checking account with one of the top rates in the country.

And to top it off: The accounts are available to residents of 13 Western and Midwestern states.

Frontier Bank’s Kasasa Saver account pays 1.05% APY, while its Kasasa Cash rewards checking account pays 3.05% APY.

And if you’re a resident of California, Colorado, Illinois, Iowa, Kansas, Missouri, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin or Wyoming, you can open Kasasa accounts at Frontier Bank, according to its online application.

The Kasasa Saver account takes just a $50 deposit to open, and you can earn the top rate on balances to $15,000.

In comparison, The Palladian PrivateBank (, which has the highest-paying nationally available savings account, pays 1.00% APY and requires a minimum deposit of $10,000 to open an account.

Before you can open a Kasasa savings account at Frontier Bank, you need to open a Kasasa Cash rewards checking account. It takes a minimum deposit of $50 to open the account, which pays 3.05% APY on balances to $20,000 if you meet a few requirements each month.

You’ll need to make at least a dozen debit card purchases, receive at one least one direct deposit or make at least one automatic payment, and receive eStatements to earn the best rate. You’ll also get up to $20 in domestic ATM fees reimbursed.

Balance portions greater than $20,000 earn 0.25% APY if you meet the monthly requirements.

Fulfilling those steps also means you can earn 1.05% APY on the Kasasa Saver account for balances to $15,000. Higher balance portions earn 0.25% APY.

If you don’t meet the monthly requirements, you’ll earn just 0.05% APY for that month.

Frontier Bank has three locations in northwest Iowa and one in Sioux Falls, S.D. You can open your Kasasa accounts online or at a branch.

For more information, visit or call 800-341-2265.

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Comments (3)
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3 Existing Comments
  1. Susan said:
    on October 25th at 12:20 pm

    California is not one of the eligible states for Frontier Bank

  2. Mike Cetera said:
    on October 25th at 02:50 pm

    Susan: We’re checking into this right now. Indeed the application does not contain California. We believe it did during the writing and editing of this piece. We’ll ask the bank what’s going on. For what it’s worth, we found a cached version of the application from a month ago. Back then only Iowa, South Dakota and Minnesota residents could apply. So, the bank is definitely making some eligibility changes. Stay tuned.

  3. Mike Cetera said:
    on October 29th at 08:22 am

    UPDATE: The bank says this is a new product they’ve been testing in various markets. California was offered briefly, now its not. The deal is available in the other states listed in the post.