22nd State Bank's Kasasa Cash Available In Four Southern States


Deal Summary: Kasasa Cash, 2.50% APY on qualifying balances up to $25k. Kasasa Saver, 0.75% APY on qualifying balances up to $50k.

Availability: Alabama, Florida, Georgia, and Mississippi.

There’s a reason there have been so many rewards checking account blog posts in the last week: tomorrow begins a new month (and a new quarter) and I expect there will be many CD rate changes. It didn’t make much sense to write about CD rates that would probably change within days of a blog post being published.

Alabama-based 22nd State Bank recently added the Kasasa brand to its product line. The Kasasa Cash checking account’s initial 2.50% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.24% APY, with non-qualifying balances earning 0.05% APY.

2.50*%-$25k22nd State BankKasasa Cash Checking
OTHER TIERS: 0.24% $25k+
Rates as of May 18, 2024.

The monthly qualification requirements are easily fulfilled, with no direct deposit or ACH transaction required:

  • At least 12 debit card purchases.
  • Be enrolled in and log into online or mobile banking.
  • Be enrolled in e-Statements.

The Free Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $22 (yes, $22) minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed up to $25 per month, if qualifications are met. There is a limit of one account per Social Security number.

Kasasa Saver Account

22nd State Bank’s Kasasa Saver account is a companion account to the Kasasa Cash checking account. Earned interest and ATM withdrawal fee refunds from the Kasasa Cash account are automatically transferred to the Kasasa Saver account each month. The Kasasa Saver account currently earns 0.75% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.24% APY, with non-qualifying balances earning 0.05% APY.

0.75*%-$50k22nd State BankKasasa Saver
OTHER TIERS: 0.24% $50k+
Rates as of May 18, 2024.

Annual Earnings For Combined Kasasa Cash/Saver Accounts

The maximum potential combined annual earnings of the Kasasa Cash (2.50% APY/$25k) and the Kasasa Saver (0.75% APY/$50k) is approximately $1,000 (1.33% APY/$75k).

The Kasasa Brand

For those not familiar with the Kasasa brand, Kasasa Cash is a type of Reward Checking Account (RCA) developed by the Texas company, Kasasa, Ltd. According to the Kasasa website,

On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.

Ever wondered where the word “Kasasa” comes from? Its etymology is neither Greek nor Latin.

Put simply, we made it up.
In a world where real-life people are too often taken for granted as account
numbers, we didn’t want to be the next [INSERT GENERIC NAME] checking account.


Headquartered in Louisville, Alabama, 22nd State Bank has a physical presence in five southern Alabama counties, but offers its Kasasa brand product line in four southern states.

According to the online application, U.S. citizens (with a valid Social Security number) who live or work in Alabama, Florida, Georgia, or Mississippi qualify to open an account.

Opening a Kasasa Cash/Kasasa Saver account can be done online, or at any of five full-service Alabama branches located in Brewton, Clayton, Eufaula, Louisville, and Mobile.

Bank Overview

22nd State Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 16.68% (above average) based on December 31, 2019 data. 22nd State Bank has an excellent capitalization level (11.51%), the result of holding assets of $140.31 million with $16.16 million in equity. Please refer to our financial overview of 22nd State Bank (FDIC Certificate # 16910) for more details.

Established in 1917 as Farmers Exchange Bank (FEB), 22nd State Bank began as a traditional community bank in Escambia County, Alabama. Like many small banks during the 2008 financial crisis, FEB had a great deal of real estate exposure, which led to trouble. Ownership of the bank changed in 2012, when a local timber family purchased FEB in an effort to save their hometown bank. They succeeded. The bank rebranded as First Exchange Bank of Alabama in 2015 and then as 22nd State Bank in 2018. The current name is somewhat self-explanatory: in 1819, Alabama became the 22nd state admitted to the Union.

How the Kasasa Cash Compares

Given the multi-state availability of 22nd State Bank’s Kasasa Cash account, using nationally available RCAs in the following comparison is appropriate. When compared to the nationally available High Yield Rewards Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $25k, 22nd State Bank’s Kansas Cash APY* currently ranks second.

The above rates are accurate as of 6/30/2020.

To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.

Related Pages: Columbus checking accounts, Dothan checking accounts, Mobile checking accounts, reward checking accounts

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