Deal Summary: Free Kasasa Cash Checking, 2.50% APY up to $15k
In early January, Industrial Bank debuted its Free Kasasa Cash Checking account that earns 2.50% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.01% APY.
Free Kasasa Cash Checking Monthly Qualification Requirements
- At least 12 debit card purchases.
- Be enrolled and log into online banking.
- Be enrolled in and agree to receive eStatements.
The Free Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $10 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 monthly, with individual fees of $4.99 or greater requiring a receipt for reimbursement. There is a limit of one account per Social Security number.
Industrial Bank also offers a Kasasa Saver account, which 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. Like the Kasasa Cash account, the Kasasa Saver account has no minimum balance requirement or monthly service fee, and requires a $10 minimum opening deposit.
Headquartered in Washington, D.C., Industrial Bank offers its Free Kasasa Cash Checking account and Kasasa Saver account to all U.S. Citizens living anywhere in the 50 states. The very first question on the online application is “Are you a U.S. Citizen?”
Opening a Free Kasasa Cash Checking account and/or a Kasasa Savings account can be done online or at any of the six District of Columbia branches, or the two Maryland branches, located in Forestville and Oxon Hill.
Industrial Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 21.83% (above average) based on September 30, 2016 data. In the past year, Industrial Bank has increased its total non-brokered deposits by $17.98 million, an excellent annual growth rate of 5.7%. Please refer to our financial overview of Industrial Bank (FDIC Certificate # 14679) for more details.
Established in 1934, Industrial Bank is one of the largest African-American owned and operated bank in the country. Jesse H. Mitchell, a Wharton School of Finance graduate, founded the Bank with $200,000. More than 80 years later, Mr. Mitchell’s grandson, B. Doyle Mitchell, Jr., is at the Bank’s helm, serving as President & CEO. Industrial Bank is currently the second largest bank headquartered in the District of Columbia, with assets in excess of $388 million.
How the Kasasa Cash Compares
When compared to the 29 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $15k, Industrial Bank’s Kasasa Cash APY currently ranks fourth.
The above rates are accurate as of 2/8/2017.