Connecticut-based Collinsville Bank has been offering Kasasa brand products for more than two years. The Kasasa Cash Checking account currently earns 2.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The qualification cycle requirements include,
- At least 12 debit card purchases.
- At least one bill pay or ACH payment transaction.
- Be enrolled in and receive eStatements.
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 per month, if qualifications are met. There is a limit of one account per Social Security number.
Kasasa Saver Account
Collinsville Bank’s Kasasa Saver account is structured differently than the vast majority of Kasasa Saver accounts I’ve encountered. Qualifying balances up to $100k earn 0.50% APY, with qualifying balances over $100k earning a higher 0.75% APY (The amount earned will be based on a blended APY). Earned rewards from the Kasasa Cash Checking account are automatically transferred to the Kasasa Saver. Like the Kasasa Cash Checking account, the Kasasa Saver has no monthly maintenance fee or minimum balance requirement and can be opened with a $25 minimum deposit.
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 Canton, Connecticut, Collinsville Bank offers its Kasasa brand product line to U.S. citizens/residents who live in Connecticut or in the Massachusetts counties of Berkshire, Hampden, or Worcester.
All Collinsville Bank lobbies are open and have returned to normal business operations.
Collinsville Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 11.21% (excellent) based on June 30, 2020 data. In the past year, Collinsville Bank has increased its total non-brokered deposits by $42.94 million, an excellent annual growth rate of 34.49%. Please refer to our financial overview of Collinsville Bank (FDIC Certificate # 18223) for more details.
In 1853, the Collinsville Savings Society opened its doors for business. Samuel Collins, founder of prosperous Collins Axe Company, had seen the “need for a safe, local place for his employees and other townspeople to deposit their surplus cash.” Not much changed for the Savings Society for its first 146 years of operation. A branch opened in Canton in 1999 and soon became the bank’s headquarters. The Collinsville Bank rebrand took place about a year ago, with a name that,
better represents the modern banking experience we offer to our community such as ATMs, Online Banking, and Mobile Access, we don’t just offer savings any longer.
How the Kasasa Cash Checking Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available in the online market area and have maximum qualifying balances of at least $25k, Collinsville Bank’s Kansas Cash Checking APY currently ranks fifth.
The above rates are accurate as of 9/3/2020.
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.