Since I last wrote about Old Missouri Bank’s (OMB) Kasasa Cash account in 2017, the online market area has expanded to include an additional six states. Unfortunately, the APY was reduced from 3.01% to 2.01% about six months ago, but the $25k qualifying balance cap has not changed. Qualifying balances over $25k earn 0.10% APY, with non-qualify balances earning 0.01% APY.
The qualification requirements have not changed since OMB unveiled the Kasasa Cash account in early 2017.
- At least 12 debit card purchases.
- At least one ACH credit of ACH payment transaction.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Unlimited check writing is available and a free MasterCard debit card will be issued following account opening. Nationwide ATM fees will be reimbursed up to $15 monthly, if qualification requirements are met. There is a limit of one account per Social Security number and is to be used for personal use only. The Kasasa Cash account is required to have a companion Kasasa Saver account.
The Kasasa Saver has maintained its initial 1.00% APY, but the qualifying balance cap has increased from $50k to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
|1.00*%||-||$100k||Old Missouri Bank||Kasasa Saver|
|OTHER TIERS: 0.25% → $100k+|
Kasasa Cash earned rewards are automatically transferred to the linked Kasasa Saver account. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $25 minimum opening deposit. The Kasasa Saver is limited to eight free withdrawals/transfers per statement cycle; there is a $3 fee per withdrawal beyond the free eight withdrawal.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash Checking (2.01% APY/$25k) and the Kasasa Saver (1.00% APY/$100k) is approximately $1,500 (1.20% APY/$125k).
Kasasa Cash Back
OMB’s Kasasa Cash Back account earns 5.00% cash back on check card purchases, limited to the first $200 in monthly debit card purchases. If you are planning on maintaining a balance under $6,000, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $120 ($10 per month).
The Kasasa Brand
Kasasa: the free checking account that rewards each month for doing things you already do.
By performing certain actions valuable to your bank or credit union, like using your debit card or online banking, your institution makes more money, which they share with you in the form of rewards.
In case you were wondering, “Kasasa” is just a made-up word.
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.
Headquartered in Springfield, Missouri, Old Missouri Bank’s primary market area is Missouri, but the Kasasa brand products are available to residents of Arkansas, Colorado, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Nebraska, Ohio, Oklahoma, Tennessee, and Texas.
Opening a Kasasa Cash and/or Kasasa Saver can be done online or at any of seven full-service Missouri branches located in Ash Grove, Buffalo, Carthage, Mount Vernon, Springfield (2), and Walnut Grove.
At this time, lobbies at branch locations in Springfield, Mt. Vernon, Carthage and Ash Grove remain open.
Due to increasing COVID-19 cases in Jasper and Dallas counties, we are closing our Buffalo lobby until further notice. Drive-thru service at the branch will remain open at this time. If you need to meet with a banker or access your safe deposit box, please call 417.345.6111 to make an appointment in Buffalo.
Old Missouri Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.86% (excellent) based on June 30, 2020 data. In the past year, OMB has increased its total non-brokered deposits by 68.35 million, an excellent annual growth rate of 18.66%. Please refer to our financial overview of Old Missouri Bank (FDIC Certificate # 8252) for more details.
Technically, Old Missouri Bank isn’t that old, having been established in 1999. In 2014, OMB merged with the Bank of Ash Grove, which was established in 1883 – definitely an old Missouri bank. A locally-owned, independent financial institution, OMB is currently the 49th largest bank headquartered in Missouri, with assets in excess of $584 million.
How the Kasasa Cash Compares
Given the multi-state market area, comparing OMB’s Kasasa Cash to nationally available reward checking accounts is appropriate. When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available nationwide and have maximum qualifying balances of at least $25k, Old Missouri Bank’s Kasasa Cash APY currently ranks fourth.
|Interest Rate||Account Name||Credit Union/Bank|
|2.50% APY||Kasasa Cash (up to $25k)||The Bank of Denver|
|2.25% APY||Advantage Checking (up to $25k)||Presidential Bank|
|2.22% APY||Hi Yield Checking (up to $25k)||Hiway Federal Credit Union|
|2.01% APY||Kasasa Cash (up to $25k)||Old Missouri Bank|
The above rates are accurate as of 11/6/2020.
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.