PCSB Bank Offers Kasasa Brand Products In 4 States
Iowa-based PCSB Bank has been offering Kasasa brand products for about six years. The Kasasa Cash's initial 2.01% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The Kasasa Cash monthly qualification requirements include,
- At least 10 debit card purchases
- At least one direct deposit, one ACH payment transaction, or one bill pay
- Be enrolled in and agree to receive e-Statements
The Kasasa Cash account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit requirement. Unlimited nationwide ATM fees will be reimbursed up to a $25 monthly aggregate (maximum $4.99 per transactions), if qualifications are met. Unlimited checking writing is available and a free MasterCard® debit card will be issued following account opening. There is a limit of one Kasasa Cash account per Social Security number.
The Kasasa Saver earns 0.50% APY on qualifying balances up to $25k; qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Earned rewards from a Kasasa Cash/Kasasa Cash Back account are automatically transferred to the Kasasa Saver each month. The Kasasa Saver has no monthly maintenance fee, minimum balance requirement, or minimum opening deposit requirement. There is a limit of one Kasasa Saver account per Social Security number.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (2.01% APY/$25k) and the Kasasa Saver (0.50% APY/$25k) is approximately $627 (1.255% APY/$50k).
Kasasa Cash Back
The Kasasa Cash Back account offered by PCSB Bank earns 2.00% cash back on debit card purchases, limited to the first $400 of monthly purchases. If you are planning on maintaining a balance under $4,800, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $96 ($8 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 Clarinda, Iowa, PCSB Bank’s primary market area is southwest Iowa, but according to the online application, all U.S. citizens/resident aliens who live in Iowa, Kansas, Missouri, or Nebraska are eligible to apply.
Opening a Kasasa Cash, Kasasa Cash Bank, and/or Kasasa Saver account(s) can be done online online, or at any of seven Iowa branch locations, located in Bedford, Clarinda (2), Corning, Creston, Lenox, and Mount Ayr. There is no mention of any branch lobby COVID-related restrictions (limited hours, appointments, etc.) on PCSB Bank's website.
PCSB Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.82% (excellent) based on September 30, 2020 data. In the past year, PCSB Bank has increased its total non-brokered deposits by $17.87 million, an excellent annual growth rate of 7.89%. Please refer to our financial overview of PCSB Bank (FDIC Certificate # 14522) for more details.
Opening its doors for business in 1866, PCSB Bank was originally known as The Page County State Bank. The PCSB Bank rebrand didn’t occur until 1976. With assets in excess of $275 million, PCSB Bank is currently the 86th largest bank headquartered in Iowa.
How the Kasasa Cash Compares
Given the multi-state market area, a comparison to nationally available accounts is appropriate. When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $25k, PCSB Bank’s Kasasa Cash APY currently ranks second.
The above rates are accurate as of 1/22/2021.
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.