Update 12/3/2010: The bank has stopped offering these Kasasa accounts. It has been reported that the rates on existing accounts have been slashed: 0.80% on all balances for Kasasa Cash and 0.65% on all balances of Kasasa Saver. Also, debit card requirements have been removed.
I first reported on NBRS Financial Bank and its reward checking account in April 2008. The reward checking account is now called Kasasa Cash. It continues to pay a competitive rate, and now it can be opened online. There's also a companion savings account called Kasasa Saver. These accounts have the following rates and features if certain monthly requirements are met:
Kasasa Cash as of 11/07/2010:
- 4.01% APY up to $25,000
- 1.01% APY over $25,000
- 0.10% base rate if requirements are not met
- Nationwide ATM fee refunds
Kasasa Saver as of 11/07/2010:
- 1.75% APY up to $25,000
- 0.50% APY over $25,000
- 0.05% base rate if requirements are not met
Monthly requirements include:
- 10 debit card purchases
- One direct deposit or ACH automatic payment
- Access online banking
- Receive e-statements
These requirements are only for the Kasasa Cash account. If the customer meets these requirements, she also qualifies for the top rate of the Kasasa Saver account. Both accounts are free with no monthly maintenance fees.
There's an online application. However, it appears to only accept zip codes from the bank's market area which is in parts of southeastern Pennsylvania and northeastern Maryland.
The bank has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 40.81% (average) based on 6/30/2010 data. Please refer to our financial overview of NBRS Financial Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 4862).
Other High-Yield Reward Checking Accounts
To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.