Alva State B&T Offers Rate-Leading Kasasa Cash in KS, OK, and TX
Alva State Bank & Trust (ASB) began offering the Kasasa brand product line more than three years ago. The Kasasa Cash Checking account currently earns 6.00% APY on qualifying balances up to $25k; qualifying balances above $25k earn 1.00% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 6.00*% | $0 | $25k | Alva State Bank & Trust Company | Free Kasasa Cash Checking | |
| OTHER TIERS: 1.00% → $25k+ | |||||
The qualifying requirements to earned the stated APY are fairly standard.
- At least 12 PIN-based or signature-based debit card purchases.
- Have at least one direct deposit, ACH credit, or ACH payment.
- Be enrolled in and agree to receive eStatements.
The Kasasa Cash account has no monthly service fee or minimum balance to earn rewards, but does require a $100 minimum opening deposit. Interest is credited to the Kasasa Cash account on the last day of the current statement cycle. Unlimited nationwide ATM fees up to a total of $25 will be reimbursed per statement cycle, if qualifications are met. A free Visa® debit card will be issued following account opening. There is a limit of one Kasasa Cash account per Social Security number and is required to have a companion Kasasa Saver account.
Kasasa Saver
The Kasasa Saver account currently earns 2.00% APY on qualifying balances up to $100k. Qualifying balances above $100k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.00*% | $0 | $100k | Alva State Bank & Trust Company | Free Kasasa Saver | |
| OTHER TIERS: 1.50% → $100k+ | |||||
Earned rewards from the Kasasa Cash account are automatically transferred each month to the Kasasa Saver. There is no monthly service fee or minimum balance required to earn rewards. The minimum opening deposit is $20 and there is a limit of one Kasasa Saver account per Social Security number.
Given that the Kasasa Saver account offers a less-than-competitive 2.00% APY, there is no reason to maintain more than small balance.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash Checking (6.00% APY/$25k) and the Kasasa Saver (2.00% APY/$100k) is approximately $3,500 (2.8% APY/$125k).
Kasasa Cash Bank
The ASB Kasasa Cash Back account currently earns 3.50% cash back on check card purchases, limited to the first $250 in monthly debit card purchases. If you are planning on maintaining a balance under $1,750, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $105 ($8.75 per month).
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,
Kasasa is an award-winning financial technology and marketing services company that provides reward checking accounts consumers love, the first ever loan with take-backs™, and ongoing expert consulting services to community financial institutions.
In 2003, a small group of Kasasa's founders set up shop in an old school building in Taylor, Texas. Their mission: to develop, market, and consult on software products for community banks in Central Texas. Their original REWARDChecking® account would play a pivotal role in the future of the company.
Today, Kasasa provides the community banking industry with world-class marketing, dedicated resources, and innovative products. These products include Kasasa Rewards Accounts, our free checking product suite, which delivers controlled growth through new accounts, non-interest income, increased profitability, and long-term retention. We’ve also developed the award-winning Kasasa Loan®, the only loan that lets borrowers pay extra to get ahead...and take back any extra if they need it.
Availability
Headquartered in Alva, Oklahoma, Alva State Bank & Trust has been offering its Kasasa brand product line to all U.S. citizens/resident aliens who live in Kansas, Oklahoma, or Texas for more than three years.
Opening a Kasasa Cash Checking, a Kasasa Cash Bank, or a Kasasa Saver can be done online, or in person at any of four Oklahoma branches, located in Alva, Burlington, Enid, and Freedom, or the Kiowa, Kansas branch.
Credit Union Overview
Alva State Bank and Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.70% (excellent) based on June 30, 2023 data. In the past year, ASB’s total non-brokered deposits decreased by -$16.02 million, a below average annual growth rate of 4.34%. Please refer to our financial overview of Alva State Bank and Trust (FDIC Certificate # 9465) for more details.
Established in 1901, Alva State Bank & Trust Company opened its doors for business six years before Oklahoma became a state. The driving force behind the bank was Harry E. Mason, who wanted to do “something toward the upbuilding of Alva and Woods County.” In 1957, C.W. Wisdom purchased a controlling interest in ASB and served as the Bank’s President until 1993. The Wisdom family is still actively involved in ABS’s operation and leadership. Alva State Bank & Trust is currently the 52nd largest bank in Oklahoma, with assets in excess of $437 million.
ASB’s About Us page has some great photos (courtesy of The Cherokee Strip Museum of Arts), including the following view of Alva’s “downtown” shortly before ASB was established.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, that are available within the online market area and have maximum qualifying balances of at least $25k, no bank or credit union has a higher APY than currently offered on the Alva State Bank & Trust Kasasa Cash account.
The above rates are accurate as of 11/20/2023.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
