First National Bank (IN) Kasasa Products Are Rate Leaders

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Deal Summary: Kasasa Cash, 3.25% APY on qualifying balances up to $10k. Kasasa Saver, 1.25% APY on qualifying balances up to $50k.

Availability: Market area includes five Central Indiana counties.

First National Bank (FNB) recently began offering Kasasa brand products. The Kasasa Cash's initial 3.25% APY on qualifying balances up to $10k is still in effect. Qualifying balances over $10k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.25*%-$10kFirst National Bank (IN)Kasasa Cash
OTHER TIERS: 0.25% $10k+
Rates as of July 24, 2021.

The Kasasa Cash monthly qualification requirements are straightforward and do not include a direct deposit or ACH requirement.

  • At least 12 debit card purchases
  • Be enrolled in and agree to receive e-Statements
  • Be enrolled in and log into online banking or mobile banking

The Kasasa Cash account has no minimum balance requirement or monthly service fee, and can be opened with $20 minimum deposit. Unlimited nationwide ATM fees will be reimbursed up to $25 per month, if qualifications are met. Unlimited checking writing is available and a free MasterCard® debit card will be issued following account opening. There is a limit of one Kasasa Cash account per Social Security number and is required to have a linked Kasasa Saver account.

Kasasa Saver

The Kasasa Saver earns 1.25% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. This Kasasa Saver is unique in that it offers a very competitive APY on a large balance.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25*%-$50kFirst National Bank (IN)Kasasa Saver
OTHER TIERS: 0.25% $50k+
Rates as of July 24, 2021.

Earned rewards and reimbursed ATM fees from a Kasasa Cash/Kasasa Cash Back account are automatically transferred to the Kasasa Saver each month. The Kasasa Saver has no monthly maintenance fee or minimum balance requirement, and can be opened with a $20 minimum deposit. There is a limit of one 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 (3.25% APY/$10k) and the Kasasa Saver (1.25% APY/$50k) is approximately $950 (1.58% APY/$60k).

Kasasa Cash Back

FNB’s Kasasa Cash Back account earns 4.00% cash back on debit card purchases, limited to the first $225 of monthly purchases. If you are planning on maintaining a balance under $3,300, 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 $108 ($9 per month). There is a limit of one Kasasa Cash Back account per Social Security number and is required to have a linked Kasasa Saver account.

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 Cloverdale, Indiana, First National Bank offers its Kasasa brand products to all U.S. citizens/resident aliens who live in the Central Indiana counties of Hendricks, Johnson, Morgan, Owen, or Putnam.

Opening a Kasasa Cash, Kasasa Cash Bank, and/or Kasasa Saver account(s) can be done online online, or at any of seven Indiana branch locations, located in Cloverdale (2), Coatesville, Belleville, Franklin, Greencastle, and Plainfield. As stated on the FNB home page, the Greencastle and the Cloverdale Main branch lobbies are open to walk-in traffic during normal hours, with the remaining five branch lobbies operating by appointment only.

Bank Overview

First National Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.72% (excellent) based on September 30, 2020 data. In the past year, FNB has increased its total non-brokered deposits by $59.92 million, an excellent annual growth rate of 22.75%. Please refer to our financial overview of First National Bank (FDIC Certificate # 4324) for more details.

Established in 1913, First National Bank was originally known as The First National Bank of Cloverdale. FNB rebranded in 1991 by simply shortening its name. With assets in excess of $357 million, First National Bank is currently the 43rd largest bank headquartered in Indiana.

How the Kasasa Cash Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $10k, First National Bank’s Kasasa Cash APY currently ranks third.

The above rates are accurate as of 1/27/2021.

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: Indianapolis checking accounts, reward checking accounts

Comments

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