Kanza Bank Rates & Review

Kanza Bank Review

Kanza Bank and the state of Kansas are both named after the same local Indian tribe. The family-owned community bank says that it chose the name to reflect its heritage, its roots, and its commitment to the state.

Kanza Bank first opened for business in 1905. It used to be called the State Bank of Kingman, but changed its name in 2001 to reflect its wider geographical reach when it opened a new branch in Wichita. The Kanza name is derived from the local Indian tribe that once lived on the area's plains and lent their name to the state as well.

Kanza Bank is a community bank that remains family-owned. At the end of 2009, the bank had total assets in excess of $204 million. Today, it provides checking, savings and loan facilities to local businesses and consumers alike.

Consumer checking accounts

Kanza Bank has five checking accounts for consumers. Undoubtedly, the flagship product among these is the KANZA Rewards Checking account, which, at the time of writing, is offering an unusually generous interest rate on deposits below a certain threshold.

The four other Kanza Bank checking accounts are:

• Regular Checking
• Free Checking
• Interest Checking
• Relationship Checking

Consumer savings accounts

The bank's standard savings product could hardly be called a high yield savings account, although its rates are -- again at the time of writing -- considerably more attractive than those offered by many of its competitors. Much better returns are on offer for more substantial deposits in the Kanza Bank money market account, and for all forms of IRA and CD.

There are 10 CD terms, from 91 days up to 5 years, including the bank's Special CD which offers particularly competitive rates but are available only to new money.

Deposit insurance

Kanza Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

Compare savings account rates from Kanza Bank and more than 400 other banks at SavingsAccounts.com.