Lee Bank’s Kasasa Cash earns 2.50% 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 almost two 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 APYs and balance caps have remained constant throughout the account’s more than five-year history.
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 offers its Kasasa Cash and Kasasa Savings accounts to residents of Connecticut, Maine, Massachusetts, New Hampshire, New York, and Rhode Island.
Lee Bank (FDIC Certificate # 33645) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 14.42% (above average) based on March 31, 2016 data. In the past year, Lee Bank has increased its total deposits by $9.08 million, an excellent annual growth rate of 4.2%. Please refer to our financial overview of Lee Bank for more details.
Lee Bank was found in 1852 as The Lee National Bank and is currently Massachusetts’ 96th largest bank, with assets in excess of $313 million. In 2013, the Small Business Administration (SBA) named Lee Bank as Lender of the Quarter.
During the 3rd quarter the lender had 7 SBA loan approvals, for a total of 13 loan approvals for
the fiscal year. Lee Bank’s lending activity through 6/30/13 is more than a 500% increase over
last fiscal year when the lender had 2 approvals for the entire year. As of 6/30/13, Lee Bank is
the 20th most active lender in Massachusetts, out of 115 lenders. In western Massachusetts, Lee
Bank is the second most active lender for 7a lending and tied for first place in 504 third party lending.
While the following information (from AntiqueMoney.com) about Lee Bank is apropos of nothing in this blog post, I found it rather interesting:
The Lee National Bank of Lee, Massachusetts printed $3,312,890 worth of national currency.
This national bank opened in 1865 and stopped printing money in 1935, which equals a 71
year printing period. That is considering a long operation period for a national bank. During its life,
The Lee National Bank of Lee issued 25 different types and denominations of national currency.
How the Kasasa Cash Compares
When compared to the 52 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to residents in the market area and have maximum qualifying balances of at least $15k, Lee Bank’s Kasasa Cash APY currently ranks fifth.
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking (up to $20k)||Consumers Credit Union (IL)|
|3.00% APY||Max Checking (up to $15k)||Lake Michigan Credit Union|
|2.50% APY||Kasasa Cash (up to $15k)||Lee Bank|
The above rates are accurate as of 8/8/2016.
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 Rates Map page.