Ca$h Back is just one of the many benefits of banking with LSB!

In our last post, we explained the benefits of the Ca$h Back program from Lincoln Savings Bank. It is flexible and has very few limitations on how you can use your debit card to earn a little money back on your purchases.

We also wanted to mention that it will soon be easier to track your progress towards earning Ca$h Back with LSB.  Coming soon is an online portal that will allow customers to see how much Ca$h Back reward they have earned year-to-date.  This takes the guesswork out of wondering how much Ca$h Back reward has been accumulated throughout the year.  Look for additional announcements about when the portal will be available in the near future!

But how does the Ca$h Back program from Lincoln Savings Bank compare to other local banks’ rewards programs? Let’s take a look.

Competitor #1- offers a cash back reward based on spending with a CheckCard at select retailers. Offers are posted in a customer’s online banking transaction history to redeem with their CheckCard at participating retailers. Any cash back earned is then deposited directly into the account.

Cons- the amount of reward is unknown and variable, and only applies to certain purchases at participating retailers.  The reward is only revealed when an offer is redeemed, so it’s difficult to gauge whether there will even be a benefit for customers. It also manipulates customer behavior by forcing them to shop at certain retailers for a select list of goods.

Competitor #2- pays 2.00% APY on checking account balances up to $25,000 and refunds ATM fees. To qualify, you must 1) receive an electronic statement, 2) have a minimum of 10 check card transactions post and clear (excludes ATM and PIN-based transactions), 3) have at least one direct deposit, automatic debit from a third party or bill payment transaction post and clear.

Cons- a large amount of requirements makes customers jump through hoops to qualify, and if they miss just one, they do not get the promotional rate or ATM refund for that billing cycle.

LSB doesn’t charge our customers to use our ATMs, and as part of the Privileged Status network our customers can use any ATM without penalty in the network. While this competitor charges $3 for a printed statement, LSB doesn’t charge for statements, and we offer e-statements as a free service.

Competitor #3- pays up to 2.02% APY on balances up to $25,000. To qualify, you must 1) have two automatic transfers per month (ACH Direct Deposit or ACH Payment), 2) a minimum of 12 check card purchases per month (using signature or PIN, excludes ATM transactions) with a minimum of $10 per transaction, 3) receive monthly e-statements, and 4) sign in to online banking once a month

Cons- again, a large number of qualifications to meet sets customers up for failure.  Missing just one qualifying requirement excludes customers from earning the promotional rate on their account balances. 

With LSB’s Ca$h Back program, there is only one qualifying requirement: all purchases made with the LSB debit card must be made as ‘credit’ transactions.  That means when you are paying at the pump for gas or buying groceries, you simply select the ‘credit’ option rather than ‘debit’.

You can shop wherever you want for whatever you want, and you will soon be able to monitor your progress with our online portal.

When it comes to cash back programs in the area, no one can beat the flexibility or benefit of Lincoln Savings Bank’s Ca$h Back program.