UPDATE: 7/28/17 - The Kasasa product line is now available only to residents of Kansas.
Security State Bank's Kasasa product line is now available to Kansas residents only. The Kasasa Cash account currently earns 3.00% APY on qualifying balances up to $10k. Qualifying balances of $10k+ earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Enroll in and receive eStatements.
- Enroll in and log into online banking.
The Kasasa Cash account has no monthly service or minimum balance requirement, but does require a minimum $100 opening deposit. Nationwide ATM fees will be reimbursed up to $25 ($4.99 per single transaction) per month, if the qualifying requirements are met. Individual ATM fees of $5 or higher require a receipt for reimbursement, submitted within 60 calendar days of the transaction.
The Kasasa Saver account links to the Kasasa Cash account, with automatic transfer of Kasasa Cash earnings on a monthly basis. Qualifying balances earn 0.75% APY up to $100k, with qualifying balances of $100k+ earning 0.50% APY; non-qualifying balances earn 0.01% APY.
Headquartered in Scott City, Kansas, Security State Bank offers its Kasasa Cash Checking and Kasasa Saver accounts to all
U.S. Kansas residents who have a valid Social Security number.
UPDATE 7/28/17 Unfortunately, my cautionary note seems to have been prescient.
Note: Security State Bank is a recent addition to DepositAccounts.com. While I would normally caution DA readers about small banks offering nationally available products, I have written assurance from Security State Bank that “we will accept new customers nationwide.”
Security State Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.94% (excellent), based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $4.21 million, an excellent annual growth rate of 3.03%. Please refer to our financial overview of Security State Bank (FDIC Certificate # 18374) for more details.
Security State Bank is currently Kansas’ 59th largest bank with assets in excess of $234 million. Established in 1961, the Bank opened its doors for business with capital and surplus of $150k. (I was surprised to find out that there more than 30 banks across the country with “Security State Bank” in their name.) Security State Bank is a full-service community bank, with a “variety of agricultural, commercial, and consumer lending products as well as deposit products.”
How the Kasasa Cash Compares
When compared to the 44 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $10k, Security State Bank’s Kasasa Cash APY currently ranks fourth.
The above rates are accurate as of 6/1/2017.