Marion State Bank (LA) Adds 100 bps To Kasasa Cash Checking Rate
Even though few DA readers will be eligible for this account, it’s nice to report on a rate hike for a change. Marion State Bank (MSB) has definitely broken away from the downward rate spiral by increasing its Free Kasasa Cash rate to 4.00% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.25%, with non-qualifying balances earning 0.05% APY.
The Free Kasasa Cash account has been part of MSB’s product line for nearly five years. Debuting with a 2.50% APY in 2015, the APY was increased to 3.00% in March 2018, with another 100 bps added just last month.
The qualification cycle requirements include,
- At least 12 debit card purchases.
- At least one ACH debit or credit transaction.
- Received monthly e-Statements.
The Free Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $50 minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed, if qualifications are met. (ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher.) There is a limit of one account per Social Security number. Unlimited check writing is available and a free VISA® debit card is issued when the account is opened.
Kasasa Saver Account
A Free Kasasa Saver account is offered as a companion account to the Free Kasasa Cash checking account and can be opened with a $100 minimum deposit. Each month, earned cash checking rewards automatically sweep to this account. The Free Kasasa Saver account earns 1.00% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
The Kasasa Brand
For those not familiar with the Kasasa brand, Kasasa Cash is a type of Reward Checking Account (RCA) developed by the Texas company, Kasasa, Ltd. According to the Kasasa website,
On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.
Ever wondered what the word “Kasasa” means? It’s not Greek. It’s not Latin.
Put simply, we made it up.
In a world where real-life people are too often taken for granted as account
numbers, we didn’t want to be the next [INSERT GENERIC NAME] checking account.
Availability
Headquartered in Marion, Louisiana, Marion State Bank has a physical presence in Ouachita and Union Parishes, but offers its Kasasa brand products to the residents of Lincoln, Morehouse, Ouachita, Richland, and Union Parishes.
Opening a Free Kasasa Cash and/or a Free Kasasa Saver account can be done online. MSB’s four full-service branch locations in Farmerville, Marion, Sterlington, and West Monroe are temporarily closed to walk-in traffic but,
If you need an in-person visit at any branch, please call us to make an appointment.
Bank Overview
Marion State Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.64% (excellent) based on December 31, 2019 data. In the past year, MSB has increased its total non-brokered deposits by $10.22 million, an excellent annual growth rate of 7.44%. Please refer to our financial overview of Marion State Bank (FDIC Certificate # 9320) for more details.
With assets in excess of $174 million, Marion State Bank is currently the 71st largest bank in Louisiana. Established in 1907, MSB had 15 original stockholders, four of whom served as MSB’s President. MSB’s website has several historic photos related to the Bank and the local community, including an original stock certificate from April 1907 belonging to Dr. J. M. Wheelis in the amount of $12,500.
How the Free Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to residents of the five Louisiana parishes and have maximum qualifying balances of at least $20k, Marion State Bank’s Free Kansas Cash APY* currently ranks first.
The above rates are accurate as of 5/27/2020.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.