[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.