Manasquan Bank's Reward Checking Account Offered In 16 States And DC
Between 2014 and early 2019, New Jersey-based Manasquan Bank offered Kasasa brand checking and savings accounts. Following the acquisition of Metuchen Savings Bank, Manasquan Bank dropped the Kasasa products and added "Infinity, an exclusive product suite." Introduced in April 2019, the Infinity Cash account earns 2.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
The Infinity Cash’s monthly qualification requirements are the same as those of the now-defunct Kasasa Cash account.
- At least 12 debit card purchases.
- Be enrolled in and receive eStatements.
- Be enrolled and log into Online Banking.
The Infinity Cash account has no minimum balance requirement or monthly service fees, and can be opened with a $50 minimum deposit. Unlimited check writing is available and a free debit card will be issued following account opening. 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. There is a limit of one Infinity Cash account per Social Security number.
Infinity Saver
The companion Infinity Saver account currently earns 1.50% APY on qualifying balances up to $500k. Qualifying balances over $500k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
Earned rewards from the Infinity Cash account and ATM fee reimbursements are automatically deposited each month into the Infinity Saver account. There are no monthly services or minimum balance requirements. An Infinity Saver account can be opened with a $50 minimum deposit and there is a limit of one account per Social Security number.
Annual Earnings of Combined Infinity Cash/Infinity Saver Accounts
The potential combined annual earnings of the Infinity Cash (2.00% APY/$25k) and the Infinity Saver (1.50% APY/$500k) is approximately $8,000 (1.524% APY/$525k).
Availability
Headquartered in the borough of Manasquan on the Jersey shore, Manasquan Bank offers its Infinity Cash and Infinity Saver accounts to residents of 16 East Coast states (from Maine to Florida) and the District of Columbia.
The Infinity Cash and Infinity Saver accounts can be opened online, or at any of the 15 New Jersey branches located in Bay Head, Brick, Colts Neck, Howell (2), Little Egg Harbor Township, Manasquan, Metuchen, Ocean, Point Pleasant, Shrewsbury, Spring Lake Heights, Stafford Township, and Wall Township (2). (Note: the online application process is only available to U.S. citizens; all others are required to open in-branch).
Bank Overview
Manasquan Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.16% (excellent) based on June 30, 2020 data. In the past year, Manasquan Bank has increased its total non-brokered deposits by $20.38 million, an excellent annual growth rate of 20.38%. Please refer to our financial overview of Manasquan Bank (FDIC Certificate # 30470) for more details.
Founded in 1874 as the Manasquan Savings and Loan Association, Manasquan Bank is currently New Jersey’s 16th largest bank, with more than 55,000 customer accounts and assets in excess of $2 billion. 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 Infinity Cash Compares
Given the multi-state availability of the Infinity Cash account, a comparison to nationally available RCAs is appropriate. When compared to the nationally available High Yield Reward Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $25k, Manasquan Bank’s Infinity Cash APY currently ranks fifth.
The above rates are accurate as of 9/24/2020.
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.
