Prospect Bank (IL) Offers Kasasa Products Statewide


Update 3/23/21: Kasasa Cash Checking top rate has fallen from 2.50% APY to 1.80% APY on up to $15k.

Deal Summary: Kasasa Cash Checking, 2.50% APY on qualifying balances up to $15k. Kasasa Saver, 1.00% APY on qualifying balances up to $50k.

Availability: Illinois

Prospect Bank offers its Kasasa brand product statewide through online application. The Kasasa Cash Checking currently earns 2.50% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

1.80*%-$15kProspect BankKasasa Cash
OTHER TIERS: 0.25% $15k+
Rates as of November 29, 2022.

The monthly qualification requirements include,

  • At least 12 debit card purchases
  • At least one direct deposit or ACH debit/credit transaction
  • Be enrolled in and receive e-Statements.
  • Log into online or mobile banking

The Kasasa Cash 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 $15 per month (maximum $5 per individual transaction), if qualification requirements are met. There is a limit of one Kasasa Cash account per Social Security number.

Kasasa Saver

The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

1.00*%-$50kProspect BankKasasa Saver
OTHER TIERS: 0.25% $50k+
Rates as of November 29, 2022.

Kasasa Cash Checking/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 Social Security number.

Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash Checking (2.50% APY/$15k) and the Kasasa Saver (1.00% APY/$50k) is approximately $875 (1.35% APY/$65k).

Kasasa Cash Back

Prospect Bank 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 $4,300, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking 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 Paris, Illinois, Prospect Bank has a brick-and-mortar presence in five East Central Illinois counties (Champaign, Coles, Edgar, Iroquois, and Vermilion), but according to two different CSRs, the Kasasa brand product line is available to all Illinois residents. A third CSR stated that anyone in the US could open a Kasasa brand product, but I’m not confident that is the case.

Opening a Kasasa Cash Checking, Kasasa Cash Back, or Kasasa Saver account can be done online, or at any of nine Illinois branches located in Ashmore, Brocton, Champaign, Gilman, Homer, Kansas, Paris, Sidell, and Watseka. There is no mention of any COVID-related branch restrictions (hours, appointments, etc.) on Prospect Bank’s website.

Bank Overview

Prospect Bank has an overall health grade of "B+" at, with a Texas Ratio of 8.86% (excellent) based on December 31, 2020 data. In the past year, Prospect Bank has increased its total non-brokered deposits by $82.26 million, an excellent annual growth rate of 22.08%. Please refer to our financial overview of Prospect Bank (FDIC Certificate # 3722) for more details.

Established in 1873, Prospect Bank was originally known as The Edgar County National Bank, a name that lasted for 95 years. When the Bank rebranded in 1968, a rather formidable name was chosen: The Edgar County National Bank and Trust Company, Paris, Illinois. Between 1998 and 2017, three banks (Kansas State Bank, The First National Bank of Gilman, and Sidell State) were acquired, prompting another rebrand.

Over time, we’ve grown alongside the Central Illinois community—and thanks to your support, we’ve expanded beyond Edgar County. That’s why, effective immediately, Edgar County Bank is now Prospect Bank: a name that reflects who we are today, and our plans for the future.

Currently the 73rd largest bank headquartered in Illinois, Prospect Bank has assets in excess of $674 million and nearly 16,000 customer accounts.

How the Kasasa Cash Compares

When compared to High Yield Reward Checking Accounts tracked by, which are available to all Illinois residents and have maximum qualifying balances of at least $15k, Prospect Bank’s Kasasa Cash Checking APY currently ranks sixth.

The above information and rates are accurate as of 3/8/2021.

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: Champaign checking accounts, reward checking accounts

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