Chicago-based Devon Bank's Kasasa Cash account currently earns 3.50% APY on qualifying balances up to $10k. Qualifying balances over $10k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
When I first wrote about Devon Bank’s Reward Checking account in 2009, the rate was 4.15% APY on qualifying balances up to $20k and was only available in the Chicago area. A year later, the rate dropped to 3.01% APY. At some point in the last year, Devon Bank began offering Kasasa brand products on a nationwide basis, including a Kasasa Cash account earning an APY 49 bps higher than the Reward Checking account, but with a lower qualifying balance cap of $10k.
The monthly qualification requirements consist of:
- At least 12 debit card purchases (minimum $3 each).
- At least one ACH credit or direct deposit.
- Be enrolled in online banking and agree to receive e-Statements.
The Free Kasasa Cash 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 $25 per month (maximum $4.99 per single transaction), if qualifications are met. There is a limit of one account per household. If the Kasasa Cash account is closed, any rewards that have not been credited to your account will be forfeited.
Kasasa Saver Account
Devon Bank also has a Kasasa Saver account, a companion account to the Kasasa Cash checking account. Each month, earned cash checking rewards are automatically transferred to the Kasasa Saver account. The Kasasa Saver account earns 1.25% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
Annual Earnings On Combined Kasasa Cash/Saver Accounts
The maximum potential combined annual earnings of the Kasasa Cash (3.50% APY/$10k) and the Kasasa Saver (1.25% APY/$50k) is approximately $975 (1.625% APY/$60k).
The Kasasa Brand
On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.
Ever wondered where the word “Kasasa” comes from? Its etymology is neither Greek nor Latin.
Put simply, we made it up.
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 Chicago, Devon Bank’s local market area is primarily Cook County, but its Kasasa brand product line (according to the online application) is offered to all U.S. citizens/resident aliens who have a valid Social Security number.
Opening a Kasasa Cash/Kasasa Saver account can be done online. The lobbies at Devon Bank's three Illinois branch locations (Chicago, Glenview, and Wheeling) are temporarily closed to walk-in traffic, but appointments are available.
To make an appointment contact us at (847) 465-2500 or [email protected]
Devon Bank is a relatively small bank ($290+ million in assets and 100 employees). If an overwhelming number of new Kasasa Cash accounts are opened, there’s always the possibility that the nationwide availability may be reconsidered.
Devon Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.83% (excellent) based on December 31, 2019 data. Devon Bank has an above average capitalization level (10.39%), the result of holding assets of $290.84 million with $20.23 million in equity. Please refer to our financial overview of Devon Bank (FDIC Certificate # 1945) for more details.
Devon Bank opened its doors for business in 1945 and was originally known as the Devon North Town State Bank. The founding members were local merchants from Chicago’s North Side (aka North Town) who saw the need for a community bank. Devon Bank has been owned and operated by the Loundy family since 1953, with a mission to “be the bank that the neighborhood demands—to tailor its service offerings to the particular needs of the community.” The Bank’s name was shortened to just Devon Bank in 1965, as its market area continued to expand. Devon Bank is currently the 131st largest bank in Illinois, with assets in excess of $290 million.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $10k, Devon Bank’s Kansas Cash APY* currently ranks second.
The above rates are accurate as of 6/29/2020.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.