Virginia-based Select Bank is offering very competitive Kasasa brand products. The Kasasa Cash currently earns 2.01% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|2.01*%||-||$50k||Select Bank (VA)||Kasasa Cash Checking|
|OTHER TIERS: 0.25% → $50k+|
The Kasasa Cash monthly qualification requirements are typical and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases
- Be enrolled in and receive e-Statements
- Be enrolled in and log into online banking
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. If qualifications are met, unlimited nationwide ATM fees will be reimbursed (no monthly aggregate cap). Unlimited checking writing is available, with a free VISA® debit card issued following account opening; Popmoney® fund transfers are also available. There is a limit of one Kasasa Cash account per Social Security number. Kasasa Cash and Kasasa Cash Back accounts are required to have a linked Kasasa Saver account.
The Kasasa Saver earns 1.05% APY on qualifying balances up to $250k; qualifying balances over $250k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|1.05*%||-||$250k||Select Bank (VA)||Kasasa Saver|
|OTHER TIERS: 0.48% → $250k+|
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, but like the Kasasa Cash account, a $25 minimum opening deposit is required. 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 (2.01% APY/$50k) and the Kasasa Saver (1.05% APY/$250k) is approximately $3,630 (1.21% APY/$300k). The combined earnings for a $300k balance offered on these two Kasasa accounts is one of the highest available on any rewards checking/savings account combination currently available.
Kasasa Cash Back
The Kasasa Cash Back account offered by Select Bank earns 2.00% cash back on debit card purchases, limited to the first $300 of monthly purchases. If you are planning on maintaining a balance under $3,000, 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 $72 ($6 per month).
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 Forest, Virginia, Select Bank’s Kasasa Cash, Kasasa Cash Back, and Kasasa Saver accounts are available to all U.S. citizens/resident aliens, with a valid Social Security number, who live in Virginia.
While there is an Apply Now button, it leads to a Contact Me form, which collects basic personal information. According to a very helpful CSR, a Select Bank representative will make contact within one business day following submission of the form to complete the account opening process.
That being said, the stated nationwide eligibility is based on what the CSRs say today, but that could change. Select Bank is a relatively small bank (assets of $323+ million) and smaller banks have been known to change nationwide availability if demand for a product is overwhelming. Caveat emptor.
Opening a Kasasa brand account can also be done at any of the five Virginia branch locations, located in Bedford, Forest, Lynchburg (2), and Staunton. While Select Bank is offering curbside banking, there is no mention of any branch lobby restrictions.
Select Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.28% (excellent) based on September 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $35.35 million, an excellent annual growth rate of 16.95%. Please refer to our financial overview of Select Bank (FDIC Certificate # 58563) for more details.
Select Bank is one of the newest bank in the Shenandoah Valley, having opened its doors in 2007. With assets in excess of $323 million, Select Bank is currently the 48the largest bank headquartered in Virginia.
How the Kasasa Cash Compares
There aren’t many rewards checking accounts that have maximum qualifying balances of at least $50k. In fact, there are only eight, so the comparison pool is rather shallow. 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 $50k, Select Bank’s Kasasa Cash APY shares the top spot with First Security Bank & Trust’s Kasasa Cash APY. When you factor in the Kasasa Saver account, Select Bank's Kasasa accounts clearly have an advantage for large balances.
The above rates are accurate as of 1/11/2021.
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.