Georgia Banking Company has added a new Kasasa Cash account which earns 2.15% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.40% APY, with non-qualifying balances earning 0.02% APY.
|2.15*%||-||$25k||Georgia Banking Company||Kasasa Cash|
|OTHER TIERS: 0.40% → $25k+|
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Be enrolled and receive eStatements.
The Kasasa Cash account has no minimum balance requirement, monthly service fees, or opening/closing fees. The minimum opening deposit is $100 to open and there is a limit of one account per Social Security Number. Unlimited domestic ATM fees will be reimbursed if incurred during a qualified monthly cycle, although an ATM receipt must be presented for fees of $5+.
We reimburse ATM withdrawal fees based on estimates when the
withdrawal information we receive does not identify the ATM fee
Georgia Banking Company’s Kasasa Saver account earns 1.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.40% APY, with non-qualifying balances earning 0.02% APY.
|1.00*%||-||$50k||Georgia Banking Company||Kasasa Saver|
|OTHER TIERS: 0.40% → $50k+|
Like the Kasasa Cash account, the Kasasa Saver account requires a $100 minimum opening deposit. There is no monthly fee nor a minimum balance required to earn rewards. Kasasa Cash rewards are automatically transferred to the Kasasa Saver.
Thanks to DA reader, tommyn, for his Forum post about this new Rewards Checking Account.
Headquartered in Atlanta, Georgia Banking Company has recently begun to offer its Kasasa Cash and Kasasa Saver accounts nationwide.
Note: I was hesitant to say “nationwide.” Even though I received written assurance from the Bank that “anyone who is a US Citizen can apply online from any US state,” smaller banks occasionally find that the demand for a nationwide product can overwhelm their capabilities. That statement is in no way critical of GBC, but just an observation based on many years of experience.
Georgia Banking Company has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 19.52% (above average) based on December 31, 2016 data. In the past year, GBC has increased its total non-brokered deposits by $31.27 million, an excellent annual growth rate of 15.36%. Please refer to our financial overview of Georgia Banking Company (FDIC Certificate # 57071) for more details.
Opening its doors in 2001, Georgia Banking Company is currently Georgia’s 31st largest bank, with assets in excess of $438 million. In a departure from the norm, the formation of the Bank was preceded by its specialized division, GBC Funding. Established in 1998, GBC Funding is a “national warehouse provider dedicated to helping independent mortgage bankers grow their business.”
How the Kasasa Cash Compares
When compared to the 16 High Yield RCAs tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $25k, Georgia Banking Company’s Kasasa Cash APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|2.27% APY||Kasasa Cash (up to $35k)||New Buffalo Savings Bank|
|2.25% APY||Kasasa Cash (up to $25k)||Main Street Bank (MI)|
|2.15% APY||Kasasa Cash (up to $25k)||Georgia Banking Company|
The above rates are accurate as of 4/18/2017.