Kasson State Bank Rates & Review

Kasson State Bank Review

Kasson State Bank has been in business in Minnesota since 1874. It has two offices in Kasson, assets of $60 million, and a range of banking products and services for individual and commercial customers.

The city of Kasson, Minnesota, (population: roughly 5,600) was incorporated in 1870. And just four years later Kasson State Bank was founded, although back then it was called the National Bank of Kasson. Today, its slogan is "Large enough to serve you--small enough to know you", which may well be true, because it has assets of $60 million yet only two offices (one a drive-up facility), both within the city limits. It is privately owned by the Palmer family, which has been involved in Kasson banking for five generations.

The bank offers services to consumers and businesses, and recently introduced an online business banking service that facilitates ACH originations, cash management, direct deposits and payments, stop payments, and wire transfers.

Consumer checking accounts

Kasson State Bank has two types of checking account. Its more basic one is called the Personal Checking Account, while its NOW Checking Account pays interest, which is calculated using the daily balance computation method. A MasterCard debit card is available.

Consumer savings products

At the time of writing, the Kasson State Bank Savings Account pays the same rate as the NOW Checking Account. Other savings account products include a tiered-rate money market account, an IRA, and a competitive CD, which offers terms ranging from 91 days to 48 months, and which has fairly accessible minimum opening deposit requirements.

Reputation

As of Sept. 2010, Kasson State Bank has an A rating from the Better Business Bureau, which also says it has received no complaints about the bank in the past three years, and a five-star rating from Bauer Financial, an independent assessor of financial institutions.

Deposit insurance

Kasson State 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 Kasson State Bank and more than 400 other banks at SavingsAccounts.com.