Owen County State Bank (IN) Offers Kasasa Products Statewide


Deal Summary: Kasasa Cash Checking, 2.00% APY on qualifying balances up to $25k. Kasasa Saver, 1.25% APY on qualifying balances up to $50k.

Availability: Indiana

Owen County State Bank (OCSB) began offering Kasasa brand products just a few months ago. The Kasasa Cash Checking account currently earns 2.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.03% APY.

The monthly qualification requirements include,

  • At least 12 PIN and/or signature-based debit card purchases
  • At least one direct deposit of ACH credit transaction
  • Be enrolled in and receive e-Statements.

The Kasasa Cash Checking 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 debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per month, if qualification requirements are met. There is a limit of one Kasasa Cash Checking account per customer/Tax ID number. A Kasasa Cash Checking/Kasasa Cash Back account is required to have a linked Kasasa Saver account.

Kasasa Saver

The Kasasa Saver currently earns 1.25% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualify balances earning 0.03% APY.

Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires $25 minimum opening deposit. There is a limit of one Kasasa Saver account per customer/Tax ID number.

Annual Earnings of Combined Kasasa Cash Checking /Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash Checking (2.00% APY/$25k) and the Kasasa Saver (1.25% APY/$50k) is approximately $1,125 (1.50% APY/$75k).

Kasasa Cash Back

OCSB offers a Kasasa Cash Back account that earns 3.00% cash back on debit card purchases, limited to the first $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $5,400, 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

For those not familiar with the Kasasa brand, Kasasa Cash is a type of Reward Checking Account (RCA) developed by the Texas company, Kasasa, Ltd. According to the Kasasa website,

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 Spencer, Indiana, Owen County State Bank has a brick-and-mortar presence in four central southern Indiana counties (Greene Lawrence, Monroe, and Owen), but according to CSR, all Indiana residents are eligible to open a Kasasa brand product.

Opening a Kasasa Cash Checking, Kasasa Cash Back, or Kasasa Saver account can be done online, or at any of seven Indiana branches located in Bedford, Bloomfield, Bloomington (2), Gosport, Linton, and Spencer. There is no mention of any COVID-related branch restrictions (hours, appointments, etc.) on OCSB’s website.

Bank Overview

Owen County State Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.03% (excellent) based on December 31, 2020 data. In the past year, OCSB has increased its total non-brokered deposits by $38.44 million, an excellent annual growth rate of 19.63%. Please refer to our financial overview of Owen County State Bank (FDIC Certificate # 13112) for more details.

Owen County State Bank’s predecessor, Citizens Bank of Freedom, Indiana, was a private bank established in 1922. While many local businesses and banks closed following the 1920-1921 deflationary recession, Citizens Bank not only survived, but expanded and eventually became the county seat bank. Rebranding as Owen County State Bank, its doors opened for business in February 1933. Considering the “Bank Holiday” ordered by FDR happened a month later, it wasn’t exactly the best time to establish a new bank. OCSB was determined to be solvent (as were about half of the nation’s banks) and reopened intact with a new state bank charter. Currently the 53rd largest bank headquartered in Indiana, Owen County State Bank has assets in excess of $279 million.

How the Kasasa Cash Checking Compares

When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to all Indiana residents and have maximum qualifying balances of at least $25k, Owen County State Bank’s Kasasa Cash Checking APY currently ranks third.

The above information and rates are accurate as of 3/12/2021.

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.

Related Pages: Indianapolis checking accounts, Terre Haute checking accounts, reward checking accounts

New Top 5-Year CD Rate in Indiana at Owen County State Bank

As I mentioned yesterday, there has been a small wave of institutions raising their long-term CD rates over the last month after the large rise in Treasury yields. One of those is Owen County State Bank in Indiana. Its 5-year CD rate went way up in August. The 5-year CD now has a 2.02% APY (up from 1.20% in July). Minimum deposit is $500, and the bank offers this in both a regular CD and an IRA CD. The early withdrawal penalty is 6 months of interest on the amount...

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