Regional Missouri Bank Boosts Kasasa Cash Rate To 7.00% APY
Regional Missouri Bank (RMB) recently upped the rate on its Kasasa Cash account to 7.00% APY on qualifying balances up to $10k. Qualifying balances over $10k earn 0.10% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 5.00*% | $0 | $10k | Regional Missouri Bank | Kasasa Cash | |
| OTHER TIERS: 0.10% → $10k+ | |||||
RMB has been offering Kasasa brand products for more than five years. In the past 18 months, the Kasasa Cash APY gained 500 bps in a series of five rate increases, although the original $10k balance cap has remained unchanged.
The monthly qualification requirements are fairly standard.
- At least 12 debit card purchases
- At least one direct deposit, ACH credit, or ACH payment transaction
- Be enrolled in and agree to receive e-Statements
The Kasasa Cash account has no minimum balance requirement or monthly service fee and can be opened with a $50 minimum deposit. If qualifications are met, nationwide ATMS fees will be reimbursed up to $25 per month. (RMB participates in the TransFund® ATM Network, with access to more than 16,000 surcharge-free ATMs across the country.) 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. A Kasasa Cash/Kasasa Cash Back account is required to have a Kasasa Saver account.
Kasasa Saver
The Kasasa Saver earns 2.00% APY on qualifying balances up to $25k; qualifying balances over $25k earn 0.30% APY, with non-qualifying balances earning 0.05% APY. With such a low APY, it doesn’t make much sense to have more than a minimal balance in the Kasasa Saver account.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.00*% | $0 | $25k | Regional Missouri Bank | Kasasa Saver | |
| OTHER TIERS: 0.30% → $25k+ | |||||
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 or minimum balance requirement, and can be opened with a low $5 minimum opening deposit. 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 (7.00% APY/$10k) and the Kasasa Saver (2.00% APY/$25k) is approximately $1,200 (3.53% APY/$35k).
Kasasa Cash Back
The RMB Kasasa Cash Back account earns 5.00% cash back on debit card purchases, limited to the first $200 of monthly purchases. If you are planning on maintaining a balance under $1,700, 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 $120 ($10 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. Founded in 2003, Kasasa’s sought to develop and market software products for Central Texas community bank. The first account, REWARDChecking®, played a pivotal role in shaping the future of the company.
According to an April 2020 Kasasa blog post,
Kasasa Cash offers a high annual percentage yield (the amount of money you get back in interest, in other words). If you want some extra cash every month to make life a little easier, to treat yourself to something special, or just watch your account balance grow, this is the account for you.
When you spend money with your credit or debit card, it benefits the provider. They make money with every swipe. Why shouldn’t you get a piece of that for choosing to use your bank or credit union’s debit card? It helps them, and it helps you
Availability and Account Opening
Headquartered in Marceline, Missouri, Regional Missouri Bank offers its Kasasa brand product line to U.S. citizens/resident aliens (18 years or older) who have a valid Social Security number and live in any of the following North Central Missouri counties: Adair, Audrain, Carroll, Chariton, Cooper, Davies, Grundy, Harrison, Howard, Knox, Linn, Livingston, Macon, Mercer, Monroe, Putnam, Randolph, Saline, Schuyler, Scotland, Shelby, and Sullivan.
Opening a Kasasa brand product can be done can be done online or at any of nine Missouri branches, located in Brookfield, Glasgow, Keytesville, Marceline (2), Moberly (2), Paris, and Salisbury.
Bank Overview
Regional Missouri Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.53% (excellent) based on September 30, 2023 data. In the past year, RMB has increased its total non-brokered deposits by $30.36 million, an excellent annual growth rate of 7.79%. Please refer to our financial overview of Regional Missouri Bank (FDIC Certificate # 18385) for more details.
Established in 1908, Regional Missouri Bank was originally known as the Bank of Bynumville. The bank’s beginnings were definitely modest: capital stock of $10k, an empty lot that cost $50, and bricks made from the clay soil in the lot to construct the new bank. When the new building was finished, there was more space than the bank needed, so the local high school was housed on the second floor.
The Regional Missouri Bank rebrand occurred in 1978 prior to the second location opening in Marceline, some 15 miles away. RMB began an expansion in 2000 that included the opening of new branches, the acquisition of two Missouri banks, and the 2019 merger with the Bank of Cairo & Moberly. Regional Missouri Bank is currently the 65th largest bank headquartered in Missouri, with assets in excess of $496 million and more than 19,000 customer accounts.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $10k, no bank or credit union has a higher APY than currently offered on the Regional Missouri Bank Kasasa Cash account.
The above rates are accurate as of 1/27/2024.
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.
