Select Bank Kasasa Cash And Kasasa Saver Offer Competitive Earnings


UPDATE: 1/11/2021 - Available to Virginia residents

Deal Summary: Kasasa Cash, 2.01% APY on qualifying balances up to $50k. Kasasa Saver, 1.05% APY on qualifying balances up to $250k.

Availability: Nationwide Virginia

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.

2.50*%-$50kSelect Bank (VA)Kasasa Cash Checking
OTHER TIERS: 0.25% $50k+
Rates as of November 27, 2022.

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.

Kasasa Saver

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.

1.30*%-$250kSelect Bank (VA)Kasasa Saver
OTHER TIERS: 0.48% $250k+
Rates as of November 27, 2022.

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

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,

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.

Bank Overview

Select Bank has an overall health grade of "A" at, 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 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.

Related Pages: Greensboro savings accounts, Harrisonburg savings accounts, Roanoke savings accounts, savings accounts, reward checking accounts, nationwide deals

  |     |   Comment #1
The rates looked attractive, but after calling I learned two things:

1) The bank does not waive the debit requirement for the first statement cycle. So if you open an account but do not receive your debit card in time to make 12 debits you will be judged as not qualifying and receive the default minuscule interest rate.

2) More importantly, this is one of those banks that wants a pattern more of day-to-day usage than “12 swipes just to get the better rate” (representative’s wording). So, your account is subject to conversion or closure if they don’t “like” the pattern of activity

I’ll pass on this one.
  |     |   Comment #2
considering credit card companies give you back in upwards of 6% (like my Amex groceries) I don't know why anyone would consider anything with debit card requirements attached to it. My financial life is simple. Charge everything, pay the statements off as if it's cash, collect the bonus. Debit card stuff, nah.
  |     |   Comment #3
And no taxes on rewards earned on charge cards.
  |     |   Comment #4
The real attraction of this offer is the "Kasasa Saver" account you can earn 1.05% on for balances up to $250K.
  |     |   Comment #6
it doesn't really matter to me now based on what Andy found out, but wouldn't that 1.05% really not end up being that percentage when you factor in debit card fees and other fees and what not? You see this all the time online. We'll pay you 5% if you give us back 5% doing this and that. I have CD's maturing in 45 days and I would love to have some place to dump them and I'm not seeing anything but garbage out there.
  |     |   Comment #7
RCA's in every case I'm aware of are entirely no fee. While Select Bank may not be an option (if you're outside Virginia), you may want to research other RCA's in DA's "Nationwide" list to see if they offer associated High Yield Savings Accounts you might exploit for maturing CD funds. There may well be some offering 1% (or more) on very high balances, - a rate pretty hard to find for a liquid account nowadays, - though I believe Connexus CU still offers 1.15% for balances over $100K.
  |     |   Comment #9
@gregk thank you for explaining Greg. I appreciate the detailed response.
  |     |   Comment #5
Put through an application online 3 days ago as an out of state. No reply from a rep. Called today to see whats going on, was informed that it is NOT available nationally, only state wide.
  |     |   Comment #8
Got the same answer, no longer available nationwide.

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