Security Bank of Crawford (TX) Offers Kasasa Cash Statewide

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Deal Summary: Kasasa Cash, 3.00% APY on qualifying balances up to $15k. Kasasa Saver, 0.75% APY on qualifying balances up to $100k.

Availability: All Texas residents.

Security Bank of Crawford (Security Bank) is one of a handful of Texas-based banks that is offering Kasasa brand products statewide. The Kasasa Cash account currently earns 3.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

Security Bank began offering the Kasasa Cash account about a year ago. Its initial APY/balance cap was impressive: 3.50% APY on qualifying balances up to $35k. The APY and balance cap were lowered to the current levels in early May.

The qualification cycle requirements include,

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

The 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 a total of $25 each month, if qualifications are met. There is a limit of one account per Social Security number. A free VISA® debit card is issued when the account is opened.

The fine print on the Kasasa Cash landing page contains the following cautionary language:

Security Bank of Crawford reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 3 consecutive Statement Cycles.

Kasasa Saver Account

A Kasasa Saver account is offered as a companion account to the Kasasa Cash checking account and can be opened with a $25 minimum deposit. Each month, earned cash checking rewards automatically transfer into this account. The Free Kasasa Saver account earns 0.75% APY on qualifying balances up to $100k; qualifying balances over $100k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

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,

On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.

Ever wondered what the word “Kasasa” means? It’s not Greek. It’s not Latin.

Put simply, we made it up.
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.

Availability

Headquartered in Crawford, Texas, Security Bank of Crawford’s primary market area is the City of Crawford and western McLennan County, but its Kasasa brand products are available to all Texas residents.

Opening a Kasasa Cash and/or a Kasasa Saver account can be done online or at either of two Texas full-service branches located in Crawford and Temple.

Security Bank of Crawford is a small institution, with only $77+ million in assets and 16 employees. There’s always the possibility that the Bank may decide to not offer its Kasasa Cash account on a state-wide basis, if the response is overwhelming.

Bank Overview

Security Bank of Crawford has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.87% (excellent) based on December 31, 2019 data. In the past year, Security Bank has increased its total non-brokered deposits by $15.27 million, an excellent annual growth rate of 38.54%. Please refer to our financial overview of Security Bank of Crawford (FDIC Certificate # 15731) for more details.

Founded in 1940, Security Bank of Crawford is a community bank serving the residents of Bell and McLennan Counties in Texas. In the past 80 years, the Bank has had four different names (Security National Bank of Whitesboro, 1940; Security Bank of Whitesboro, 1986; The First Bank, 2011; and Security Bank of Crawford, 2013), headquarters in three different Texas towns (Whitesboro, Roxton, and Crawford), and acquired two other Texas banks (Collinsville State Bank and The First Bank of Roxton).

How the Kasasa Cash Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to all Texas residents and have maximum qualifying balances of at least $15k, Security Bank’s Kansas Cash APY* currently ranks fifth.

The above rates are accurate as of 6/19/2020.

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.

Related Pages: Waco checking accounts, reward checking accounts

Comments
Shelby
  |     |   Comment #1
Here we go again, another Kasasa Cash branded offer with no guarantee on the 3.00%APY that will drop like a brick any day. Ok, let me understand this offer. It has a max of 15k deposit for the 3.00%, no rate guarantee, 12 debit transactions a month, at least one direct deposit or ACH transaction a month, e statements. Oh and yes lets not forget, the banks states if debit card transactions are used in a calculated and limited fashion in order to meet monthly qualifications accounts may be closed. Does this Kasasa offer seem worthwhile?....i think NOT !
deymond
  |     |   Comment #2
It would be worthwhile for me, except I already have most of my cash tied up in 3% or higher RCAs. Sorry it doesn't work for you.
Carpline
  |     |   Comment #3
I have yet to see a Kasasa Cash account with a rate guarantee, except for short-term promotions.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.