First State Bank of Forrest Kasasa Cash Available In IL and IA

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Deal Summary: Free Kasasa Cash Checking, 2.50% APY on qualifying balances up to $25k.

Availability: Illinois and Iowa

Illinois-based First State Bank of Forrest (FSB of Forrest) began offering its Free Kasasa Cash checking account in 2013. In the past seven years, the rate/balance cap have remained unchanged: 2.50% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%-$25kFirst State Bank of ForrestKasasa Cash
Rates as of September 18, 2020.

The monthly qualification requirements include,

  • At least 12 debit card purchases.
  • At least one ACH payment transaction.
  • Be enrolled in and agree to receive e-Statements.

The Free Kasasa Cash account has no minimum balance requirement or monthly service fee and requires a $25 minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed up to $25, if qualifications are met. (ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher.) Unlimited check writing is available and a free Mastercard® debit card is issued when the account is opened. There is a limit of one account per Social Security number.

Kasasa Saver Account

A Free Kasasa Saver account is offered as a companion account to the Free Kasasa Cash checking account and can be opened with only $1. Each month, earned cash checking rewards automatically sweep to this account. The Free Kasasa Saver account earns 1.00% APY on all qualifying balances (no balance cap), with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00%--First State Bank of ForrestKasasa Saver
Rates as of September 18, 2020.

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,

On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.

Ever wondered what the word “Kasasa” means? It’s not Greek. It’s not Latin.

Put simply, we made it up.
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 Forrest, Illinois, First State Bank of Forrest has a physical presence in one North Illinois and four Central Illinois counties, but offers its Kasasa brand product line to the residents of Illinois and Iowa.

Opening a Free Kasasa Cash checking account and/or a Free Kasasa Saver account can be done online, or at any of six Illinois branches located in Erie, Fairbury, Forrest, Mahomet, Onarga, and Peoria Heights. To protect FSB or Forrest customers and staff,

Effective May 1st per Governor of Illinois, no one can enter without a face mask or covering.

Bank Overview

First State Bank of Forrest has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 23.11% (average) based on December 31, 2019 data. In the past year, FSB of Forrest has increased its total non-brokered deposits by $22.1 million, an excellent annual growth rate of 12.95%. Please refer to our financial overview of First State Bank of Forrest (FDIC Certificate # 11669) for more details.

First State Bank of Forrest is currently the 168th largest bank in Illinois, with assets in excess of $227 million. Established in 1914, FSB of Forrest has served as a community bank to the residents and businesses of Central Illinois. FSB of Forrest acquired the Erie State Bank (Erie) and The Heights Bank (Peoria Heights) in 2011; both banks now operate as divisions of FSB of Forrest.

How the Free Kasasa Cash Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to residents of Illinois and Iowa with qualifying balances of at least $25k, First State Bank of Forrest’s Free Kasasa Cash APY* currently ranks second.

The above rates are accurate as of 6/5/2020.

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.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.

Related Pages: Champaign checking accounts, Peoria checking accounts, Davenport checking accounts, reward checking accounts

Comments
Shelby
  |     |   Comment #1
On the Kasasa.com website Kasasa states and I quote, "Visit our partner for a comprehensive comparison of accounts in your area! with the DepositAccounts website logo underneath this statement. No wonder I have been seeing a lot of Kasasa promotions listed lately on this website.
alan1
  |     |   Comment #2
The "Advertising Disclosure" of DepositAccounts.com states:

DepositAccounts.com is an independent, advertising-supported deposit account comparison service. DepositAccounts.com monitors over 10,000 banks and credit unions. DepositAccounts.com does accept advertising compensation for featuring certain products from a very small percentage of these financial institutions. This advertising might influence where these products or financial institutions appear on the site. However, this advertising does not influence whether a product is included on the site, nor does it influence how the products or institutions are assessed within DepositAccounts.com’s editorial coverage or its financial health rankings. While very comprehensive, DepositAccounts.com does not include all deposit accounts available.

There are comments from various people (including Ken Tumin) re the relationship with Kasasa (see Comments 1-4) at https://www.depositaccounts.com/banks/the-bank-of-denver/offers/
P_D
  |     |   Comment #3
As long as DA is providing information that is useful to me I personally don't care if they have a relationship with the entities they cover or not, or if they earn money from the publicity they generate from their posts or not. It is a commercial website. I expect them to be biased in favor of those who provide their revenue (although from Ken's previous comments my understanding is that kasasa.com is not one of them).

What matters to me is the quality of the information they provide, not whether or not they profit from it. I HOPE they are profitable so they can stay in business and continue to post useful information. As long as they do provide good info, and as long as the readers understand that they are not expected to be completely objective, everyone should be happy.

I think the reason that Ken is thoughtfully providing so many of these RCA related blogs at this time is that some people here have stated that they find them to be a useful source of additional income from deposit accounts in this time of falling rates. In addition, there is really not much else to blog about since rates have fallen so much and between the zero and about 1.5% range of rates available regardless of the term, there just aren't any deposit account deals to be excited about at this time. So these specialty accounts are really all that is left to talk about for those seeking higher returns on their deposit accounts.

It so happens that many of these RCAs are Kasasa branded. So why not blog about them? I can't see the value in it for myself, but others have expressed that they find them valuable for their own use so I'm glad there is something valuable to blog about for their sake (even though those members repeatedly attack me as being anti-RCA which I am not). I'm just a nice guy that way.
Carpline
  |     |   Comment #5
You've been seeing a lot of Kasasa promotions listed lately is because they have good rates for RCAs and generally have a wide market area. If you know of an RCA with a high APY that is not Kasasa, please share it in the Forum. News of good rates is always appreciated.
Competitive Reward Checking at First State Bank of Forrest in Illinois

First State Bank of Forrest is offering a reward checking account called Kasasa Cash, and it currently has a competitive rate and balance cap. The bank also has a linked savings account called Kasasa Saver, but the rate of this account is only 0.30%. So this post will focus only on the Kasasa Cash account. The Kasasa Cash account has the following rates and features as listed in the bank’s Kasasa Cash page as of 6/10/2013:

Rates and ATM fee refunds if monthly requirements are met:

  • 2.50% APY on balances up to...
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