Reward checking account (RCA) rate increases have mostly lagged behind deposit account rates in the last year. While CDs, money market, and savings account rates have risen dramatically, RCA rates have remained largely stagnant. That is starting to change at a few banks. It just changed at Community National Bank. Kasasa brand products have been offered by Community National Bank for more than five years. The initial Kasasa Cash 2.00% APY on qualifying balances up to $20k was doubled last week, with the qualifying balance cap increasing from $20k to $30k. Qualifying balances over $30k earn 0.20% APY, with non-qualify balances earning 0.05% APY.
|6.00*%||-||$30k||Community National Bank (KS)||Kasasa Cash Checking|
|OTHER TIERS: 1.00% → $30k+|
The monthly qualification requirements are straightforward and fairly standard.
- At least 15 debit card purchases
- At least one direct deposit or ACH auto debit transaction
The Kasasa Cash 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 debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 (maximum $4.99 per transaction) each month, if qualification requirements are met. (Individual ATM fees of $5.00 or higher require a receipt for reimbursement.) There is a limit of one Kasasa Cash account per Social Security number.
Unfortunately, the companion savings account to the Kasasa Cash, the Kasasa Saver, did not have a rate increase. The Kasasa Saver still earns 1.00% APY on qualifying balances up to $50k (increased from $20k). Qualifying balances over $50k earn 0.20% APY, with non-qualify balances earning 0.05% APY.
|1.00*%||-||$50k||Community National Bank (KS)||Kasasa Saver|
|OTHER TIERS: 0.20% → $50k+|
Kasasa Cash/Kasasa Cash Back earned rewards and ATM reimbursements 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/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (4.00% APY/$30k) and the Kasasa Saver (1.00% APY/$50k) is approximately $1,700 (2.125% APY/$80k). The Kasasa Cash is far more competitive than the Kasasa Saver, with a potential annual yield of $1,200.
Kasasa Cash Back
Unlike the Kasasa Cash account, the Kasasa Cash Back rate has not increased and still earns 2.00% cash back on debit card purchases, limited to the first $400 in monthly debit card purchases. The maximum annual earnings for the Kasasa Cash Back account is $96 ($8 per month).
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 Seneca, Kansas, Community National Bank's brick-and-mortar footprint is limited to five Kansas counties (Brown, Johnson, Leavenworth, Nemaha, and Shawnee), but according to CSR, the Kasasa brand products are offered to all Kansas residents.
Community National Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.57% (excellent) based on June 30, 2022 data. In the past year, CNB increased its total non-brokered deposits by $355.2 million, an excellent annual growth rate of 74.69%. Please refer to our financial overview of Community National Bank (FDIC Certificate # 25665) for more details.
Founded in 1984, Community National Bank is a locally-owned and operated community bank. In addition to offering retail banking services, CNB also operates a mortgage company and CNB Custody, a national custodial service for self-directed retirement plans. Following the acquisition of VisionBank (Topeka) in June 2022, CNB is currently the 21th largest bank headquartered in Kansas, with assets in excess of $888 million and more than 54,000 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 $30k, Community National Bank’s Kasasa Cash APY currently ranks first.
The above information and rates are accurate as of 12/12/2022.
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.