Chelsea State Bank (MI) Kasasa Products Available Statewide


Deal Summary: Kasasa Cash Checking, 2.53% APY on qualifying balances up to $10k. Kasasa Saver, 1.00% APY on qualifying balances up to $25k.

Availability: Michigan

Chelsea State Bank (CSB) began offering Kasasa brand products in the fall of 2019, but the statewide market area is a relatively new feature. The Kasasa Cash Checking account currently earns 2.53% APY on qualifying balances up to $10k. Qualifying balances over $10k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

The monthly qualification requirements are easily met and do not include a direct deposit or ACH transaction.

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

The Kasasa Cash Checking account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit requirement. Unlimited check writing is available and a free debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per month, if qualification requirements are met. Peer-to-peer payments are also available. There is a limit of one Kasasa Cash Checking account per Social Security number. A Kasasa Cash Checking/Kasasa Cash Back account is required to have a linked Kasasa Saver account.

Kasasa Saver

The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. Unlimited in-person withdrawals are allowed. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, but the Kasasa Saver requires $1 minimum opening deposit. There is a limit of one Kasasa Saver account per Social Security number.

Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash Checking (2.53% APY/$10k) and the Kasasa Saver (1.00% APY/$25k) is approximately $503 (1.44% APY/$35k).

Kasasa Cash Back

CSB offers a Kasasa Cash Back account that earns 4.00% cash back on debit card purchases, limited to the first $200 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,900, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $96 ($8 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.


Headquartered in Chelsea, Michigan, Chelsea State Bank has a brick-and-mortar presence in Washtenaw County, but according to the online application, CSB is “currently only accepting online applications from residents in the state of Michigan.”

Opening a Kasasa Cash Checking, Kasasa Cash Back, or Kasasa Saver account can be done online, or at any of three Michigan branches located in Chelsea (2) and Dexter. As of last week, all CSB branch lobbies are open to walk-in traffic.

Bank Overview

Chelsea State Bank has an overall health grade of "A" at, with a Texas Ratio of 5.38% (excellent) based on December 31, 2020 data. In the past year, CSB has increased its total non-brokered deposits by $77.68 million, an excellent annual growth rate of 30.14%. Please refer to our financial overview of Chelsea State Bank (FDIC Certificate # 14009) for more details.

The predecessors of Chelsea State Bank were Kempf Commercial and Savings Bank (est. 1898) and Farmers and Merchants Bank of Chelsea (est. 1908). Both banks continued to grow over the next two decades.

The country fell on hard times in the early 1930s, and throughout what is now known as The Great Depression, countless banks across the nation failed. Although both Chelsea banks were conservatively managed and healthy, they decided that merging forces and operating as one institution was both practical and prudent. On February 24, 1934 the two banks formed Chelsea State Bank “for the purpose of greater efficiency and economy of management, as well as for the general welfare of said corporation and the community wherein they transact business.”

Chelsea State Bank is currently the 42nd largest bank headquartered in Michigan, with assets in excess of $379 million and more than 11,000 customer accounts.

How the Kasasa Cash Checking Compares

When compared to High Yield Reward Checking Accounts tracked by, which are available to all Michigan residents and have maximum qualifying balances of at least $10k, Chelsea State Bank’s Kasasa Cash Checking APY isn’t that impressive for two reasons: 1) the low $10k balance and 2) the large number of rewards checking account available statewide. Following a fairly recent change by the Michigan Legislature, Michigan credit unions have been allowed to expand their FOMs to include all the state’s residents.

The table below is a sampling of the more than 15 banks and credit unions offering higher APYs (ranging from 5.00% to 3.00%).

The above information and rates are accurate as of 4/1/2021.

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.

Related Pages: Detroit savings accounts, savings accounts, reward checking accounts


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.