Severn Bank (MD) Adds Kasasa Cash, 3.00% APY Up To $15k

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Deal Summary: Kasasa Cash, 3.00% APY up to $15k; Kasasa Saver, 1.00% APY up to $20k.

Availability: Maryland

Maryland-based Severn Bank has added a new Free Kasasa Cash Checking account, which earns 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$15kSevern BankFree Kasasa Cash Checking
OTHER TIERS: 0.20% $15k+
Rates as of September 16, 2019.

Qualification Requirements

  • At least 12 monthly debit card purchases.
  • One ACH, or Direct Deposit, or Bill Pay transaction per month.
  • 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.

Kasasa Saver

Neither the companion Kasasa Saver APY or qualifying balance limit is impressive: 1.00% APY, up to $20k. Qualifying balances over $20k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$20kSevern BankKasasa Saver
OTHER TIERS: 0.50% $20k+
Rates as of September 16, 2019.

The Kasasa Saver account has no minimum balance requirement or monthly service fee, and requires a minimum $20 opening deposit. Kasasa Cash interest earnings are automatically deposited into the Kasasa Saver account within one day of being credited.

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.

Availability

Headquartered in Annapolis (the county seat, as well as the capital of Maryland), Severn Bank’s market area is primarily Anne Arundel County, Maryland, which borders on the Chesapeake Bay.

Since I last wrote about Savern Bank four years ago, an online application has been added to the website, with the new Kasasa Cash account offered to all Maryland residents.

The Kasasa Cash account can also be opened at any of six full-service Maryland branches, located in Annapolis (2), Edgewater, Glen Burnie, Lothian, and Severna Park.

Bank Overview

Severn Bank has an overall heath grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.28% (excellent) based on March 31, 2019. In the past year, Severn Bank has increased its total non-brokered deposits by $135.28 million, and excellent annual growth rate of 24.04%. 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 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 Kasasa Cash APY currently ranks fifth.

The above rates are accurate as of 7/29/2019.

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: Baltimore checking accounts, reward checking accounts

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Severn Savings Bank Offers Two Competitive CD Specials
Availability: Market area is Anne Arundel County, Maryland (Annapolis).

Earlier this week, Severn Savings Bank, FSB (Severn Savings Bank) began offering a 14-month CD Special (1.25% APY) and a 30-month CD Special (1.76% APY). The minimum deposit for both CDs is $1K new money, with no maximum balance cap.

At maturity, the 14-month CD will convert to a 12-month CD, and the 30-month CD will convert to a 24-month CD. As stated on Severn Savings Bank’s Deposit Rates page, the Early Withdrawal Penalty reads as follows:

Six months...

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