A few months ago, Home State Bank (HSB) began offering Kasasa brand products. The Kasasa Cash account currently earns 2.00% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.20% APY, with non-qualify balances earning 0.05% APY.
|2.00*%||-||$20k||Home State Bank (MN)||Kasasa Cash|
|OTHER TIERS: 0.20% → $20k+|
The monthly qualification requirements include,
- At least 12 debit card purchases
- At least one direct deposit, ACH credit, or ACH payment
- Be enrolled in and agree to receive eStatements
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to a total of $25 per month (maximum $4.99 per single transaction), if qualification requirements are met. Unlimited checking writing is available and a free debit card will be issued following account opening. There is a limit of one account per Social Security number. If the monthly qualifications are not met for six consecutive months, a Kasasa Cash account will automatically be converted to a Simplicity Checking account.
HSB also offers a Kasasa Saver account, which earns 0.50% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.20% APY, with non-qualify balances earning 0.05% APY.
|0.50*%||-||$50k||Home State Bank (MN)||Kasasa Saver|
|OTHER TIERS: 0.20% → $50k+|
Earned rewards from a Kasasa Cash/Kasasa Cash Back are automatically transferred to the linked Kasasa Saver every month. Like the Kasasa Cash, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $100 minimum opening deposit. There is a limit of one account per Social Security number. If the monthly qualifications are not met for six consecutive months, a Kasasa Saver account will automatically be converted to a Regular Savings account.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (2.00% APY/$20k) and the Kasasa Saver (0.50% APY/$50k) is approximately $650 (0.93% APY/$70,000).
Kasasa Cash Back
HSB’s Kasasa Cash Back account earns 3.00% cash back on debit card purchases, limited to the first $300 of monthly purchases. If you are planning on maintaining a balance under $5,400, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $108 ($9 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 Litchfield, Minnesota, Home State Bank offers its Kasasa Cash and Kasasa Saver accounts to U.S. citizens and residents aliens who live in Minnesota.
Opening a Kasasa Cash account and/or a Kasasa Savings account can be done online, or at any of four West Central Minnesota branches located in Cosmos, Hutchinson, Litchfield, and Willmar. As stated on the Current News page,
As the situation with COVID-19 rapidly evolves, Home State Bank has made the prudent step to have all Home State Bank branch lobbies open by appointment only, limiting foot traffic inside our locations in Willmar, Cosmos, Litchfield, and Hutchinson. Branch drive-thru services will remain open from 8:00 am to 5:00 pm. Home State Bank’s ATMs and night deposit box services will also stay open.
HSB’s Branch Locations and Hours page also states that after-hour and weekend appointments are also available at all locations.
Home State Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.44% (excellent) based on September 30, 2020 data. In the past year, HSB has increased its total non-brokered deposits by $24.17 million, an excellent annual growth rate of 19%. Please refer to our financial overview of Home State Bank (FDIC Certificate # 9745) for more details.
Established in 1926, Home State Bank was originally known as Home State Bank of Kandiyohi; the Bank’s name was shortened in 1994. (“Kandiyohi” is a Dakota word meaning “where the buffalo fish come.”) Currently the 115th largest bank headquarterd in Minnesota, Home State Bank is a relatively small bank with assets of more than $178 million.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available to all Minnesota residents and have maximum qualifying balances of at least $20k, Home State Bank’s Kasasa Cash APY currently ranks fifth.
The above rates are accurate as of 12/5/2020.
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.