Keystone Bank (TX) Kasasa Cash/Saver Have Large Balance Caps
While the rates on the Kasasa brand products offered by Keystone Bank have dropped since I first wrote about them in 2019, the unusually large qualifying balance caps are still in effect. The Kasasa Cash Checking currently earns 1.50% APY on qualifying balances up to $50k. Qualifying balances above $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.50*% | - | $50k | Keystone Bank (TX) | Kasasa Cash Checking | |
| OTHER TIERS: 0.25% → $50k+ | |||||
The monthly qualification requirements include,
- At least 12 debit card purchases (minimum $3.50 each)
- At least one ACH credit or ACH payment transaction
- Receive eStatements
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, and can be opened with a $25 minimum deposit. 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, if qualification requirements are met. There is a limit of one Kasasa Cash Checking account per Social Security number. Kasasa Cash Checking/Kasasa Cash Back accounts are required to have a linked Kasasa Saver account.
Kasasa Saver
The Kasasa Saver currently earns 0.50% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.50*% | - | $100k | Keystone Bank (TX) | Kasasa Saver | |
| OTHER TIERS: 0.25% → $100k+ | |||||
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 or monthly service fee, and requires a $25 minimum opening deposit. There is a limit of one Kasasa Saver account per Social Security number.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash Checking account (1.50% APY/$50k) and a Kasasa Saver account (0.50% APY/$100k) is approximately $1,250 (0.83% APY/$150k). When compared to the majority of reward checking accounts (RCA), this is a competitive rate for an unusually large balance cap.
Kasasa Cash Back
Keystone Bank offers a Kasasa Cash Back account that earns 2.00% cash back on debit card purchases, limited to the first $400 in monthly debit card purchases. If you are planning on maintaining a balance of less than $6,400, the Kasasa Cash Back account would probably 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 Austin, Texas, Keystone Bank’s online market area includes the Central Texas counties of Burnet, Hays, Travis, and Williamson, and the West Texas counties of Coke, Coleman, Concho, Nolan, Runnels, Taylor, and Tom Green.
In addition to being opened online, Kasasa brand products can also be opened at either of two Texas branches located in Austin and Ballinger. A second Austin branch location is advertised as “Coming Soon in 2021!” There is no mention of any COVID-related restrictions (temporary closures, limited hours, appointments, etc.) on the Bank’s website.
Bank Overview
Keystone Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.38% (excellent), based on December 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $101.45 million, an excellent annual growth rate of 59.15%. Please refer to our financial overview of Keystone Bank (FDIC Certificate # 34456) for more details.
Keystone Bank is the new kid on the block in the Austin, Texas area. Launched in October 2018 following the purchase of Ballinger National Bank, Keystone Bank relocated its headquarters from Ballinger to Bee Cave, a suburb of Austin. Keystone Bank announced in December 2018 that it had entered into a purchase and assumption agreement to acquire certain assets and deposits associated with Green Bank’s Austin branch. A total of $31 million from 185 investors was raised to secure the buyout, and on May 11, 2019, Green Bank in Austin reopened as Keystone Bank. Currently the 186th largest bank headquartered in Texas, Keystone Bank has assets in excess of $338 million
How Kasasa Cash Checking Compares
When compared to the very few High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the Bank’s market area and have maximum qualifying balances of at least $50k, Keystone Bank’s Kasasa Cash Checking APY currently ranks second.
The above information and rates are accurate as of 4/12/2021.
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.
