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.
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.
One American Bank has an overall health rating of "B+" at DepositAccounts.com, 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 DepositAccounts.com 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.