First State Bank (OH) Kasasa Brand Products Available Nationwide
Ohio-based First State Bank (FSB) currently offers its Kasasa brand products on a nationwide basis through an online application. The Kasasa Cash checking account currently earns 2.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
DA has been tracking FSB’s Kasasa brand products for more than seven years. The Kasasa Cash has maintained its initial 2.00% APY for the majority of that time, with the exception of a 15-month period (2019-2020) when it earned 3.00% APY on qualifying balances up to $15k. The rate dropped back to 2.00% APY in May 2020.
The monthly qualification requirements are easily fulfilled and do not include a direct deposit or ACH transaction requirement.
- At least 10 debit card purchases
- Be enrolled in and agree to receive e-Statements
- Be enrolled in and log into online banking
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $50 minimum opening deposit. Unlimited check writing is available and a free Mastercard debit card will be issued following account opening. Unlimited nationwide ATM fees will be automatically reimbursed (maximum $4.99 per transaction), if qualification requirements are met. An ATM receipt is required for reimbursement of an individual ATM fee of $5.00 or higher. There is a limit of one Kasasa Cash account per Social Security number.
Kasasa Saver
The Kasasa Saver currently earns 1.01% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.00*% | $0 | $50k | First State Bank (OH) | Kasasa Saver | |
| OTHER TIERS: 0.50% → $50k+ | |||||
Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires $50 minimum opening 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 (2.00% APY/$15k) and the Kasasa Saver (1.01% APY/$50k) is approximately $805 (1.24% APY/$65k).
Kasasa Cash Back
First State Bank offers a Kasasa Cash Back account that earns 2.00% cash back on debit card purchases, limited to the first $400 in monthly debit card purchases. If you are planning on maintaining a balance of less than $4,800, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $96 ($8 per month).
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 Winchester, Ohio, First State Bank has a brick-and-mortar presence in six southwest Ohio counties (Adams, Brown, Fayette, Clinton, Highland, and Hamilton) and Lawrence and Martin Counties in Kentucky, but according to two CSRs at two different branches, FSB offers the Kasasa brand product line nationwide.
Opening a Kasasa Cash Checking, Kasasa Cash Back, and/or Kasasa Saver account can be done online, or at any of 13 Ohio branches located in Cincinnati, Fayetteville, Georgetown, Hillsboro, Manchester, Mount Orab, Peebles, Ripley, Seaman, Washington Court House, West Union, Wilmington, and Winchester. Following the recent acquisition of Inez Deposit Bank, FSB now has four Kentucky branches, located in Inez, Louisa (2), and Warfield. There is no mention of any COVID-related branch restrictions (limited hours, appointments, temporary closures, etc.) on FSB’s website.
Bank Overview
First State Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.37% (excellent) based on December 31, 2020 data. In the past year, FSB has increased its total non-brokered deposits by $115.7 million, an excellent annual growth rate of 28.07%. Please refer to our financial overview of First State Bank (FDIC Certificate # 9437) for more details.
First State Bank is currently the 45th largest bank headquartered in Ohio, with assets in excess of $602 million and nearly 31,000 customer accounts. FSB’s history is one of acquisitions and mergers, with the Winchester Bank Company (est. 1884) the original founding institution. In 1959, Winchester Bank Company acquired the Seaman Bank and then merged with the Bank of Manchester ten years later. These three institutions formed a new bank: First State Bank of Adams County. The Bank’s name was shortened in 2008 when three banking centers in Brown County were acquired. FSB’s most recent acquisitions were First Safety Bank (Cincinnati) in 2016 and Inez Deposit Bank (Inez, Kentucky) earlier this year.
How the Kasasa Cash Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available nationwide and have maximum qualifying balances of at least $15k, First State Bank’s Kasasa Cash APY currently ranks sixth.
The above information and rates are accurate as of 4/5/2021.
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.