Financial Security Bank (MN) Offers Kasasa Brand Statewide

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Deal Summary: Free Kasasa Cash Checking, 3.00% APY on qualifying balances up to $10k. Free Kasasa Saver, 1.00% APY on qualifying balances up to $25k.

Availability: Minnesota

About seven months ago, Financial Security Bank (Financial Security) added the Kasasa brand to its product line. The Free Kasasa Cash Checking’s initial 3.00% APY on qualifying balances up to $10k is still in effect. Qualifying balances over $10k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$10kFinancial Security BankFree Kasasa Cash Checking
OTHER TIERS: 0.25% $10k+
Rates as of September 28, 2021.

The monthly qualification requirements are easily met and do not include a direct deposit or ACH transaction.

  • At least 12 debit card purchases
  • Access online banking at least once per statement cycle
  • Be enrolled in and agree to receive eStatements

The Free Kasasa Cash Checking 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 per month, if qualification requirements are met. There is a limit of one Free Kasasa Cash Checking account per Social Security number.

Free Kasasa Saver

The Free Kasasa Saver currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$25kFinancial Security BankFree Kasasa Saver
OTHER TIERS: 0.25% $25k+
Rates as of September 28, 2021.

Free Kasasa Cash Checking/Free Kasasa Cash Back earned rewards and ATM reimbursements are automatically transferred to the linked Free Kasasa Saver account each month. Like the Free Kasasa Cash Checking account, the Free Kasasa Saver has no minimum balance requirement or monthly service fee, and requires $100 minimum opening deposit. There is a limit of one Free 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 (3.00% APY/$10k) and the Kasasa Saver (1.00% APY/$25k) is approximately $550 (1.57% APY/$35k).

Free Kasasa Cash Back

Financial Security’s Kasasa Cash Back account earns 3.00% cash back on check card purchases, limited to the first $250 in monthly debit card purchases. If you are planning on maintaining a balance under $3,000, the Free Kasasa Cash Back account would probably be a better deal than the Free Kasasa Cash Checking account; the maximum annual earnings for the Free Kasasa Cash Back account is $90 ($7.50 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 Kerkhoven, Minnesota, Financial Security Bank’s primary market area is Central Minnesota. According to CSR, Financial Security is a small community bank that “likes to keep things local,” but all Minnesota residents, 18 years or older, who have a valid Social Security number are welcome to apply for any of the Kasasa brand products.

Opening a Free Kasasa Cash Checking, Free Kasasa Cash Back, or Free Kasasa Saver account can be done online, or at either of two Minnesota branches located in Albertville and Kerkhoven. As stated on Financial Security’s Locations & Hours page, access to both branch lobbies is by appointment only.

Bank Overview

Financial Security Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.97% (excellent) based on September 30, 2020 data. In the past year, Financial Security has increased its total non-brokered deposits by $16.04 million, an excellent annual growth rate of 20.98%. Please refer to our financial overview of Financial Security Bank (FDIC Certificate # 10176) for more details.

FDIC lists 1905 as the year the State Bank of Kerkhoven was established, but the original Bank of Kerkhoven was founded in 1884, started by W. W. Woodburn. In 1976, Russell Bauman (a customer since 1951) purchased the State Bank of Kerkhoven; the Bauman family continues to operate the Bank to this day. Between 1905 and 2005, the Bank’s assets only grew to $20 million, with a growth rate that could only be described as slow and small. In 2005, it became evident there were three choices facing the Bauman family: grow the bank, sell the bank, or lose money. In 2005, a second branch was opened in Albertville and the Financial Security Bank rebrand occurred. In the past 15 years, Financial Security has increased its assets to more than $123 million, definitely reversing the “slow and small” growth rate.

How the Kasasa Cash Compares

When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to all Minnesota residents and have maximum qualifying balances of at least $10k, Financial Security Bank’s Free Kasasa Cash Checking APY currently ranks fourth.

The above rates are accurate as of 2/11/2021.

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.

Related Pages: Minneapolis checking accounts, reward checking accounts

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