First State Bank (IL) Offers Kasasa Cash Statewide

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Availability: Kasasa Cash and Kasasa Saver are available to all Illinois residents.

For more than two years, First State Bank’s (FSB) Kasasa Cash account has earned 2.50% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.03% APY.

When I first wrote about this RCA in January 2011, FSB had been offering the Kasasa Cash account for over a year; at that time, the rate was 3.50% APY on qualifying balances up to $25k.

Kasasa Cash Qualifying Requirements

  • Have at least 10 debit card purchases.
  • Have at least one Direct Deposit, or one Automatic Payment.
  • Be enrolled and receive eStatement notice.

The Kasasa Cash account has no minimum balance requirement and no monthly fees. Unlimited nationwide ATM fees will be reimbursed and credited on the last day of the monthly statement cycle.

Kasasa Saver

The Kasasa Saver account currently earns 0.50% APY on all qualifying balances, with any non-qualifying balances earning 0.03% APY. The Kasasa Saver has no monthly service fee, no minimum balance to earn rewards, and requires a $1 minimum opening deposit.

Availability

Headquartered in Mendota, First State Bank is a locally owned and operated bank with a market area of northern Illinois, although the Kasasa Cash and Kasasa Saver accounts are available to all Illinois residents.

Opening the Kasasa Cash and Kasasa Saver accounts with FSB can be done online or at any of the 19 Illinois branches, located in Batavia (2), Bloomington, Carol Stream, DeKalb, Geneva, La Moille, McNabb, Mendota, Naperville, North Aurora, Ottawa, Peru, Rochelle, Saint Charles (2), Shabbona, Streator, and Waterman.

Bank Overview

First State Bank (FDIC Certificate # 15752) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 14.15% (above average) based on December 31, 2015 data. In the past year, FSB has increased its total deposits by $14.9 million, an above average annual growth rate of 1.95%. Please refer to our financial overview of First State Bank for more details.

I can hear my grandmother saying, “Things used to be so much easier and quicker in the old days,” which was followed by an eye roll on my part. She was right. An application for permission to organize First State Bank was made by seven Mendota residents on January 3, 1940, and two days later, the permit was approved. From an initial capital stock of $50k, a surplus of $5k, and a reserve account of $5k, First State Bank’s total assets have grown to more than $881 million.

First State Bank’s website lists several interesting historical facts about the Bank, including some of the investments available during its first years of operations.

Investments made during 1940 were as follows:
$5,000 of commercial paper at a rate of .75%, due May 6, 1941,
$5,000 of commercial paper at a rate of .75%, due March 24, 1941, and
$5,000 Municipal Bond at a rate of 1.50%, due March 1, 1944.

How the Kasasa Cash Compares

When compared to the 38 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to Illinois residents and have maximum qualifying balances of at least $25k, First State Bank’s Kasasa Cash currently shares the top spot with Mid-Illini Credit Union Cash Rewards High Interest Checking.

The above rates are accurate as of 5/30/2016.

To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our new Rates Map page.

Comments
Anonymous
Anonymous   |     |   Comment #1
I've had the Kasasa cash and Kasasa saver accounts for a few years now and the service has been excellent. Great website and a great bank overall.
mm308
mm308 (anonymous)   |     |   Comment #2
I have both kasasa cash and kasasa saver accounts with this bank. Their website and service is excellent. Their rates are good. Overall, a very good bank.
Top Reward Checking and Savings Account at First State Bank - Illinois Only

We've been listing the reward checking account of First State Bank for the last year, but I have never reviewed it. Since it remains competitive, I thought it deserved a review. In addition to the reward checking account, it also has a nice companion savings account. Both are under the Kasasa branch: the checking is called Kasasa Cash and the savings is called Kasasa Saver. These accounts have the following rates and features if certain monthly requirements are met:

As of 1/28/2011:

Kasasa Cash

  • 3.50% APY on balances up to $25K
  • 1.00% APY on...
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