Southwest National Bank Offers Competitive Kasasa Products
Kansas-based Southwest National Bank (Southwest) is offering its Kasasa brand products on a nationwide basis. The Kasasa Cash account currently earns 2.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25%, with non-qualifying balances earning 0.05% APY.
|2.00*%||-||$15k||Southwest National Bank (KS)||Kasasa Cash|
|OTHER TIERS: 0.25% → $15k+|
The qualifying requirements are straightforward and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases.
- Be enrolled in and login to Online Banking at least once per cycle.
- Be enrolled in and agree to receive eStatements.
The Kasasa Cash account has no monthly maintenance fees or minimum balance requirements, but does require a $100 minimum opening deposit. Unlimited checking is available and a free MasterCard® Debit Card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per monthly cycle ($4.99 maximum per transaction), if the qualifying requirements are met. There is a limit of one Kasasa Cash account per Social Security number and a Kasasa Cash account is required to have a Kasasa Saver account
Kasasa Saver Account
The Kasasa Saver account earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|1.00*%||-||$100k||Southwest National Bank (KS)||Kasasa Saver|
|OTHER TIERS: 0.25% → $100k+|
Earned rewards from the Kasasa Cash account are automatically transferred to a linked Kasasa Saver each month. The Kasasa Saver has no monthly maintenance fee or minimum balance requirement and requires a $50 minimum opening deposit. Kasasa Saver accounts are limited to one per Social Security number.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash Checking (2.00% APY/$15k) and the Kasasa Saver (1.00% APY/$100k) is approximately $1,300 (1.13% APY/$115k).
Other Kasasa Brand Products
Southwest National Bank’s Kasasa Cash Back account earns 3.00% cash back on debit card purchases, limited to the first $200 in monthly purchases. If you are planning on maintaining a balance under $3,600, the Kasasa Cash Back account would be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $72 ($6 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.
Headquartered in Wichita, Kansas, Southwest National Bank offers its Kasasa brand products to all residents of Kansas.
all U.S. citizens/residents aliens with a valid Social Security number.
Note, small banks often limit the availability of these accounts, especially if demand exceeds expectations. It is possible that the Bank could change its mind and limit its Kasasa products to local residents.
UPDATE: As of 12/18/2020, the start of the online application provides the following eligibility information:
We will contact you to provide proof of identification and Kansas residency prior to the opening and funding of any account. Exceptions apply to customers with an existing relationship at Southwest National Bank who reside outside of Kansas.
Opening a Kasasa Cash and/or Kasasa Saver account can be done online, or at any of the nine Kansas branches all located in Wichita. Other than a general statement about Southwest National Bank’s preventative measures to minimize the effect of COVID-19 on the local community, there are no restrictions on access to branch lobbies.
Southwest National Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.56% (excellent) based on June 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $117.22 million, an excellent annual growth rate of 35.57%. Please refer to our financial overview of Southwest National Bank (FDIC Certificate # 4801) for more details.
Founded in 1915 by L. S. Naftzger, Southwest National Bank was originally known as Southwest State Bank. Within eight years of opening its doors for business, the Bank expanded "its operation as a national bank and remains today as one of only three banks in Wichita to survive the Great Depression of 1929.” Owned and operated by three generations of the Naftzger family for 74 years, Southwest was purchased in 1989 by V. Jerry Blue, the owner of Twin Lakes Bank & Trust. In 2004, the two banks merged, operating under the Southwest brand. Southwest National Bank is currently the 24th largest bank headquartered in Kansas, with assets in excess of $540 million.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $15k, Southwest National Bank’s Kasasa Cash APY currently ranks eighth.
While the Kasasa Cash APY isn’t impressive on its own, the combination of the Kasasa Cash and Kasasa Saver rates and caps provide a competitive alternative to current savings rates. (The following table lists the top three APYs plus the Southwest National Bank’s Kasasa Cash.)
The above rates are accurate as of 10/29/2020.
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.