Hoosier Heartland State Bank (IN) Has Top-Rate Kasasa Cash Checking
Hoosier Heartland State Bank (Hoosier Heartland) is one of several financial institutions that began offering Kasasa brand products this year. Hoosier Heartland’s Kasasa Cash account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25%, with non-qualifying balances earning 0.05% APY.
The qualifying requirements are fairly standard and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases.
- Be enrolled in and login to Online Banking at least once per cycle.
- Be enrolled in and agree to receive eStatements.
The Kasasa Cash account has no monthly maintenance fees or minimum balance requirements, but does require a $25 minimum opening deposit. Unlimited checking writing is available and a free MasterCard Debit Card will be issued following account opening. Unlimited nationwide ATM fees will be automatically reimbursed up to $25 per monthly cycle, if the qualifying requirements are met. (Note: only Kasasa Cash ATM fees will be reimbursed; Kasasa Saver ATM transaction fees are not reimbursed or refunded.) There is a limit of one Kasasa Cash account per Social Security number.
Kasasa Saver Account
Hoosier Heartland’s Kasasa Saver account earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Earned rewards from the Kasasa Cash account are automatically transferred to a linked Kasasa Saver each month. Like the Kasasa Cash Checking account, the Kasasa Saver has no monthly maintenance fee or minimum balance requirement and requires a $25 minimum opening deposit. Kasasa Saver accounts are limited to one per Social Security number.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash Checking (3.00% APY/$25k) and the Kasasa Saver (1.00% APY/$100k) is approximately $1,750 (1.40% APY/$125k).
Other Kasasa Brand Products
Hoosier Heartland’s Kasasa Cash Back account earns 4.00% cash back on check card purchases, limited to the first $200 in monthly purchases. The Kasasa Tunes account earns $10 in refunds for Amazon®, Apple iTunes®, and Google Play™ purchases every month.
If you are planning on maintaining a balance under $3,200, the Kasasa Cash Back account would 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 Crawfordsville, Indiana, Hoosier Heartland State Bank has a market area that consists of 11 west central Indiana counties: Boone, Clay, Clinton, Fountain, Hendricks, Montgomery, Morgan, Owen, Parke, Putnam, and Tippecanoe.
CSR stated that established Hoosier Heart customers can open a Kasasa Cash/Kasasa Saver account over the phone (765.364.6666). New customers are required to visit any of the six full-service Indiana branches located in Crawfordsville (2), Ladoga, Linden, New Ross, and Roachdale to open an account. While Hoosier Heartland’s website makes no mention of any branch closures or restrictions, a letter to Hoosier Heartland customers from CEO, Trey Etcheson states,
You can also call our Virtual Branch (765.942.0125) during regular business hours to fulfill your banking needs from the comfort and safety of your home.
Bank Overview
Hoosier Heartland State Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.19% (excellent) based on June 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $16.48 million, an excellent annual growth rate of 8.86%. Please refer to our financial overview of Hoosier Heartland State Bank (FDIC Certificate # 15566) for more details.
The Hoosier Heartland State Bank is the result of the merger of two Indiana community banks. The Linden State Bank (established 1899) and Farmers State Bank (established 1920) both focused on “supporting agriculture, local commerce and citizenry.” In an effort to increase efficiency, reduce operating costs, and better serve the customer base, the two banks merged in April 2009. With assets in excess of $225 million, Hoosier Heartland State Bank is currently the 57th largest bank headquartered in Indiana.
How the Kasasa Cash Compares
When compared to 80 High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available with the market area and have maximum qualifying balances of at least $25k, Hoosier Heartland State Bank’s Kasasa Cash APY currently ranks first.
The above rates are accurate as of 10/16/2020.
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.
