Maryland-based Severn Bank began offering Kasasa brand products about 14 months ago. The Free Kasasa Cash Checking account has maintained its initial 3.00% APY on qualifying balances up to $15k. Qualifying balances greater than $15k earn 0.20% APY, while non-qualifying balances earning 0.05% APY.
- At least 12 monthly debit card purchases.
- One ACH, or Direct Deposit, or Bill Pay transaction per monthly qualification cycle.
- Enrollment in eStatements.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a minimum $20 opening deposit. Nationwide ATM fees will be reimbursed up to $25 each month, if qualifications are met. (Severn Bank is a member of the ALLPOINT™ ATM network, with more than 55,000 surcharge-free ATMs worldwide.) There is a limit of one account per Social Security number.
The Free Kasasa Saver 1.00% APY has not changed since it was added to Severn Bank’s product line in July 2019, but the qualifying balance cap has been increased from $20k to $50k. Qualifying balances over $50k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
The Free Kasasa Saver account has no minimum balance requirement or monthly service fee, and requires a minimum $20 opening deposit. Free Kasasa Cash interest earnings are automatically deposited into the Free Kasasa Saver account within one day of being credited.
Annual Earnings of Combined Free Kasasa Cash/Free Kasasa Saver Accounts
The potential combined annual earnings of the Free Kasasa Cash (3.00% APY/$15k) and the Free Kasasa Saver (1.00% APY/$50k) is approximately $950 (1.46% APY/$65k).
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 Annapolis (the county seat, as well as the capital of Maryland), Severn Bank has a physical presence in Anne Arundel County, which borders on the Chesapeake Bay. More than a year ago, Savern Bank began offering its Kasasa brand products to all Maryland residents through an online application.
A Free Kasasa Cash and/or Free Kasasa Saver account can also be opened at any of seven full-service Maryland branches, located in Annapolis (2), Crofton, Edgewater, Glen Burnie, Lothian, and Severna Park but,
Out of an abundance of caution, and following state and federal guidelines for the safety and well-being of our customers and associates, all Severn Bank office lobbies are temporarily available by appointment only.
Severn Bank has an overall heath grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.66% (excellent) based on June 30, 2020 data. In the past year, Severn Bank has increased its total non-brokered deposits by $82.87 million, and excellent annual growth rate of 12.41%. Please refer to our financial overview of Severn Bank (FDIC Certificate # 32367) for more details.
Severn Savings Bank’s history began in 1946 with the Pompeii Permanent Building Association. Located in Baltimore, Pompeii was located in a row house with extremely limited business hours – only 2 hours a week! In 1949, an FDIC Certificate was issued to the Severn Savings Association, and the journey toward a full service, full time financial institution began.
Situated on the Chesapeake Bay at the mouth of the Severn River, Severn Bank is committed to helping preserving,
the health of the Bay, the water ways and our surrounding environment. We feel we have a responsibility to do our part to preserve our natural resources, and we take this responsibility as seriously as all the others that we have.
That’s why Severn’s new Westgate Circle headquarters includes a state-of-the-art “green roof” that captures and absorbs runoff water that would typically challenge our infrastructures and pollute our waterways. We also show our support with frequent donations to the Chesapeake Bay Foundation and other environmentally oriented organizations.
How the Free 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 $15k, Severn Bank’s Free Kasasa Cash APY currently ranks fourth.
The above rates are accurate as of 9/14/2020.
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.