Heritage Bank of the Ozarks (Heritage Bank) offers its Kasasa brand products statewide through online application. Combining the Kasasa Cash checking and Kasasa Saver savings account offers a nice alternative to online savings accounts for those looking to maximize interest on a relatively large balance.
The Kasasa Cash checking account currently earns 2.00% APY on qualifying balances up to $10k. Qualifying balances over $10k earn 0.25% APY, with non-qualify balances earning 0.01% APY.
When I last wrote about the Kasasa Cash account in November 2011, the rate in effect was 3.55% APY on qualifying balances up to $25k. Since the account was added to the product line in 2010, there have been four rate decreases and one rate increase.
The monthly qualification requirements have remained unchanged and include,
- At least 15 debit card purchases
- At least one direct deposit or ACH payment transaction
- Be enrolled in and agree to receive e-Statements.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Unlimited check writing is available and a free Visa debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per month, 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.
The Kasasa Saver currently earns 0.75% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualify balances earning 0.01% APY.
When I wrote about the Kasasa Saver in 2011, it earned 1.25% APY on qualifying balances up to $100k, with balances over $100k earning 0.55% APY. Within six months of my blog post, the rate dropped to 1.00% APY, followed by another rate drop (25 bps) a year later. The 0.75% APY has been in effect for about eight years.
|0.75*%||-||$100k||Heritage Bank of the Ozarks||Kasasa Saver|
|OTHER TIERS: 0.25% → $100k+|
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 $100 minimum opening deposit. The first six withdrawals/transfers each month are fee-free, with $1 charged for each withdrawal/transfer thereafter. 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/$10k) and the Kasasa Saver (0.75% APY/$100k) is approximately $950 (0.864% APY/$110k).
Kasasa Cash Back
Heritage Bank offers a Kasasa Cash Back account that earns 4.00% cash back on debit card purchases, limited to the first $200 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
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.
Headquartered in Lebanon, Missouri, Heritage Bank has a brick-and-mortar presence in three Central Missouri counties (Camden, Laclede, and Texas), but as stated on the online application, the Kasasa brand product line is offered to all Missouri residents.
Opening a Kasasa Cash Checking, Kasasa Cash Back, and/or Kasasa Saver account can be done online, or at any of three Missouri branches located in Lebanon, Camdenton, and Plato. There is no mention of any COVID-related branch restrictions (limited hours, appointments, temporary closures, etc.) on Heritage Bank’s website.
Heritage Bank of the Ozarks has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.35% (excellent) based on December 31, 2020 data. In the past year, Heritage Bank has increased its total non-brokered deposits by $51.04 million, an excellent annual growth rate of 42.95%. Please refer to our financial overview of Heritage Bank of the Ozarks (FDIC Certificate # 57576) for more details.
Established in 2003, Heritage Bank of the Ozarks is a locally owned and operated bank, with a commitment to the communities it serves. According to the Lebanon Route 66 website,
Thanks to a $5,000 donation, Heritage Bank of the Ozarks will be the presenting sponsor of the 2021 Lebanon Route 66 Festival, Kim Light, President and Senior Loan Officer, Heritage Bank of the Ozarks, and Bruce Owen, President of the Lebanon-Laclede County Route 66 Society, have announced.
"Heritage Bank of the Ozarks is very excited to be part of this celebration that honors such an important part of our community's heritage,” Light said. “The mystique that is Route 66 is celebrated world-wide and is an economic stimulus for Lebanon. We are fortunate to have such a dedicated group of Route 66 supporters in this community, and we are glad to be a small part of making this celebration a success.”
Currently the 127th largest bank headquartered in Missouri, Heritage Bank of the Ozarks has assets in excess of $205 million.
How the Kasasa Cash Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to all Missouri residents and have maximum qualifying balances of at least $10k, Heritage Bank of the Ozarks’ Kasasa Cash APY isn’t that impressive, with more than twenty banks and credit unions offering higher APYs (ranging from 2.01% to 4.09%). What distinguishes Heritage Bank’s Kasasa products is the potential combined earnings of the Kasasa Cash and Kasasa Saver accounts.
|Interest Rate||Account Name||Credit Union/Bank|
|4.09% APY||Rewards Checking – Tier A ($10k max)||Consumers Credit Union (IL)|
|3.30% APY||Vertical Checking ($20k max)||Evansville Teachers Federal Credit Union|
|3.05% APY||Kasasa Cash Checking ($15k max)||The Bank of Missouri|
|3.04% APY||First Performance Checking ($25k max)||First Bank (MO)|
|2.00% APY||Kasasa Cash ($10k max)||Heritage Bank of the Ozarks|
The above information and rates are accurate as of 3/29/2021.
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.