Approximately two months ago, Lee Bank & Trust Company (Lee Bank) began offering a Free Kasasa Cash Checking account that earns 2.50% APY on qualifying balances up to $10k. Qualifying balances over $10k earn 0.50% APY, with non-qualifying balances earning 0.01% APY.
Free Kasasa Cash Qualifying Requirements
- Have at least one ACH Credit or ACH debit transaction post
- Have at least 12 debit card purchases, each greater than $5.00
- Be enrolled in and agree to receive e-Statements
The Free Kasasa Cash Checking account has no minimum balance requirement, no monthly fees, and no penalty for not meeting account qualifications. While there are no fees for opening or closing the account, a $100 minimum opening deposit is required.
Nationwide ATM fees will be reimbursed up to $25 per month ($4.99 per single transaction). Reimbursement of ATM fees of $5.00 or higher requires a receipt be presented within 60 calendar days of the ATM transaction.
Free Kasasa Saver
The Kasasa Saver account currently earns 0.50% APY on qualifying balances up to $10k; balances over $10k earn 0.25% APY, with any non-qualifying balances earning 0.01% APY. Like the Free Kasasa Cash Checking, the Free Kasasa Saver has no monthly service fee and requires a $100 minimum opening deposit.
Headquartered in Pennington Gap in the southwestern corner of Virginia, Lee Bank & Trust Company’s market area includes Lee and Washington Counties.
The online application doesn’t specifically exclude Virginia residents from outside of Lee and Washington Counties, so I contacted Lee Bank for clarification. CSR stated the Bank’s two Officers were responsible for reviewing the Free Kasasa Cash Checking account online applications and determining eligibility on a case by case basis. Bottom line, it is possible that an out of market area application may be approved.
Lee Bank & Trust Company (FDIC Certificate # 11582) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 23.46% (average) based on December 31, 2015 data. Lee Bank has an excellent capitalization level of 14.73%, a result of having $155.43 million in assets with $22.89 million in equity. Please refer to our financial overview of Lee Bank & Trust Company for more details.
In the middle of the Great Depression, Lee Bank & Trust Company was founded in 1932 when four small Lee County banks merged. These four banks had been established financial institutions in Lee County since the mid-1800s. More than 80 years later, Lee Bank continues to be a locally owned bank with assets in excess of $155 million.
How the Free Kasasa Cash Checking Compares
When compared to the 39 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to residents of southwest Virginia and have maximum qualifying balances of at least $10k, Lee Bank & Trust Company’s Free Kasasa Cash Checking APY currently ranks third.
The above rates are accurate as of 5/11/2016.
To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our new Rates Map page.