Colorado-based 5Star Bank’s Kasasa product line is available nationwide. The Kasasa Cash Checking currently earns 2.00% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.15% APY, with non-qualifying balances earning 0.01% APY.
|2.00*%||-||$25k||5Star Bank||Kasasa Cash Checking|
|OTHER TIERS: 0.15% → $25k+|
Kasasa Cash Checking Qualifying Requirements
- Have at least 12 debit card purchases.
- Enroll in and receive eStatements.
- Enroll in and log into online banking.
The Kasasa Cash Checking account has no monthly service or minimum balance requirement, but does require a minimum $50 opening deposit. Nationwide ATM fees will be reimbursed up to $20 per month, if the qualifying requirements are met. Individual ATM fees of $5 or higher require a receipt for reimbursement.
The Kasasa Saver account links to the Kasasa Cash Check account, with automatic transfer of Kasasa Cash Checking earnings on a monthly basis. Qualifying balances earn 0.75% APY up to $50k, with qualifying balances of $50k+ earning 0.15% APY; non-qualifying balances earn 0.01% APY. It’s a bit disappointing to see the Kasasa Saver with such a low APY, when the companion Kasasa Cash Checking account has a competitive APY.
Headquartered in Colorado Savings, 5Star Bank offers its Kasasa Cash Checking and Kasasa Saver accounts to all U.S. residents who have a valid Social Security number.
Note: Here’s my usual disclaimer - even though a bank may say its products are available nationwide, smaller banks occasionally find that demand may outpace their online banking platform’s ability. Caveat emptor.
5Star Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.44% (excellent), based on December 31, 2016 data. In the past year, 5Star Bank has increased its total non-brokered deposits by $11.64 million, an excellent annual growth rate of 9.05%. Please refer to our financial overview of 5Star Bank (FDIC Certificate # 91005) for more details.
Established in 1980 as the Citizens Industrial Bank in Littleton, Colorado, the Bank operated for the first five years without benefit of FDIC insurance. The Bank was re-branded in 1985 as the Littleton U.S. Industrial Bank, this time with FDIC backing. The next six years saw the acquisition of the Grand Junction U.S. Industrial Bank, two name changes, and the relocation of Bank headquarters to Colorado Springs; the 5Star Bank re-brand occurred in 2000. In May 2015, 5Star Bank was acquired by a local group of investors and members of the Bank’s management, bringing the Bank under the ownership of the Colorado Springs community.
How the Kasasa Cash Compares
When compared to the 16 High Yield RCAs tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $25k, 5Star Bank’s Kasasa Cash Checking APY currently ranks fifth.
|Interest Rate||Account Name||Credit Union/Bank|
|2.27% APY||Kasasa Cash (up to $35k)||New Buffalo Savings Bank|
|2.25% APY||Kasasa Cash (up to $25k)||Main Street Bank (MI)|
|2.00% APY||Kasasa Cash Checking (up to $25k)||5Star Bank|
The above rates are accurate as of 5/2/2017.