Silver Lake Bank (SLB) added the Kasasa brand to its product line about 21 months ago. The Kasasa Cash initially earned 2.50% APY on qualify balances up to $25k; that rate was lowered to 2.00% APY in May. Qualifying balances over $25k earn 0.30% APY, with non-qualify balances earning 0.05% APY.
The monthly qualification requirements include,
- At least 12 debit card purchases ($5 minimum each)
- At least one direct deposit, ACH credit or ACH payment transaction
- Be enrolled in and agree to receive eStatements
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Unlimited check writing is available and a free debit card will be issued following account opening. Nationwide ATM fees will be reimbursed up to $25 per month ($4.99 maximum per transaction), if qualification requirements are met. There is a limit of one account per Social Security number and is to be used for personal use only. The Kasasa Cash account is required to have a companion Kasasa Saver account.
The Kasasa Saver has maintained its initial 1.00% APY and $50k qualifying balance cap since it was debuted. Qualifying balances over $50k earn 0.30% APY, with non-qualify balances earning 0.05% APY.
Kasasa Cash/Kasasa Cash Bank earned rewards are automatically transferred to the linked Kasasa Saver account. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $100 minimum opening deposit.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (2.00% APY/$25k) and the Kasasa Saver (1.00% APY/$50k) is approximately $1,000 (1.33% APY/$75k).
Kasasa Cash Back
SLB’s Kasasa Cash Back account earns 4.00% cash back on check card purchases, limited to the first $200 in monthly debit card purchases. If you are planning on maintaining a balance under $4,800, 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 $96 ($8 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 Topeka, Kansas, Silver Lake Bank offers its Kasasa brand product line to Kansas residents who live within 100 miles of an SLB branch. That translates into a market area that covers most of eastern Kansas, including Kansas City.
Our lobbies are open by appointment only so as to limit the number of
individuals in a branch. Please call 232.0102 for an in-person appointment.
Silver Lake Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.16% (excellent) based on September 30, 2020 data. In the past year, SLB has increased its total non-brokered deposits by $31.01 million, an excellent annual growth rate of 13.57%. Please refer to our financial overview of Silver Lake Bank (FDIC Certificate # 15323) for more details.
The Silver Lake State Bank was established in 1901 with beginning capital of $10,000 (the 2020 equivalent of approximately $306,000). SLB has remained a community bank, locally owned and operated since it first opened its doors for business in its original home, “an ornamental cement building” (whatever that might be). Controlling interest in the SLB was sold to Clarence Gideon, a Topeka attorney, in 1968. At an open house marking the transfer of ownership to the Gideon family, SLB offered a 6-month CD earning 6.25% APY.
As I was perusing SLB’s history timeline, one sentence jumped out at me.
1970 – Patrick Gideon, 12 years old, is hired to assist with janitorial responsibilities.
My first thought was, “12 years old? Why would you hire a 12-year old boy?” Then I realized that the same Patrick Gideon has been President of Silver Lake Bank since 1987, having literally worked his way up the corporate ladder.
With its 119th anniversary fast approaching, Silver Lake Bank is currently the 47th largest bank headquartered in Kansas, with assets in excess of $343 million.
How the Kasasa Cash Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available in the market area and have maximum qualifying balances of at least $25k, Silver Lake Bank’s Kasasa Cash APY currently ranks fourth.
The above rates are accurate as of 12/10/2020.
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.