Industrial Bank's Kasasa Cash Checking Rate Unchanged Since 2017
In January 2017, Industrial Bank added the Kasasa brand to its product line. The Kasasa Cash’s initial 2.50% APY on qualifying balances up to $15k is still in effect. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.01% APY.
The monthly qualification requirements are fairly standard, with no direct deposit required.
- 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 $25 minimum opening deposit. Nationwide ATM fees will be reimbursed up to a total of $25 per month, if qualification requirements are met. A receipt for an individual fee of $4.99 or greater is required for reimbursement. 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.
Kasasa Saver
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.
Earned rewards from the 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 $25 minimum opening deposit.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (2.50% APY/$15k) and the Kasasa Saver (0.75% APY/$25k) is approximately $562 (1.40% APY/$40,000).
Kasasa Cash Back
Industrial Bank’s Kasasa Cash Back account earns 3.00% cash back on debit card purchases, limited to the first $250 of monthly purchases. If you are planning on maintaining a balance under $3,600, 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 $90 ($7.50 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 Washington, D.C., Industrial Bank offers its Kasasa Cash and Kasasa Saver accounts 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 Kasasa Cash account and/or a Kasasa Savings account can be done online. Industrial Bank has branches in the District of Columbia (5), Maryland (2), and New York (West Harlem). Following the November 2019 acquisition of the City National Bank of New Jersey, Industrial Bank now has two branch locations in Newark, New Jersey. Not all the branch lobbies are open to walk-in traffic and an appointment is necessary to open new accounts. The Banking Center Updates page list the various branch restrictions and also has a link to the Appointment Request page.
Bank Overview
Industrial Bank has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 43.11% (average) based on June 30, 2020 data. In the past year, Industrial Bank has increased its total non-brokered deposits by $183.57 million, an excellent annual growth rate of 51.57%. 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. Currently the largest bank headquartered in the District of Columbia, Industrial Bank has assets of nearly $600 million and more than 28,500 customer accounts.
How the Kasasa Cash Compares
When compared to the 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 fifth.
The above rates are accurate as of 11/12/2020.
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.
