Reward checking account (RCA) rate increases have lagged far behind deposit account rates in the last year. While CDs, MMAs, and savings account rates have risen dramatically, RCA rates have remained largely stagnant. One exception is the recent rate increase by Ohio-based Buckeye State Bank (BSB) on its Kasasa Cash checking account. Following a 200 bps increase, the Kasasa Cash checking account currently earns 5.00% APY on qualifying balances up to $15k. Qualifying balances greater than $15k earn 0.25% APY, with non-qualifying balances earning 0.02% APY.
- At least 12 monthly debit card purchases.
- Enrolled in online banking and at least one login per month.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a minimum $50 opening deposit. Unlimited nationwide ATM fees will be reimbursed, if qualifications are met. (An ATM receipt must be presented for reimbursement of individual fees of $5 or more.) There is a limit of one account per primary account holder’s Social Security number. If the Kasasa Cash account is closed within 180 days of opening, there is $30 early closing fee.
The Kasasa Saver has quite a competitive APY and qualifying balance cap: 3.50% APY, up to $35k. Qualifying balances over $35k earn 0.35% APY, with non-qualifying balances earning 0.02% APY.
A Kasasa Cash account is required to open a Kasasa Saver account. The Kasasa Saver account has no minimum balance requirement or monthly service fee. Like the Kasasa Cash account, the Kasasa Saver account requires a minimum $50 opening deposit. Kasasa Cash interest earnings are automatically deposited into the Kasasa Saver account within one day of being credited.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash checking account (5.00% APY/$15k) and a Kasasa Saver account (3.50% APY/$35k) is approximately $1,975 (3.95% APY/$50k), which is quite very competitive APY for a large sized balance in a rewards checking/saver combo.
The Kasasa Brand
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.
Headquartered in Powell, Ohio (just north of Columbus), Buckeye State Bank has a brick-and-mortar presence in the Ohio counties of Delaware, Logan, and Wood, but its Kasasa Cash and Kasasa Saver accounts are available to all Ohio residents through an online application.
Buckeye State Bank has an overall heath grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.23% (excellent) based on June 30, 2022 data. In the past year, BSB has increased its total non-brokered deposits by $35.25 million, an excellent annual growth rate of 23.2%. Please refer to our financial overview of Buckeye State Bank (FDIC Certificate # 2286) for more details.
The Buckeye State Bank name was unveiled eight years ago, but the Bank’s history stretches back to 1885, when the Citizens Bank of DeGraff was established. While having one of the newest names in banking in Ohio, BSB’s charter is the oldest surviving state bank charter in Ohio. In early 2014, Buckeye Nation Interim (a company composed of local business leaders) purchased Citizens Bank of DeGraff, rebranding as Buckeye State Bank a few months later. Two Ohio banks, Resolute Bank and First City Bank, were acquired in 2019 and 2022, respectively.
In case you were wondering, the Encyclopaedia Brittanica states that the Ohio buckeye,
is the state tree of Ohio, and the term buckeyes is used to refer to Ohioans in general as well as to the sports teams and players of the Ohio State University. The name refers to the resemblance of the nutlike seed, which has a pale patch on a shiny red-brown surface, to the eye of a deer. Despite their similarity to American chestnuts buckeye seeds are inedible and poisonous.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available in Ohio and have maximum qualifying balances of at least $15k, the Buckeye State Bank Kasasa Cash APY currently ranks first.
The above rates and information are accurate as of 12/5/2022.
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.