Devon Bank Kasasa Cash Continues To Be Near Rate Leader

POSTED ON BY

Deal Summary: Kasasa Cash, 3.50% APY on qualifying balances up to $10k. Kasasa Saver, 1.25% APY on qualifying balances up to $50k.

Availability: Nationwide

I first wrote about Chicago-based Devon Bank's Kasasa Cash account six months ago. As rates (and balance caps) have been reduced on several nationally available reward checking accounts, the 3.50% APY on qualifying balances up to $10k has become more competitive. 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 2019, Devon Bank began offering Kasasa brand products nationwide, including a Kasasa Cash account earning an APY 49 bps higher than the now defunct Reward Checking account, but with a lower qualifying balance cap of $10k.

The Kasasa Cash 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 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. A Kasasa Cash account is required to have a Kasasa Saver account.

Please note the following warning in Devon Bank’s Truth-in-Savings Disclosure:

Devon Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 3 consecutive Statement Cycles.

Kasasa Saver Account

Devon Bank also has a Kasasa Saver account, a companion account to a Kasasa Cash or Kasasa Cash Back 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

For the first tier rates, 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 second tier rates (0.50%) are currently very competitive. The result is a competitive blended APY for larger balances. For example, assume a $10k balance in the Kasasa Cash and a $90k balance in the Kasasa Saver. The maximum potential combined annual earnings of the Kasasa Cash (3.50% APY/$10k) and the Kasasa Saver (1.25% APY/$50k + 0.50% APY/$40k) is approximately $1,175 (1.175% APY/$100k).

Kasasa Cash Back

Devon Bank’s Kasasa Cash Back account earns 2.00% cash back on debit card purchases, limited to the first $400 of monthly purchases. If you are planning on maintaining a balance under $2,800, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $96 ($8 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 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]

Bank Overview

Devon Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 10.62% (excellent) based on September 30, 2020 data. In the past year, Devon Bank has increased its total non-brokered deposits by $11.89 million, an excellent annual growth rate of 4.56%. 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 119th largest bank headquartered in Illinois, with assets in excess of $372 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.

Interest RateAccount NameCredit Union/Bank
4.09% APYRewards Checking – Tier A ($10k max)Consumers Credit Union (IL)
3.50% APYKansas Cash ($10k max)Devon Bank
3.30% APYVertical Checking ($20k max)Evansville Teacher Federal Credit Union

The above rates are accurate as of 12/23/2020.

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.

Related Pages: Chicago checking accounts, reward checking accounts, nationwide deals

Comments
Devon Bank Offers Kasasa Cash/Kasasa Saver Nationwide
Deal Summary: Kasasa Cash, 3.50% APY on qualifying balances up to $10k. Kasasa Saver, 1.25% APY on qualifying balances up to $50k.

Availability: Nationwide

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....

Continue Reading
High-Yield Reward Checking Account at Devon Bank in Chicago

Update 4/06/10: The top rate has fallen to 3.01% APY.

Devon Bank is offering a rewards checking account that offers the following rates if certain monthly requirements are met:

  • 3.01% APY on balances up to $20,000
  • 0.65% APY on balances over $20,000
  • 0.15% base rate if qualifications are not met

The monthly requirements include:

  • 10 debit card purchases (PIN or signature based)
  • One direct deposit or ACH auto debit or online bill payment
  • Receive e-statements

I can't find many details of this account on the bank's website. They have a flash-based presentation of the account on this page with...

Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.