Fannin Bank (TX) Adds Kasasa Cash, 3.50% APY Up To $50k

Fannin Bank recently added the Kasasa brand to its product line, with a Kasasa Cash checking account that earns 3.50% APY on qualifying balances up to $50k. Qualifying balances above $50k earn 1.25% APY, “up to a ceiling of $100,000.” Non-qualifying balances earn 0.05% APY. The Kasasa Cash can be opened with minimum $100 deposit.

Qualifying Requirements

• At least 12 debit card purchases each statement cycle.
• At least one direct deposit ACH credit each statement cycle.

The Kasasa Cash account has no monthly service fee or minimum balance requirement. Nationwide ATM fees will be reimbursed up to an aggregate total of $10 per statement cycle. There is a limit of one account per bank customer.

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.

Kasasa Saver

The companion Kasasa Saver account earns 1.00% APY on qualifying balances up to $100k, with non-qualifying balances earning 0.05% APY. A minimum $100 opening deposit is required.

Like the Kasasa Cash account, the Kasasa Saver has no monthly service fee or minimum balance requirement, and is limited to one per bank customer.

Availability

Headquartered in Bonham, Texas, Fannin Bank’s market area is primarily Fannin County, but according to CSR, any Texas resident who comes into a branch is welcome to apply for a Kasasa Cash or Kasasa Saver account.

Opening a Kasasa Cash and a Kasasa Saver account must be done at either of the two full-service Texas branches, which are located in Bonham and Honey Grove.

At this time, Fannin Bank’s online banking platform is limited to account management and bill payment services.

Bank Overview

Fannin Bank has an overall health grade of "A" at DepositAccounts.com, with Texas Ratio of 4.76% (excellent), based on March 31, 2019 data. In the past year, Fannin Bank has increased its total non-brokered deposits by $3.07 million, an excellent annual growth rate of 3.72%. Please refer to our financial overview of Fannin Bank (FDIC Certificate # 5589) for more details.

Established in 1921, Fannin Bank was originally known as the Guaranty State Bank and located in Windom (eastern Fannin County). The Bank became FDIC insured in 1925 and changed its name to The First National Bank of Windom, with the Fannin Bank re-brand occurring in 1976. Fannin Bank describes itself as “a community bank in every sense of the word.”

The bank's 27 employees are involved in a myriad of events and activities. The bank is represented in organizations such as the Lions Club, Kiwanis, Business & Professional Women, and Rotary. Each year employees participate in the United Way drive, The March of Dimes Walk America, and the American Cancer Society Relay for Life. Fannin Bank is also a proud member of both the Bonham Area Chamber of Commerce and the Honey Grove Chamber of Commerce.

How Kasasa Cash Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in the Bank’s market area and have maximum qualifying balances of at least $50k, Fannin Bank’s Kasasa Cash APY currently ranks second.

The above rates are accurate as of 6/6/2019.

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.