Independence State Bank Kasasa Products Remain Competitive


Deal Summary: Kasasa Cash Checking, 2.15% APY on qualifying balances up to $15k. Kasasa Saver, 0.75% APY on qualifying balances up to $25k.

Availability: Wisconsin, possibly nationwide.

Wisconsin-based Independence State Bank has been offering Kasasa brand products for nearly three years. The Kasasa Cash Checking’s initial 2.15% APY on qualifying balances up to $15k is still in effect. Qualifying balances above $15k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.

The monthly qualification requirements include,

  • At least 12 debit card purchases
  • At least one direct deposit, ACH credit or ACH payment transaction
  • Be enrolled in and agree to receive eStatements

The Kasasa Cash Checking account has no minimum balance requirement, no monthly service fee, and no minimum deposit requirement. Unlimited check writing is available and a free debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to an aggregate of $25 each month (maximum $4.99 per single transaction), if qualification requirements are met. An ATM receipt is required for reimbursements of individual ATM withdrawal fees of $5.00 or higher. New Kasasa Cash Checking accounts automatically qualify for rewards during the account's first statement cycle. If the account is closed before rewards are credited, those rewards will be forfeited. There is a limit of one Kasasa Cash Checking account per Social Security number.

Kasasa Saver

The Kasasa Saver currently earns 0.75% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualify balances earning 0.01% APY.

Kasasa Cash Checking/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. Like the Kasasa Cash Checking account, the Kasasa Saver has no minimum balance requirement, no monthly service fee, and no minimum opening deposit requirement. There is a limit of one Kasasa Saver account per Social Security number and may not be used for commercial purposes. While some types of transfers/withdrawals are limited to six per month,

There is no limit to the number of transfers or withdrawals from your Kasasa Saver account to repay loans at our institution or are made in person, by mail, by messenger or at an ATM.

Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts

The potential combined annual earnings of a Kasasa Cash Checking account (2.15% APY/$15k) and a Kasasa Saver account (0.75% APY/$25k) is approximately $510 (1.275% APY/$40k).

Kasasa Cash Back

Independence State Bank has a Kasasa Cash Back account that earns 5.00% 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 $5,600, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account, as the maximum annual earnings for the Kasasa Cash Back account is $120 ($10 per month). (The $120 annual earnings is one of the highest I’ve seen for Kasasa Cash Back accounts.)

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.


Headquartered in Independence, Wisconsin, Independence State Bank has a brick-and-mortar presence in three northwest Wisconsin counties (Chippewa, Dunn, and Trempealeau).

According to the bank official I spoke with at length, the Kasasa brand product line is available nationwide. While I have no specific reason to doubt what the bank official stated, I’m taking the nationwide availability status with a couple of grains of salt, given that Independence State Bank is a small (assets of $80 million), independently owned-and-operated community bank.

A Kasasa Cash Checking, Kasasa Cash Back, and/or Kasasa Saver account can be opened online opened online, or at any of three Wisconsin branches located in Chippewa Falls, Elk Mound and Independence. As stated on the Bank’s homepage,

Our lobbies are now open!!

Bank Overview

Independence State Bank has an overall health grade of "A" at, with a Texas Ratio of 5.23% (excellent), based on December 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $12.12 million, an excellent annual growth rate of 21.14%. Please refer to our financial overview of Independence State Bank (FDIC Certificate # 10741) for more details.

Two weeks ago, Independence State Bank celebrated its 124th anniversary. Originally known as the State Bank of Independence, the Bank was established by Anton Senty and John Sprecher, with initial capital of $10k, the approximate equivalent of $320k today. The Independence State Bank rebrand occurred in 1998, a year after the Bank’s centenary. The Senty family continues to own and “its independent ownership will remain in the future.”

How Kasasa Cash Checking Compares

When compared to the High Yield Reward Checking Accounts tracked by that are available nationwide and have maximum qualifying balances of at least $15k, Independence State Bank’s Kasasa Cash Checking APY currently ranks sixth.

The above information and rates are accurate as of 4/19/2021.

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.

Related Pages: Minneapolis savings accounts, La Crosse savings accounts, savings accounts, reward checking accounts, nationwide deals

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.