Industrial Bank 1.5% APY Checking Account on up to $15,000 [Nationwide]

Update 2/1/21: APY has been reduced to 1.5%.

Offer at a glance

  • Maximum bonus amount: 2.5% APY
  • Availability: Nationwide
  • Additional requirements: 12 debit transactions, e-statements, login
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct Link to offer

  • Industrial Bank offers a 2.5% APY interest rate on balances up to $15,000 with their Kasasa checking account

To be eligible for the 2.5% rate, the following qualifying actions are necessary:

  • Twelve debit transactions monthly
  • Enroll in e-statements
  • Login to the account (this has to be done monthly)

Aside from the 2.5% APY on the savings account, there’s also an ATM refund benefit on the account, up to $25 per month when qualifications are met.

The Fine Print

  • Each individual is limited to one Kasasa checking account.
  • Industrial Bank is not responsible for any delay by merchants in processing their transaction. Transactions and activities may take one (1) or more business days from the date the transaction or activity occurred 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.
  • The following activities do not count toward earning account rewards: transactions in a “pending” state, ATM-processed transaction, non-retail payment transactions, and purchases made with debit cards not issued by our bank, transfers between accounts, debit card transactions received by Industrial Bank as ATM transactions, ATM Withdrawals.  Bundled transactions received as a single transaction count as a single transaction.
  • “Monthly Qualification Cycle” means a period beginning one business day prior to the first day of the current statement cycle through one business day prior to the close of the current statement cycle.
  • When Kasasa Cash qualifications are not met, all balances in the account earn 0.01% APY and ATM fees are not refunded.
  • $25.00 minimum deposit is required to open the account.
  • There is no fee to open or close this account; there is no minimum balance requirement to avoid being charged a fee. There are no per check or per deposit fees charged.

Our Verdict

This high-interest-checking account is especially interesting being that the requirements are very easy to meet and the account is available nationwide. The bank is located in DC, and they seem to accept applications from anywhere. We also need to find out if there’s a hard pull done during the account opening process – let us know your experiences in the comments.

2.5% on up to $15k is pretty good, though there are some better options available; be sure to check this post for the Best Savings Accounts available. We’ll add this one in there as well.
    Chuck
  • On May 1, 2017, 13:00

View Comments (24)

  • Only available to US citizen

    Thank you for your interest in establishing a relationship with Industrial Bank. Unfortunately, you do not meet the citizenship requirement to continue this process. Please contact a bank representative at 202.722.2000 with questions.

  • industrial bank kasasa offer-I am unable to get them on the phone. I prefer a bank which actually answers the phone. New Buffalo Savings Bank answers immediately. They have 2.27 apy with 35k max.

    • Thanks for this suggestion! It appears to be capped at 15k now, though
      "Free checking that pays high interest
      2.27% APY* on balances up to $15,000"

      Also that one is regional

  • Warning for those expecting to meet the 12 debits via online purchases:
    the terms say "non-retail payment transactions" "do not count toward earning account rewards".

      • It could mean online purchases don't count. It could mean only in-store, card-present purchases count. I'd ask their customer service before applying, just in case.

  • Industrial is most in DC, with one or two branches in MD. It's historically black owned, and mostly focused locally, I'd be very very surprised if they allowed many accounts from people out of the area.

    For those of you in the DC/MD area, MoneyOne FCU in Upper Marlboro's Kasasa rate is 3.01% on $10K, requires an ACH or DD in addition to debit card usaged and is limited (technically) to those in the zipcodes listed on the site (mostly PG County).

    InFirst, the NARFE FCU out of VA, has the Ultimate Checking account at 2% at $10K limited to NARFE members and families.

    And up in Baltimore, Destinations FCU is also at 3% and $10K, with the usual restrictions and hoops to jump through.

    There are many of these Kasasa/Ultimate type high interest accounts nationwide. There is a website that tracks them (more or less) at https://www.depositaccounts.com/checking/reward-checking-accounts.html although their earn column is often not quite right and you have to check each bank for the details. Or you can google Kasasa and your state and pop most of them up.

    • Great information, i did search kasaa checking and found industrial but not the accounts that you listed. I used to live in VA but unfortunately my families zip code is not on there however you can make a $20 donation in order to get the account, will have to calculate if its worth it later based on the amount i will deposit.

    • Thanks for this. I've been trying to figure out what to go with locally here - Im in Arlington and have considered trying for MoneyOne. Seems like they let you sign up with a $5 donation to a charity and you have to bring the proof in person to a branch.

  • Anyone know if you are limited to one Kasasa checking account across multiple banks, or if this just means you can't open multiple accounts with the same bank? I already have one Kasasa checking account with New Buffalo Savings Bank but would be interested in this too.

  • not bad. new buffalo savings bank is 2.27% apy on 35k with the same requirements. its available nationwide despite being listed under states in the midwest

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