CLB The Community Bank (LA) Kasasa Products Near One Year Anniversary
CLB The Community Bank (CLB) began offering Kasasa brand products almost a year ago. The Kasasa Cash’s initial 3.15% APY on qualifying balances up to $15k is still in effect. Qualifying balances over $15k earn 0.50% APY (an unusually high second-tier APY for a reward checking account), with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.15*% | - | $15k | CLB The Community Bank | Kasasa Cash Checking | |
| OTHER TIERS: 0.50% → $15k+ | |||||
The monthly qualification requirements are easily fulfilled and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases
- Be enrolled in and agree to receive e-Statements
- Be enrolled in and log into online banking
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Unlimited check writing is available and a free CLB Visa debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 each month, if qualification requirements are met. There is a limit of one Kasasa Cash Checking account per Social Security number and may not be used for commercial purposes.
Kasasa Saver
The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
Kasasa Cash Checking earned rewards and ATM reimbursements and Kasasa Cash Back earned rewards are automatically transferred to a linked Kasasa Saver account each month. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $100 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 a Kasasa Cash Checking account (3.15% APY/$15k) and a Kasasa Saver account (1.00% APY/$50k) is approximately $972 (1.49% APY/$65k).
Kasasa Cash Back
CLB’s Kasasa Cash Back account earns 4.00% cash back on debit card purchases, limited to the first $250 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,800, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account, as the maximum annual earnings for the Kasasa Cash Back account is $120 ($10 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 Jonesville, Louisiana, CLB The Community Bank's market area is comprised of three Louisiana parishes (Catahoula, LaSalle, and Lafayette), but CSR stated that any Louisiana residents that comes into a CLB branch is welcome to apply for an account.
CLB does not have an online application for Kasasa brand products. Opening a Kasasa Cash Checking, Kasasa Cash Back, and/or Kasasa Saver account must be done at any of six Louisiana branches located in Harrisburg, Jena, Jonesville (2), Lafayette, and Pineville.
According to CLB’s Alerts page,
We continue to closely monitor the COVID-19 outbreak with the health and wellbeing of our customers, employees, and communities a top priority. With that in mind, we have decided to temporarily limit Lobby Access to appointment only.
Please make appointment in advance by contacting your local branch. All Branch Drive-Ins will continue normal business hours and we encourage everyone to utilize the CLB Mobile App and Online Banking.
Bank Overview
CLB The Community Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 13.90% (above average) based on December 31, 2020 data. In the past year, CLB increased its total non-brokered deposits by $38.7 million, an excellent annual growth rate of 24.03%. Please refer to our financial overview of CLB The Community Bank (FDIC Certificate # 10532) for more details.
While the CLB The Community Bank name has been in place for less than two years, the Bank’s history can be traced back to 1904 founding of the Catahoula State Bank and the establishment of the Harrisonburg State Bank in 1907. These two institutions merged in 1929, forming the Harrisonburg-Catahoula State Bank. In 1992, the bank rebranded as Catahoula-LaSalle Bank, following the opening of a branch in Jena (La Salle Parish). The 2014 merger of the Bank of Jena and Catahoula-LaSalle Bank was a merger of equals, with almost 200 years of experience between the two banks. Needing a simpler name, the CLB The Community Bank rebrand occurred in late 2019. Currently the 66th largest bank headquartered in Louisiana, CLB has assets in excess of $222 million.
How the Kasasa Cash Checking Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the Bank’s market area and have maximum qualifying balances of at least $15k, CLB The Community Bank’s Kasasa Cash Checking APY ranks second.
The above information and rates are accurate as of 4/21/2021.
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.