Alva State B&T Offers Kasasa Cash In Kansas, Oklahoma, and Texas
Alva State Bank & Trust (ASB) began offering the Kasasa brand product line earlier this year. The Kasasa Cash currently earns 2.00% APY on qualifying balances up to $25k; qualifying balances above $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 6.00*% | - | $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. 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. The is a limit of one Kasasa Cash account per Social Security number and each Kasasa Cash account must have a companion Kasasa Saver account.
Kasasa Saver
The Kasasa Saver account currently earns 0.75% APY on qualifying balances up to $50k. Qualifying balances above $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.00*% | - | $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 no monthly service fee or minimum balance required to earn reward. The minimum opening deposit is only $20 and there is a limit of one Kasasa Saver account per Social Security number.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash Checking (2.00% APY/$25k) and the Kasasa Saver (0.75% APY/$50k) is approximately $875 (1.167% APY/$75k).
Kasasa Cash Bank
ASB’s Kasasa Cash Back account earns 2.50% 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 $3,000, 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 $75 ($6.25 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: the free checking account that rewards each month for doing things you already do.
By performing certain actions valuable to your bank or credit union, like using your debit card or online banking, your institution makes more money, which they share with you in the form of rewards.
In case you were wondering, “Kasasa” is just a made-up word.
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.
Availability
Headquartered in Alva, Oklahoma, Alva State Bank & Trust is currently offering its Kasasa brand product line to all U.S. citizens/resident aliens who live in Kansas, Oklahoma, or Texas.
Opening a Kasasa Cash/Kasasa Saver account(s) can be done online, or in person at any of five Oklahoma branches, located in Alva, Burlington, Enid, Freedom, and Kiowa. ASB’s website doesn’t mention any restrictions on the branch locations, such as lobby closures, appointments, hours, etc.
Credit Union Overview
Alva State Bank and Trust has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 27.33% (average) based on June 30, 2020 data. In the past year, ASB has increased its total non-brokered deposits by $30.07 million, an excellent annual growth rate of 9.14%. 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 49th largest bank in Oklahoma, with assets in excess of $419 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 to all Oklahoma, Kansas, and Texas residents and have maximum qualifying balances of at least $25k, Alva State Bank & Trust’s Kasasa Cash APY currently ranks fifth.
The above rates are accurate as of 10/28/2020.
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.
