Commercial Bank (KS) Offers Kasasa Products Statewide
Commercial Bank began offering the Kasasa brand product line about six months ago. The Kasasa Cash Checking’s initial 2.75% APY on qualifying balances up to $15k has remained unchanged. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.75*% | - | $15k | Commercial Bank (KS) | Kasasa Cash Checking | |
| OTHER TIERS: 0.25% → $15k+ | |||||
The monthly qualification requirements include,
- At least 12 debit card purchases
- At least one direct deposit or ACH payment
- Be enrolled in and agree to receive e-Statements
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. There is a $5 monthly service charge that will be waived with e-Statement enrollment. 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 (maximum $4.99 per individual transaction), if qualification requirements are met. The Kasasa Cash Checking may not be used as a commercial account and is limited to one per Social Security number. If the account doesn't qualify for rewards for six consecutive months, the account will be changed to another non-reward Commercial Bank account.
Kasasa Saver
The Kasasa Saver currently earns 0.75% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.75*% | - | $20k | Commercial Bank (KS) | Kasasa Saver | |
| OTHER TIERS: 0.25% → $20k+ | |||||
Kasasa Cash Checking/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. Like the Kasasa Cash Checking account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $25 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 (2.75% APY/$15k) and the Kasasa Saver (0.75% APY/$20k) is approximately $560 (1.6% APY/$35k).
Kasasa Cash Back
Commercial Bank offers a Kasasa Cash Back account that 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 $4,400, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account; 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 Parsons, Kansas, Commercial Bank currently has a brick-and-mortar presence in three southeast Kansas counties (Labette, Montgomery, and Neosho), but according to CSR, the Kasasa brand product line is available to all Kansas residents.
Opening a Kasasa Cash Checking, Kasasa Cash Back, or Kasasa Saver account can be done online, or at any of nine Kansas branches located in Caney, Chanute, Coffeyville, Erie, Independence, Oswego, and Parsons (3).
All Commercial Bank locations remain open and operating with business as usual. We will continue to monitor the situation, and will alter our operations as we find necessary.
Bank Overview
Commercial Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.55% (excellent) based on December 31, 2020 data. In the past year, Commercial Bank has increased its total non-brokered deposits by $52.96 million, an excellent annual growth rate of 17.39%. Please refer to our financial overview of Commercial Bank (FDIC Certificate # 11777) for more details.
Founded in 1874 as Parsons Savings Bank, Commercial Bank is almost as old as the City of Parsons (established in 1871). The Bank’s name changed twice: Parsons Commercial Bank (1878) and Commercial Bank (1990). Beginning in the mid-1980s, the Bank purchased three Kansas banks: State Bank of Parsons (1985), First National Bank of Oswego (1989), and Mid-America Federal Savings & Loan (1990). In 2014, three Bank of America branches in Caney, Coffeyville, and Independence were acquired. Commercial Bank is currently the 40 th largest bank headquartered in Kansas, with assets in excess of $396 million and nearly 17,000 customer accounts.
How the Kasasa Cash Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to all Kansas residents and have maximum qualifying balances of at least $15k, Commercial Bank’s Kasasa Cash Checking APY currently ranks fourth.
The above information and rates are accurate as of 2/24/2021.
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.