DA began tracking the Kasasa brand products offered by Nokomis Savings Bank (NSB) quite recently, although the Kasasa brand products have been part of the NSB product line for about a year. The Kasasa Cash’s initial 3.00% APY on qualifying balances up to $25k is still in effect. Qualifying balances greater than $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|3.00*%||-||$25k||Nokomis Savings Bank||Kasasa Cash Checking|
|OTHER TIERS: 0.25% → $25k+|
The monthly qualification requirements are comprised of,
- At least 12 debit card purchases
- At least one ACH credit or ACH payment transaction
- Be enrolled in and agree to receive eStatements
- Be enrolled in and log into online banking
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. Unlimited check writing is available and a free Mastercard® debit card will be issued after account opening. Unlimited nationwide ATM fees up to a monthly aggregate of $20 will be reimbursed, if qualifications are met. There is a limit of one account per household and a Kasasa Cash account may not be used for commercial purposes.
The Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|1.00*%||-||$100k||Nokomis Savings Bank||Kasasa Saver|
|OTHER TIERS: 0.25% → $100k+|
Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred into a linked Kasasa Saver account each statement cycle. The Kasasa Saver account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. There is a limited of one Kasasa Saver account per household and a Kasasa Saver may not be used as a commercial account.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash account (3.00% APY/$25k) and a Kasasa Saver account (1.00% APY/$100k) is approximately $1,750 (1.40% APY/$125k), which is an unusually high rate for such a large balance in a rewards checking/savings account combo. Maintaining a $50k balance in a Kasasa Saver would generate annual earnings of approximately $1,250 (1.67% APY/$75k).
Kasasa Cash Back
The Kasasa Cash Back account offered by NSB currently earns 3.00% cash back on debit card purchases, limited to $300 of monthly purchases. If you are planning on maintaining a balance of less than $3,600, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $108 ($9 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 Nokomis, Illinois, the appropriately-named Nokomis Savings Bank has a brick-and-mortar presence in the central Illinois county of Montgomery. According to CSR, any U.S. citizen/resident alien (“from East Coast to West Coast”) with a valid Social Security number is eligible to open a Kasasa brand product.
While I’m always happy to report on a new nationally available rewards checking account, NSB’s size does give me pause: with only five employees at one branch location, an onslaught of online applications might overwhelm NSB’s capabilities, forcing a change in the availability status. I hope I’m proven wrong!
Opening a Kasasa Cash, Kasasa Cash Back, and/or Kasasa Saver account(s) can be done online, or at the sole Illinois branch, located on State Street in Nokomis. There is no mention of any COVID-related branch restrictions listed on NSB’s website.
Nokomis Savings Bank has an overall heath grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.82% (excellent) based on March 31, 2021 data. In the past year, the Bank has increased its total non-brokered deposits by $3.09 million, an excellent annual growth rate of 15.51%. Please refer to our financial overview of Nokomis Savings Bank (FDIC Certificate # 29532) for more details.
The original Nokomis Building Association was formed in 1881, becoming known as the Nokomis Savings & Loan Association in 1956. In 1993, the Association changed its charter to an Illinois state-chartered savings bank and rebranded as Nokomis Savings Bank.
”Nokomis” is one of those words people know they’ve heard, but have no idea what it means. In the Ojibwe traditional stories, Hiawatha’s grandmother was Nokomis, derived from “nookomis,” Ojibwe for “my grandmother.” I remember Nokomis from Longfellow’s poem, The Song of Hiawatha.
By the shores of Gitche Gumee
By the shining Big-Sea-Water
Stood the wigwam of Nokomis
Daughter of the moon Nokomis
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $25k, Nokomis Savings Bank’s Kasasa Cash APY currently ranks first.
|Interest Rate||Account Name||Credit Union/Bank|
|3.00% APY||Kasasa Cash ($25k max)||Nokomis Savings Bank|
|2.25% APY||Advantage Checking ($25k max)||Presidential Bank|
|2.02% APY||Hi Yield Checking ($25k max)||Hiway Credit Union|
The above information and rates are accurate as of 6/11/2021.
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.