One American Bank's Kasasa Cash Now Nationally Available


Availability: Nationwide

South Dakota-based One American Bank is offering a nationally available Kasasa Cash checking account that earns 3.50% APY on qualifying balances up to $10K; qualifying balances over $10K earn 0.25% APY. Non-qualifying balances earn 0.01% APY.

The rate on the Kasasa Cash checking account was raised to its current APY in mid-December, but has only recently become nationally available.

3.50*%-$10kOne American BankKasasa Cash
Accounts mentioned in this post. Rates as of October 23, 2016.

According to One American Bank’s Kasasa Cash page, the qualifying requirements are as follows:

  • Have at least 12 debit card purchases post and settle during monthly cycle.
  • Be enrolled and agree to receive eStatement, electronic account notices and disclosures.
  • Be enrolled in and log into Online Banking at least once per monthly cycle.

The minimum opening deposit is $50, with a limit of one Kasasa Cash checking account per Social Security Number. There are no monthly fees on the Kasasa Cash checking account and no minimum balance required to earn rewards. Domestic ATM fees will be reimbursed up to $25 per qualification cycle.

One American Bank’s Truth-In-Savings Disclosure (page 16) details every aspect of the Kasasa Cash checking account.

Many thanks to DA reader, kiwi, who posted in the Forum about this deal.


With three branches located in the southeast corner of South Dakota, One Amerca Bank’s Kasasa Cash checking account is available to all U.S. citizens, 18 years and older. This account can be opened online, or at any of the branches located in Centerville and Sioux Falls (2). (As with so many other online applications, One American Bank’s application is time sensitive, so I have not included a direct link.)

Minors, resident aliens and non-resident aliens interested in opening a Kasasa Cash checking account need to contact One American Bank directly to apply.

N.B. There is no guarantee that a community-oriented bank like One American Bank will continue to offer this Kasasa Cash checking account on a nationwide basis, particularly considering the very attractive 3.50% APY. When I spoke with CSR today, I asked if any other products were available nationally and was told that, on occasion, One American Bank offers CDs on a national basis, but that primarily, One American Bank is a community bank.

Bank Overview

One American Bank has an overall health rating of "B+" at, with a Texas Ratio of 7.75% (excellent), based on December 31, 2015 data. One American Bank has an excellent capitalization level of 21.91%, a result of holding $82.42 Million in assets with $18.06 Million in equity. Please refer to our financial overview of One American Bank for more details.

One American Bank (FDIC Certificate # 6078) was established in 1883 as The Bank of Centerville, six years before South Dakota was granted statehood. The Bank was started and operated as a community-oriented institution by the Thomson family for more than 100 years. The only major change during that time was a name change to First Midwest Bank in 1988. One American Bank came into being when Mert Lund (a community bank owner of 40 years in his own right) purchased the bank in 2011. Today, One American Bank continues to serve the local community, as it expands its footprint across the nation.

How the Kasasa Cash Account Compares

When compared to 35 Reward Checking accounts tracked by that are nationally available, One American Bank’s Kasasa Cash APY ranks third, regardless of maximum balance cap.

The above rates are accurate as of 2/29/2016.

To find the best rates on liquid accounts in your state or that are nationally available, please refer to DA’s high yield checking account rate table, personal checking account rate table, or DA’s new Rates Map page.

When using the rates table, make sure the Deposit Amount selected in the "Customize Your Search" section matches the balance cap in which you’re interested.

Reader (anonymous)   |     |   Comment #1
Their information page says 12 debit purchases a month instead of 20 as stated in article, which falls in line with most other reward checking accounts. 
Ken Tumin
Ken Tumin   |     |   Comment #5
12 debit card purchases per month is the correct requirement. The post has been updated to reflect this. Thanks.
Anonymous   |     |   Comment #2
Is opening the account a soft or hard pull?
767-223 (anonymous)   |     |   Comment #3
From the truth in savings disclosure on page 16, my activity would not be considered normal - "
Purpose and expected use of account - The Kasasa Cash Back account is intended to be the accountholder’s primarychecking account in which day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping,dining, sporting and entertainment transactions are posted and settled. We expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a widedollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactionsmade during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal,day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for theaccount’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’srewards."
Anonymous   |     |   Comment #4
True. They told me 12 over the phone. 12 charges over 30 days should be easy. Just lunch is $3-$10. I go to the grocery store almost everyday because it is 2 blocks from me and I use it like a conveniance store. Normal for me is $3-$15 per visit anywhere. Aldi grocery store only takes cash or debit cards.  I'll save the small charges for my other accounts. My only big charges are to my utilities and they won't charge a debit card like a credit card unless you go in person. I use a 2% cash-back Citi credit card for them. I wouldn't give out a debit card number to them anyway. My normal may not be their normal either. I don't do sports, entertainment or apparel. I don't think they would consider Walmart an apparel store.
darkdreamer4u   |     |   Comment #6
It really depends on their website - how user-friendly is it? How well does the billpay work? I absolutely need a future view option for my register that includes pre-scheduled billpay payments. Andy called me after I applied online and emphasized that they're looking to increase their customer base who uses this account as their primary. I explained my issues (see above) and I'm not sure he understood exactly what my needs are. Anyway, he told me that my application will be completed in the next days.
Bottom line: I'll check it out and explore the look and feel of it - if I like it, I might switch my primary including direct deposit and all. If not, then we'll see what happens.
Anonymous   |     |   Comment #7
Sioux Falls is in southeastern South Dakota, not southwestern.
pretzelman (anonymous)   |     |   Comment #8
 I (1) emailed and asked them if they accepted out of state users. (2) applied online for the 3.50 APY online kasasa account. (3) called them for a status update. This was the reply: This bank has additional requirements which are not listed on their website. They want this account used as a primary account. If you just do the 12 debits and an ach, they will still not give you the high interest rate. Spoke to a manager whom was very snotty and kept on referring to the multi-page disclosure. She said there was no reason for them to have a paragraph or blurb on their website regarding the required "primary usage" requirement. The manager refused to admit the possibility that they should add "primary usage required" on their website. This bank has ignorant management whom are not fully stating their account requirements on their website. Skip this bank.