Severn Bank (MD) Offers Free Kasasa Cash Statewide

POSTED ON BY

Deal Summary: Free Kasasa Cash, 3.00% APY up to $15k; Free Kasasa Saver, 1.00% APY up to $50k.

Availability: Maryland

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$15kSevern BankFree Kasasa Cash Checking
OTHER TIERS: 0.20% $15k+
Rates as of September 30, 2020.

Qualification Requirements

  • 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.

Kasasa Saver

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$50kSevern BankKasasa Saver
OTHER TIERS: 0.50% $50k+
Rates as of September 30, 2020.

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

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 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.

Bank Overview

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.

Interest RateAccount NameCredit Union/Bank
3.30% APYVertical Checking ($20k max)Evansville Teachers Federal Credit Union
3.25% APYPanorama Checking ($15k max)Western Vista Federal Credit Union
3.01% APYVIP Checking Platinum Tier ($15k max)Market USA Federal Credit Union
3.00% APYFree Kasasa Cash ($15k max)Severn Bank

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.

Related Pages: Baltimore savings accounts, savings accounts, reward checking accounts

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

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...

Continue Reading
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...

Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.