Community Financial Services Bank (KY) Offers Competitive Kasasa Cash


Availability: Market area for Kasasa Cash and Kasasa Saver includes Kentucky, Indiana, Illinois, Missouri, and Tennessee.

As I mentioned earlier this week, Community Financial Services Bank (CFSB) offers a Kasasa Cash account that is available online in five states. In one of those ill-timed coincidences, the APY on the Kasasa Cash account dropped the day after I alluded to a soon-to-be-written blog post.

The new rate is 2.25% APY (down from 3.05% APY) on qualifying balances up to $20k. Qualifying balances over $20k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.

2.25*%-$20kCommunity Financial Services BankKasasa Cash
1.00*%-$30kCommunity Financial Services BankKasasa Saver
Accounts mentioned in this post. Rates as of December 5, 2016.

CFSB’s Kasasa Cash account has been part of the product line for more than two years, and its predecessor, eRewards Checking, was first available in 2008. This week’s rate change is the fourth in eight years.

Kasasa Cash Qualifying Requirements

  • Have at least 12 debit card purchases.
  • Have at least one ACH or Direct Deposit.
  • Be enrolled in and receive eStatements.
  • Be enrolled and log into Online Banking.

The Kasasa Cash account has no minimum balance requirement or monthly service fees. It requires a minimum of $100 to open and there is a limit of one account per Social Security Number. Nationwide ATM fees will be reimbursed up to $25 ($4.99 per transaction) each monthly qualification cycle, with an ATM receipt required for reimbursement of individual fees of $5 or greater.

Kasasa Saver

The companion Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $30k. Qualifying balances over $30k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.

  • Kasasa Cash rewards and ATM fee refunds automatically deposited.
  • No monthly service fees.
  • No minimum balance requirement.
  • $100 minimum opening deposit.


Headquartered in the far-western Kentucky town of Benton, Community Financial Services Bank offers its Kasasa Cash and Kasasa Saver accounts to residents of Indiana, Illinois, Kentucky, Missouri and Tennessee.

Both Kasasa accounts can be opened online, or at any of the five Kentucky branches located in Benton (2), Calvert City, Murray, and Paducah. Note: the online application process is only available to U.S. citizens; all others are required to open in-branch).

Bank Overview

Community Financial Services Bank (FDIC Certificate # 287) has an overall health grade of "A" at, with a Texas Ratio of 6.48% (excellent) based on March 31, 2016 data. In the past year, CFSB has increased its total deposits by $122.99 million, an excellent annual growth rate of 18.74%. Please refer to our financial overview of Community Financial Services Bank for more details.

Founded in 1890 as the Bank of Benton, Community Financial Services Bank is Kentucky’s 15th largest bank. As the first bank established in Marshall County, Bank of Benton ended its first year of operation with assets of $26,221 (approximately $690k in 2016 dollars). The Bank acquired Calvert Bank in 2001 and re-branded in 2007 as Community Financial Services Bank.

How the Kasasa Cash Compares

When compared to the 23 High Yield Reward Checking Accounts tracked by, which are available to residents in the Bank’s market area and have maximum qualifying balances of at least $20k, Community Financial Services Bank’s Kasasa Cash APY currently ranks second.

The above rates are accurate as of 6/30/2016.

To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our Rates Map page.

Community Financial Services Bank (KY) Has CD Specials
Availability: CDs require an in-branch visit to open. Market area includes Indiana, Illinois, Kentucky, Missouri, and Tennessee.

Last week, Community Financial Services Bank (CFSB) raised the rates on its 33-month CD Special (2.02% APY) and 63-month CD Special (2.27% APY). The minimum deposit for either CD Special is $1k, with no balance cap.

These CD Specials have been part of the product line for less than a year, and the current APYs are the highest in their short-lived history.

Both CD Specials are available as IRAs (Traditional, Roth,...

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New Kasasa Cash and Saver Accounts with Top Rates at CFSB

It has been awhile since I reviewed a new reward checking account. Most new reward checking accounts haven't been worthy of a blog post due to their disappointing low rates and/or balance caps. This one at Community Financial Services Bank (CFSB) is good enough to make it worthy of a blog post. CFSB's reward checking account isn't really a new account. We have been tracking its rates since 2010. However, the reward checking account name has recently changed from free eRewards Checking account to Kasasa Cash. The bank has also...

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