About 2½ years ago, Lakeside Bank began offering a Kasasa Cash account, earning 2.25% APY up to $25k at the time. Earlier this year, this rewards checking account (RCA) experienced a couple of favorable changes, with a new 2.50% APY on qualifying balances up to $25k. Qualifying balances between $25k and $125k now earn 0.50% APY, while non-qualifying balances earning 0.02% APY. Prior to this change, qualifying balances of $25k+ and non-qualifying balances did not earn any interest.
|2.50*%||-||$25k||Lakeside Bank||Kasasa Cash|
|OTHER TIERS: 0.50% → $25k - $125k|
The qualification requirements have remained unchanged:
- At least 12 monthly debit card transactions.
- Receive electronic statements.
- Log into the account at least once monthly.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. Nationwide ATM fees will be reimbursed up to $20 each month, if qualifications are met. There is a limit of one account per Social Security number.
The companion Kasasa Saver APY and qualifying balance limits have also changed: qualifying balances up to $100k now earn 1.25% APY, a 25 bps increase over the original APY. Qualifying balances between $100k and $200k now earn 0.50% APY, with non-qualifying balances earning 0.02% APY. Like the Kasasa Cash account, the Kasasa Saver's second APY tier and non-qualifying APY are new features.
|1.25*%||-||$100k||Lakeside Bank||Kasasa Saver|
|OTHER TIERS: 0.50% → $100k - $200k|
The Kasasa Saver account has no minimum balance requirement or monthly service fee, and requires a minimum $100 opening deposit. Kasasa Cash interest and ATM fee reimbursements are automatically deposited into the Kasasa Saver account. Six fee-free withdrawals/transfers are permitted each month, although this limit does not include withdrawals or transfers made in person at a branch or at an ATM.
Headquartered in Chicago, Lakeside Bank is a locally-owned community bank with a market area that includes the greater Chicago metropolitan area.
Since I last wrote about Lakeside Bank’s Kasasa Cash and Kasasa Saver, an online application, uOpen has been added. The first page of the online application states, “We welcome applicants from Chicago and surrounding suburbs.” According to CSR, your Zip Code determines eligibility.
If you prefer a brick-and-mortar experience, Lakeside Bank has six Chicago branches (including one in the Illinois Board of Trade Facility) and one branch in the western Chicago suburb of Elmhurst.
Lakeside Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.38% (excellent) based on March 31, 2019 data. In the past year, Lakeside Bank has increased its total non-brokered deposits by $91.65 million, an excellent annual growth rate of 8.92%. Please refer to our financial overview of Lakeside Bank (FDIC Certificate # 19571) for more details.
Established in 1966, Lakeside Bank was formed with a vision to transform Chicago’s South Side. R. R. Donnelly & Sons held the majority stock ownership and the Bank was named after the Lakeside Press, Donnelly’s successful publishing company. Within 20 years of operation, Lakeside Bank’s assets totaled over $100 million. Today, Lakeside Bank has assets in excess of $1.7 billion and continues to reinvest 100% of its deposits within the community.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $25k, Lakeside Bank’s Kasasa Cash APY currently ranks tenth. The following comparison lists the top four RCA APYs, in addition to Lakeside Bank’s Kasasa Cash.
|Interest Rate||Account Name||Credit Union/Bank|
|4.00% APY||Kasasa Cash ($50k max)||TAB Bank|
|3.33% APY||eCentive Account ($25k max)||Heritage Bank|
|3.25% APY||Kasasa Cash ($30k max)||Dover Federal Credit Union|
|3.01% APY||Kasasa Cash ($25k max)||Old Missouri Bank|
|2.50% APY||Kasasa Cash ($25k max)||Lakeside Bank|
The above rates are accurate as of 7/18/2019.
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.