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.
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.
The Kasasa Brand
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.
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.
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.