Tomorrow’s Liquid Summary will have a new competitive rewards checking account – Quoin Financial Bank's (Quoin) Free Kasasa Cash account, which currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualifying balances earning 0.05% APY.
I wrote about Quoin’s Free Kasasa Cash account in 2013. At that time, Quoin had recently started to offer the Kasasa product line to South Dakota residents. The Free Kasasa Cash account initially earned 2.51% APY on qualifying balances up to $15k. The rate was raised to 3.00% APY in August 2018, but I’m not sure when the balance cap was raised to $25k. The qualification cycle requirement has remained the same:
- At least 10 debit card purchases.
- At least one bill payment or ACH payment transaction.
- Be enrolled in and agree to receive online statements.
The Free Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $50 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 per month (maximum $4.99 per single transaction), if qualifications are met. There is a limit of one account per Social Security number. If the Kasasa Cash account is closed, any rewards that have not been credited to your account will be forfeited.
Kasasa Saver Account
Quoin is also offering a Kasasa Saver account as a companion account to the Free Kasasa Cash checking account. Each month, earned cash checking rewards and ATM withdrawal fee refunds will automatically sweep to this account. The Kasasa Saver account earns 1.00% APY on qualifying balances up to $25k; qualifying balances over $25k earn 0.15% APY, with non-qualifying balances earning 0.05% APY.
|0.75*%||-||$25k||Quoin Financial Bank||Kasasa Saver|
|OTHER TIERS: 0.15% → $25k+|
The Kasasa Brand
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 Miller, South Dakota, Quoin Financial Bank’s local footprint includes Hand, Hyde, and Minnehaha Counties,
but its Kasasa Brand product line is available nationwide.
Opening a Free Kasasa Cash/Kasasa Saver account can be done online. Quoin's three full-service South Dakota branch locations (Highmore, Miller, and Sioux Falls) are temporarily closed to walk-in traffic, but appointments are available.
Quoin is a small bank ($174+ million in assets and 35 employees). There’s always the possibility that they may have a change of heart about offering the Free Kasasa Cash account on a nationwide basis if the response is overwhelming.
Quoin Financial Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.57% (excellent) based on December 31, 2019 data. In the past year, Quoin increased its total non-brokered deposits by $1.12 million, an above average annual growth rate of 0.8%. Please refer to our financial overview of Quoin Financial Bank (FDIC Certificate # 15629) for more details.
Established in 1938 as The First State Bank of Highmore, Quoin Financial Bank is currently the 35th largest bank in South Dakota. The Bank rebranded as the First State Bank of Miller when its headquarters relocated to Miller, South Dakota; the Quoin Financial Bank rebrand occurred in 2007.
”Quoin” is new a word for me. The bank’s first two names were based on where it was located, but there’s no Quoin, South Dakota. And there’s no Quoin family involved with the running of the bank. That leaves quoins, the masonry blocks found at the corner of a wall. Quoins are both structural and decorative, and “imply strength, permanence, and expense, all reinforcing the onlooker’s sense of a structure’s presence.”
How the Free Kasasa Cash Compares
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, Quoin Financial Bank’s Free Kansas Cash APY* currently shares the top spot with The Bank of Denver’s Kasasa Cash Checking APY.
The above rates are accurate as of 5/25/2020.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.