Millbury National Bank Offers Kasasa Cash and Saver in the Northeast

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Deal Summary: Kasasa Cash, 2.02% APY on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $250k.

Availability: Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont

Millbury National Bank (MNB) began offering Kasasa brand products three years ago. The Kasasa Cash account currently earns 2.02% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.40% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.02*%-$25kMillbury National BankKasasa Cash
OTHER TIERS: 0.40% $25k+
Rates as of September 29, 2020.

The monthly qualifying requirements include,

  • At least 12 debit card purchases.
  • At least one direct deposit or ACH payment transaction.
  • Be enrolled in and agree to receive e-Statements.

MNB’s Kasasa Cash has no monthly service fees, no minimum balance requirement, and no minimum opening deposit. Nationwide ATM fees will be reimbursed up to an aggregate total of $25 per month (maximum $4.99 per single transaction). There is NO limit of the number of accounts that can be opened.

Kasasa Saver Account

MNB’s Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $250k; qualifying balances over $250k earn an interest rate of 1.50% on the portion of balance over $250k. Non-qualifying balances earn 0.05% APY. Please note that any balance over $250k will result in a blended APY: a balance of $250,001 would earn a blended APY of slightly over 1.00%, not 1.51% APY. A balance of $500k would result in a blended APY of about 1.25%.

The Kasasa Saver account is a companion account to the Kasasa Cash account. Earned interest from a Kasasa Cash is automatically transferred to the Kasasa Saver account each month. There are no monthly service fees, no minimum balance requirement, and no minimum opening deposit.

Annual Earnings of Combined Kasasa Cash/Saver Accounts

The potential combined annual earnings of this Kasasa Cash/Saver pair is complicated due to the second tier rate of the Kasasa Saver that’s higher than the first tier rate. Due to this and the blended rates, the blended APY for rising balances over $250k will grow toward a peak of 1.51%. For past cases, the potential earnings only factors in balances for the first tier since the second tier rate is typically very low.

For comparison purposes, three balances will be included to determine the potential combined annual earnings: $275k ($25k in Kasasa Cash and $250k in Kasasa Saver), $500k ($25k in Kasasa Cash and $475k in Kasasa Saver), $1m ($25k in Kasasa Cash and $975k in Kasasa Saver).

For a $275k balance, the potential combined annual earnings of the Kasasa Cash (2.02% APY/$25k) and the Kasasa Saver (1.00% APY/$250k) is approximately $3,005 (1.09% APY/$275k).

For a $500k balance, the potential combined annual earnings of the Kasasa Cash (2.02% APY/$25k) and the Kasasa Saver (1.00% APY/$250k, 1.51% APY/$225k) is approximately $6,403 (1.28% APY/$500k).

For a $1m balance, the potential combined annual earnings of the Kasasa Cash (2.02% APY/$25k) and the Kasasa Saver (1.00% APY/$250k, 1.51% APY/$725k) is approximately $13,953 (1.40% APY/$1m).

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 where the word “Kasasa” comes from? Its etymology is neither Greek nor 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 Millbury, Massachusetts, Millbury National Bank offers its Kasasa branch product line to the residents of Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont.

Opening a Kasasa Cash account can be done online, or at the sole Massachusetts branch, located on Main Street in Millbury.

Starting Monday, July 13 we will reopen our lobby with limited hours Monday-Friday 9-12. Drive-up hours remain unchanged. Please make an appointment for lobby access outside of posted hours.

Bank Overview

Millbury National Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.71% (excellent) based on March 31, 2020 data. In the past year, Millbury National Bank has increased its total non-brokered deposits by $4.98 million, an excellent annual growth rate of 6.11%. Please refer to our financial overview of Millbury National Bank (FDIC Certificate # 2616) for more details.

Millbury National Bank is one of the oldest banks in Massachusetts, having opened its doors for the first time in 1825. The new Millbury Bank was capitalized with approximately $100k, the proceeds from the sale of stock in the bank to 73 local business owners. Almost 30 years later, the Bank became known as Millbury National Bank.

During the Great Depression, investors helped save the Bank through restructuring based on the Bank Act of 1933, which included providing FDIC insurance for the first time. The investments by the Harris and the Matson families of Millbury began multi-generational leadership roles at the Bank that still currently exist.

I’m fascinated with the history of money and found this quote from MNB’s website very interesting. It’s a concept that not many people are aware of today.

Millbury National Bank printed $2,258,660 in national currency between 1864 and 1933. Before national currencies and efficient clearinghouses, banknotes were only redeemable at face value at the issuing bank. Even a branch could discount notes of other branches of the same bank. The discounts usually increased with distance from the issuing bank. The discount also depended on the perceived safety of the bank. When banks failed, the notes were usually partly redeemed out of reserves, but sometimes became worthless.

How the Kasasa Cash Compares

Given the multi-state availability offered by Millbury National Bank, a comparison to nationally available rewards checking account is appropriate. When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available nationwide and have maximum qualifying balances of at least $25k, Millbury National Bank’s Kasasa Cash APY currently ranks fourth.

The above rates are accurate as of 8/6/2020.

Thinking of opening a Reward Checking Account? Please refer to our High Yield Reward Checking Account Rates Table page for both nationwide and state-specific accounts.

Related Pages: Boston checking accounts, reward checking accounts

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