Offer at a glance
- Interest Rate:Â 3.01% APY
- Minimum Balance:Â None
- Maximum Balance:Â $30,000
- Availability:Â MO only
- Direct deposit required:Â None
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Unknown
- Credit card funding: Up to $2,000
- Monthly fees:Â $6.95 + $3 paper fee, avoidable
- Insured: FDIC
The Offer
- Hawthorn Bank offers the Platinum checking account. This earns 3.01% APY on balances up to $25,000 when you make 25 qualifying direct card transactions per month
Avoiding Fees
This account has a $6.95 monthly fee and a $3 paper statement fee if you don’t opt in for eStatements. If you make 25 debit card purchases (required for the 3% APY) the monthly fee is waived.
Our Verdict
Hawthorn Bank also has a $150 business checking bonus. Overall this 3% rate on balances up to $25,000 is competitive, but really depends on how strict they are on the debit card requirements. We will still add this to the high yield checking account page.
Approved same day for account opened online, address in STL city. $2000 limit on funding, pending authorization charged on Chase IHG.
Note on fees:
$3/mo paper statement fee unless opt out
$1/mo dormancy fee, noted as balance below $50
$25 ETF < 30 days
3.01% APY only good for $25K now
Did you open from Kansas?
No, I don’t live anywhere near there.
What I am saying is they have the choices of MO, KS and Other for your state. I already stated what happens with Other. I am guessing some zip codes for MO and KS will work and others won’t.
Makes sense, thanks. Also sorry, I usually respond to comments from the back end so I didn’t see your other comment below about applying OOS
When you select “Other” for state you get the below message. I prefer transparency like this.
“Currently the information you have entered for eligibility does not qualify you to open an account with us. If you have any questions or believe we have reached this decision in error, please contact us at 1-877-442-9846 or via email at [email protected].”
first you select which state you belong to, then enter you ZIP code. Most of the branches appear to be around Columbia/Jeff City, but my suburban STL ZIP cleared the bar.
CC Funding: Visa/MC/Disc is the options in the dropdown, but the CVV illustration shows Amex as well. $2000 max