UPDATE 12/12/16: Market area for Kasasa products has changed. Please see the Availability section below for more detail.
As I mentioned in my previous blog post, Community First Bank (Community First) has a Kasasa Cash account that earns 3.00% APY on qualifying balances up to $10k. Qualifying balances over $10k earn 0.15% APY, with non-qualify balances earning 0.05% APY.
Kasasa Cash Checking Qualification Requirements
- At least 12 debit card purchases.
- Be enrolled in and receive eStatements.
- Be enrolled in and log into Online Banking.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 monthly. There is a limit of one account per Social Security number.
Community First also offers a Kasasa Saver account that earn 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualify balances earning 0.05% APY. Like the Kasasa Cash account, the minimum opening deposit is $100, with a limit of one account per Social Security number.
Headquartered in Reynoldsville, Pennsylvania, Community First Bank "restricts eligibility for Kasasa accounts to residents of West Central Pennsylvania." There is a map on the Kasasa Checking promotion page that shows the Bank's market area.
While Community First Bank’s market area is primarily West Central Pennsylvania, the Kasasa Cash and Kasasa Saver accounts are available to all residents of Pennsylvania through the Bank’s online application.
Note: The “Eligibility” section of the online application requires a confirmation of Pennsylvania residency, with a drop-down listing 19 Pennsylvania counties,
followed by “Other.” According to CSR, “Other” covers the remaining 48 Pennsylvania counties.
Community First Bank (FDIC Certificate # 7953) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 8.81% (excellent) based on June 30, 2016 data. In the past year, Community First increased its total deposits by $4.9 million, an excellent growth rate of 5.71%. Please refer to our financial overview of Community First Bank for more details.
Established in 1893 as The First National Bank of Reynoldsville, Community First Bank is a locally owned and managed independent bank. The Bank’s original name was in place for more than 100 years, with the Community First brand coming into play in 1995. In 1893, an article in The Star (a local weekly newspaper) announced the formation of the Bank, which apparently happened rather quickly.
The First National Bank, which has been talked about for a few weeks, was organized
last Thursday evening, April 20th, and will be ready for business in from thirty to
forty-five days. There is nothing definite yet as to the building in which the bank will be
opened. There are rumors concerning it. A committee has been appointed to secure a room.
How the Kasasa Cash Compares
When compared to the 75 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to West Central Pennsylvania residents and have maximum qualifying balances of at least $10k, Community First Bank’s Kasasa Cash APY currently ranks third.
The above rates are accurate as of 9/28/2016.