Lee Bank has added 50 bps to its Kasasa Cash account, resulting in a 3.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
The Kasasa Cash account has been part of the Bank’s product line for about 3 ½ years. Prior to the change to the Kasasa brand, the Lee Bank’s Rewards Checking Account was known as “CACHE Checking,” which debuted in June 2011. The initial 2.50% APY and $15k balance cap have been in effect until last week’s rate increase.
Kasasa Cash Qualification Requirements
- At least 12 debit card purchases.
- At least one Direct Deposit post or one ACH.
- Be enrolled in and receive eStatements.
The Kasasa Cash has no minimum balance requirement or monthly service fees, although it does require a minimum $25 opening deposit. There is a limit of one account per Social Security Number per household. Nationwide ATM fees will be reimbursed up to $25 per monthly qualification cycle, with individual ATM fees greater than $5 requiring a receipt for reimbursement.
Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fees, but its minimum opening deposit is only $10. Qualifying balances up to $15 earn 1.25% APY, with qualifying balances over $15k earning 0.50% APY; non-qualifying balances earn 0.05% APY.
Headquartered in Lee (Berkshire County), Massachusetts, Lee Bank currently offers its Kasasa Cash and Kasasa Savings accounts to residents of Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont.
Lee Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 14.21% (above average) based on September 30, 2017 data. In the past year, Lee Bank has increased its total non-brokered deposits by $4.83 million, an above average annual growth rate of 2.06%. Please refer to our financial overview of Lee Bank (FDIC Certificate # 33645) for more details.
Found in 1852 as The Lee National Bank, Lee Bank is currently Massachusetts’ 92nd largest bank, with assets in excess of $348 million. As a community bank, Lee Bank “has always given back to the community, and always will.” According to a January press release,
Lee Bank recently announced the formalization of its Community Impact Dividend,
which totaled $93,617 in 2017. That amount is approximately 5% of the bank’s net
income. The dividend represents a commitment by the bank to strengthen the
community by contributing financially to local non-profit organizations. The bank will continue to set aside 5% of its net income each year as a community impact dividend.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the market area and have maximum qualifying balances of at least $15k, Lee Bank’s Kasasa Cash APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking (up to $20k)||Consumers Credit Union (IL)|
|4.00% APY||Extreme Checking (up to $15k)||Blue Federal Credit Union|
|3.00% APY||Kasasa Cash (up to $15k)||Lee Bank|
The above rates are accurate as of 2/5/2018.
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.