Keystone Bank (TX) Now Offers Kasasa Products Statewide
When I last wrote about the Keystone Bank Kasasa Cash Checking account some ten months ago, the rate had been dramatically increased from 1.50% APY to 6.00% APY on qualifying balances up to $50k; the 6.00% APY on up to $50k is still in effect today, and it remains one of the best high-yield reward checking accounts in the nation. Qualifying balances above $50k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
The monthly qualification requirements have also remained unchanged:
- 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 Mastercard® 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 4.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.50% APY, with non-qualify balances earning 0.05% 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 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 (6.00% APY/$50k) and a Kasasa Saver account (4.00% APY/$100k) is approximately $7,000 (4.667% APY/$150k). When compared to the vast majority of RCAs, 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 $1,650, 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. Founded in 2003, Kasasa’s sought to develop and market software products for Central Texas community bank. The first account, REWARDChecking®, played a pivotal role in shaping the future of the company.
According to an April 2022 Kasasa blog post,
Kasasa Cash offers a high annual percentage yield (the amount of money you get back in interest, in other words). If you want some extra cash every month to make life a little easier, to treat yourself to something special, or just watch your account balance grow, this is the account for you.
When you spend money with your credit or debit card, it benefits the provider. They make money with every swipe. Why shouldn’t you get a piece of that for choosing to use your bank or credit union’s debit card? It helps them, and it helps you
Availability and Account Opening
Headquartered in Bee Cave, Texas, Keystone Bank previously offered its Kasasa product line to Texas residents who live within a 100-mile radius of a branch location - a market area that included 65 Texas counties.
According to the first page of the online application, all residents of Texas now qualify to open a Kasasa brand product.
Opening a Kasasa brand product can be done online, or at any of three Texas branches located in Austin, Ballinger, and Bee Cave.
Bank Overview
Keystone Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.75% (excellent), based on September 30, 2023 data. In the past year, the Bank has increased its total non-brokered deposits by $12.26 million, an average annual growth rate of 1.9%. Please refer to our financial overview of Keystone Bank (FDIC Certificate # 34456) for more details.
Keystone Bank is the newest bank in the Austin, Texas area. Launched in October 2018 following the purchase of Ballinger National Bank (and the assumption of Ballinger’s FDIC Certificate number), 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 in May 2019, Green Bank in Austin reopened as Keystone Bank. Currently the 101st largest bank headquartered in Texas, Keystone Bank has assets of more than $822 million and more than 27,000 customer accounts.
How Kasasa Cash Checking Compares
When compared to the few High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $50k, the Keystone Bank Kasasa Cash Checking APY currently ranks first.
The above information and rates are accurate as of 2/27/2024.
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.
