When I wrote about Manasquan Bank’s newly introduced Kasasa Cash account in April 2014, it was only available in four states (Delaware, New Jersey, New York, and Pennsylvania). Today it’s available in 16 East Coast states and the District of Columbia.
The Kasasa Cash’s initial rate of 2.00% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Be enrolled in and receive eStatements.
- Be enrolled and log into Online Banking.
The Kasasa Cash account has no minimum balance requirement or monthly service fees. It requires a minimum of $50 to open and there is a limit of one account per Social Security Number. All domestic ATM fees will be reimbursed on the last day of the monthly statement cycle, with an ATM receipt required for reimbursement of individual fees of $5 or greater.
The companion Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
- Kasasa Cash rewards and ATM fee refunds automatically deposited.
- No monthly service fees.
- No minimum balance requirement.
- $50 minimum opening deposit.
Headquartered in the borough of Manasquan on the Jersey shore, Manasquan Bank offers its Kasasa Cash and Kasasa Saver accounts to residents of 16 East Coast states (from Maine to Florida) and the District of Columbia.
Both Kasasa accounts can be opened online, or at any of the eight New Jersey branches located in Bay Head, Brick, Howell, Manasquan (3), Point Pleasant Beach, and Spring Lake. (Note: the online application process is only available to U.S. citizens; all others are required to open in-branch).
Manasquan Bank (FDIC Certificate # 30470) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.11% (excellent) based on March 31, 2016 data. In the past year, Manasquan Bank has increased its total deposits by $39.93 million, an excellent annual growth rate of 5.05%. Please refer to our financial overview of Manasquan Bank for more details.
Founded in 1874 as the Manasquan Savings and Loan Association, Manasquan Bank is currently New Jersey’s 24th largest bank, with assets in excess of $998 million. The Bank’s name was changed to Manasquan Savings Bank in 1992, and became known by its present name in 2015. According to Wikipedia,
The borough's name (Manasquan) is of Lenape origin, variously described as
deriving from "Man-A-Squaw-Han" meaning "stream of the island of squaws",
"an island with enclosure for squans", "island door", or "point" / "top".
How the Kasasa Cash Compares
When compared to the 18 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to residents in the Bank’s market area and have maximum qualifying balances of at least $25k, Manasquan Bank’s Kasasa Cash APY currently shares the top spot with Main Street Bank’s Kasasa Cash account.
|Interest Rate||Account Name||Credit Union/Bank|
|2.25% APY||Kasasa Cash (up to $25k)||Manasquan Bank|
|2.01% APY||Kasasa Cash (up to $25k)||XCEL Federal Credit Union|
|2.00% APY||Kasasa Cash Checking (up to $25k)||5Star Bank|
The above rates are accurate as of 7/26/2016.
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.