First Bank (KS) Offers Kasasa Brand Products Statewide
Approximately two months ago, First Bank began offering Kasasa brand products, including the Kasasa Cash Checking account, which currently earns 3.00% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.25%, with non-qualifying balances earning 0.05% APY.
The qualifying requirements are straightforward and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases.
- Be enrolled in and agree to receive E-Statements.
- Be enrolled in and login to Online Banking at least once per cycle.
The Kasasa Cash Checking has no monthly maintenance fees or minimum balance requirements, but does require a $50 minimum opening deposit. Unlimited nationwide ATM fees will be automatically reimbursed up to $25 per monthly cycle (maximum $4.99 per single transaction), if the qualifying requirements are met. New Kasasa Cash Checking accounts automatically qualify for rewards during the account’s first statement cycle. There is a limit of one account per Social Security number and a Kasasa Cash Checking may not be used for commercial purposes.
Kasasa Saver Account
First Bank’s Kasasa Saver account earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Earned rewards from the Kasasa Cash Checking account are automatically transferred to a linked Kasasa Saver each month. Like the Kasasa Cash Checking account, the Kasasa Saver has no monthly maintenance fee or minimum balance requirement and requires a $50 minimum opening deposit. Kasasa Saver accounts are limited to one per Social Security number.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash Checking (3.00% APY/$20k) and the Kasasa Saver (1.00% APY/$100k) is approximately $1,600 (1.33% APY/$120k).
Other Kasasa Brand Products
The Kasasa Cash Back account earns 4.00% cash back on check card purchases up to $250 purchases per month. The Kasasa Tunes account earns $10 in refunds for Amazon®, Apple iTunes®, and Google Play™ purchases every month.
These two accounts may appeal to those who don’t plan on maintaining a balance of at least $4k. For the Kasasa Cash Checking to be more profitable than either of these two rewards accounts, a balance of over $4k needs to be maintained. A $4k balance in a Kasasa Cash Checking results in about $10 of interest per month, which equals the maximum cash back or refunds that can be earned in these other two Kasasa accounts.
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 Sterling, Kansas, First Bank’s newly added Kasasa brand product line is offered to all U.S. citizens and resident aliens who live in Kansas and hae a valid Social Security number.
Opening a Kasasa brand product (Kasasa Cash/Kasasa Cash Bank/Kasasa Saver) can be done online, or at any of the three full-service Kansas branches located in Chase, Lyons, and Sterling. According to First Bank's website,
During these uncertain times, we are still here for you. We are able to provide uninterrupted access to you through our drive-thru’s and ATM’s, limited in-person appointments and our online and mobile services. Visit https://www.first-bank.net/home/resources/faqs for continued updates.
Bank Overview
First Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.02% (excellent) based on June 30, 2020 data. First Bank has an excellent capitalization level (12.96%), the result of holding $163.06 million in assets with $21.14 million in equity. Please refer to our financial overview of First Bank (FDIC Certificate # 16473) for more details.
Established in 1907, First Bank was originally known as The Farmers State Bank in Sterling. The First Bank rebrand occurred in 1998, following the acquisition of three Kansas banks (The First National Bank of Sterling, The Coronado Bank of Lyons, and Bank Chase). With assets in excess of $163 million, First Bank is currently the 94th largest bank headquartered in Kansas.
How the Kasasa Cash Checking Compares
When compared to 101 High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to all Kansas residents and have maximum qualifying balances of at least $25k, First Bank’s Kasasa Cash Checking APY currently ranks second.
The above rates are accurate as of 10/12/2020.
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.
