SENB Bank's Kasasa Cash Available in IA, IL, and WI

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Deal Summary: Kasasa Cash, 3.00% APY up to $10k. Kasasa Saver, 0.50% APY up to $50k.

Availability: Illinois, Iowa, and Wisconsin through online application

Illinois-based SENB Bank began offering Kasasa brand products almost three years ago. The Kasasa Cash account’s initial 3.00% on qualifying balances up to $10k is still in effect. Qualifying balances over $10k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$10kSENB BankKasasa Cash
OTHER TIERS: 0.25% $10k+
Rates as of January 20, 2021.

Although SENB Bank’s Kasasa Cash account has been available for a relatively short time, SENB Bank offered a reward checking account (Free Reward Checking) as far back as 2008. Between March 2008 and September 2009, the Free Reward Checking account offered four APYs (6.01%, 5.21%, 5.01%, and 4.01%) on qualifying balances up to $25k.

The monthly qualification requirements are typical for a Kasasa Cash account and include,

  • At least 12 debit card purchases
  • At least one direct deposit or ACH payment
  • Receive eStatements

The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. If qualification requirements are met, all nationwide ATM fees will be reimbursed, but a receipt must be presented for any individual ATM fee of $5 or more. Unlimited checking writing is available and a free debit card will be issued following account opening. There is a limit of two accounts per Social Security number.

Kasasa Saver

SENB Banks offers a companion Kasasa Saver account, which earns 0.50% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.50*%-$50kSENB BankKasasa Saver
OTHER TIERS: 0.25% $50k+
Rates as of January 20, 2021.

Earned rewards from a Kasasa Cash/Kasasa Cash Back are automatically transferred to the linked Kasasa Saver every month. Like the Kasasa Cash, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $100 minimum opening deposit. There is a limit of two accounts per Social Security number.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of one Kasasa Cash account (3.00% APY/$10k) and one Kasasa Saver account (0.50% APY/$50k) is approximately $550 (0.917% APY/$60,000).

The potential combined annual earnings of two Kasasa Cash accounts (3.00% APY/$20k) and two Kasasa Saver accounts (0.50% APY/$100k) is approximately $1,100 (0.917% APY/$120,000).

Kasasa Cash Back

SENB Bank’s Kasasa Cash Back account earns 3.00% cash back on debit card purchases, limited to the first $300 of monthly purchases. If you are planning on maintaining a balance under $3,600, 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 $108 ($9 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.

Availability

Headquartered in Moline, Illinois, SENB Bank offers its Kasasa brand products to U.S. citizens and residents aliens who live in Illinois, Iowa, or Wisconsin through an online application.

Opening a Kasasa Cash, Kasasa Cash Back, and/or a Kasasa Savings account can be done online. SENB Bank has temporarily closed its Bettendorf, Iowa branch, but the remaining two Ilinois, two Iowa, and one Wisconsin branches are open by appointment only.

Bank Overview

SENB Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.43% (excellent) based on September 30, 2020 data. In the past year, SENB Bank has increased its total non-brokered deposits by $35.13 million, an excellent annual growth rate of 15.89%. Please refer to our financial overview of SENB Bank (FDIC Certificate #35109) for more details.

Established in 1999, SENB Bank is actually the successor institution following the acquisition of the Southeast National Bank of Moline, which was established in 1961. Currently the 127th largest bank headquartered in Illinois, SENB Bank has assets in excess of $339 million and more than 13,000 customer accounts.

How the Kasasa Cash Compares

Given the multi-state market area, a comparison to nationally available reward checking accounts is appropriate. When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $10k, SEMB Bank’s Kasasa Cash APY currently ranks fifth.

The above rates are accurate as of 12/11/2020.

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: Rockford checking accounts, Madison checking accounts, Davenport checking accounts, reward checking accounts

Comments
4.01% Reward Checking Account at an IL/IA Bank (Southeast National)
Update 9/07/09: The top yield has fallen to 4.01% APY. See bottom of post for the rate history.

Southeast National Bank has a reward checking account that pays 4.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or ACH auto debit, and 3) receive electronic statements. If these are not met, the rate falls to 0.25%. The minimum opening deposit is $100. There are no minimum balance requirements or monthly...

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