SSB Bank Rewards Checking/Saver Offers Great Rate On Large Balances
SSB Bank began offering the Kasasa brand product line in the summer of 2020. The Free Kasasa Cash's initial 2.25% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.50% APY (an unusually high second-tier rate), with non-qualifying balances earning 0.05% APY.
The qualification requirements have remained unchanged and include,
- At least 12 debit card purchases (minimum $5 each).
- At least one direct deposit or ACH transaction.
- Be enrolled in and review E-Statements.
The Free Kasasa Cash account has no minimum balance requirement, no monthly service fees, and no minimum opening deposit amount. Unlimited check writing is available and the first check order is free. Nationwide ATM fees will be reimbursed up to an aggregate of $25 per statement cycle, if qualification requirements are met. A Free Kasasa Cash is required to have a Free Kasasa Saver account. There is a limit of one account per person.
The Free Kasasa Saver account is a linked companion account to the Free Kasasa Cash account, with earned rewards automatically transferred into the Free Kasasa Saver account each month. Qualifying balances up to $100k earn 1.50% APY, with qualifying balances over $100k earning 0.50% APY (an unusually high second-tier rate); non-qualifying balances earn 0.05% APY.
Like the Free Kasasa Cash account, the Free Kasasa Saver has no minimum balance requirement, monthly service fees, and no minimum opening deposit requirement. There is a limit of one Free Kasasa Saver account per person.
Annual Earnings of Combined Free Kasasa Cash/Free Kasasa Saver Accounts
The potential combined annual earnings of the Free Kasasa Cash (2.25% APY/$25k) and the Free Kasasa Saver (1.50% APY/$100k) is approximately $2,062 (1.65% APY/$125k), which is an outstanding rate on a large balance in a rewards checking/savings combo.
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 Pittsburgh, Pennsylvania, SSB Bank is now offering its Kasasa brand product line to all
U.S. residents Pennsylvania residents who have a valid Social Security number.
Update 11/24/21: SSB Bank is no longer accepting applicants nationwide. The Bank is now only accepting Pennsylvania residents.
Since I last wrote about SSB Bank in August 2020, the bank has a new website complete with an online application. Opening a Free Kasasa Cash account and/or Free Kasasa Saver account can be done online or at either of two Pittsburgh branches, which are located in the Northside community and McCandless Township.
It should be noted that SSB Bank is a small bank, with about $245 million in assets, 29 employees, and two branches within the Pittsburgh city limits. If SSB Bank is inundated with inquiries and applications, it is possible the bank could find itself overwhelmed. That could result in the end of the nationwide availability, or SSB Bank could quickly lower the rates and/or caps. We’ve seen both cases at other small banks that have offered hot deals on reward checking. Then again, SSB Bank may be up to the task. Feel free to share any experience you have in opening a Kasasa account with SSB Bank.
SSB Bank has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 25.50% (average) based on June 30, 2021 data. In the past year, SSB Bank has increased its total non-brokered deposits by $17.75 million, an excellent annual growth rate of 11.95%. Please refer to our financial overview of SSB Bank (FDIC Certificate # 30431) for more details.
Slovak Savings and Loan Association was founded in 1922 by eight Slovak Northside residents. (No other region of the United States has more Slovaks than the Pittsburgh area, with more than 100,000 residents who claim partial or full Slovak heritage.) In 1992, the Slovak S&LA changed its charter to become a mutual savings bank and rebranded as Slovak Savings Bank. When the Bank expanded its market area in 2017, the SSB Bank name was adopted. SSB Bank is currently the 111th largest bank headquartered in Pennsylvania, with assets in excess of $245 million.
How the Free Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are nationally available and have maximum qualifying balances of at least $25k, SSB Bank’s Free Kasasa Cash APY currently shares the top spot with Presidential Bank’s Advantage Checking APY and Bellco Credit Union’s Boost Interest Checking APY.
The above information and rates are accurate as of 11/15/2021.
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.
Those outside of PA who successfully applied, please comment if you experience any problems with the account. Typically, banks grandfather in out-of-state customers who opened accounts before the change. However, there have been rare cases when they have been booted. Those are the cases that I feel are very unfair to the customers.
Good news is that the Kasasa Cash Checking just went up to 2.53% APY on up to $25K. The Kasasa Saver account remains at 1.50% APY on up to $100K.
I've emptied out my Saver account but I'm keeping the Checking account since the rate matches GM Right Notes.