Sullivan Bank (MO) Offers Kasasa Brand Products
More than three years ago, Missouri-based Sullivan Bank began offering Kasasa brand products. The Kasasa Cash’s initial 3.00% APY on qualifying balances up to $10k is still in effect. Qualifying balances over $10k earn 0.30% APY, with non-qualify balances earning 0.05% APY.
The monthly qualification requirements include,
- At least 12 POS debit card purchases
- At least one direct deposit, ACH credit, or ACH payment transaction
- Be enrolled and log into online banking
- Be enrolled in and agree to receive eStatements
The Kasasa Cash checking account has no minimum balance requirement or monthly service fee, and can be opened with a minimum $100 opening deposit. Unlimited nationwide ATM fees will be reimbursed up to a total of $10 per month, if qualification requirements are met. A free MasterCard® debit card will be issued following account opening. There is a limit of two accounts per Social Security number.
Kasasa Saver
Sullivan Bank’s Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.30% APY, with non-qualify balances earning 0.05% APY.
Earned rewards from the 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 $10 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 (3.00% APY/$10k) and one Kasasa Saver (1.00% APY/$25k) is approximately $550 (1.57% APY/$35k).
The potential combined annual earnings of two Kasasa Cash accounts (3.00% APY/$20k) and two Kasasa Saver accounts (1.00% APY/$50k) is approximately $1,100 (1.57% APY/$70k).
Kasasa Cash Back
Sullivan Bank’s Kasasa Cash Back account earns 4.00% cash back on debit card purchases, limited to the first $200 of monthly purchases. If you are planning on maintaining a balance under $3,200, 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
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
Sullivan Bank no longer accepts Kasasa applications nationwide. According to the first page of its online application:
Sullivan Bank is currently only accepting online applications from consumers that reside in Missouri or the surrounding states of Kansas, Nebraska, Iowa, Illinois, Kentucky, Tennessee, Arkansas and Oklahoma. Before proceeding, please confirm your eligibility below:
Headquartered in Sullivan, Missouri (75 miles southwest of St. Louis), Sullivan Bank offers its Kasasa Cash, Kasasa Cash Bank, and Kasasa Saver accounts to U.S. citizens/resident aliens who have a valid Social Security card. That being said, Sullivan Bank is not a large bank. As we’ve seen in the past, smaller financial institutions have changed the availability of a product if demand exceeds expectations.
Opening a Kasasa Cash, Kasasa Cash Bank and/or a Kasasa Savings account can be done online. Sullivan Bank has eight Missouri branches, located in Cuba, Labadie, Pleasant Hope, Springfield, Sullivan (2), Sunrise Beach, and Union. As stated in an August 2020 notice,
Upon recommendations from our governing bodies and in an effort to do our part to combat the coronavirus, we are taking the necessary precaution of serving our customers via the drive-thru windows only until further notice. Only the most necessary interactions and safe deposit box access will be accomplished via lobby traffic at all of our locations and they will be done by appointment only.
Bank Overview
Sullivan Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.58% (average) based on September 30, 2020 data. In the past year, Sullivan Bank has increased its total non-brokered deposits by $48.18 million, an excellent annual growth rate of 10.41%. Please refer to our financial overview of Sullivan Bank (FDIC Certificate # 8892) for more details.
Originally known as the Bank of Sullivan, the bank opened its doors for business in 1895 with assets of about $7,000 – a rather impressive sum considering the town of Sullivan had a population of 750 in 1895. Three Missouri banks were acquired in 1994 (Meramec State Bank), 1997 (American Federal Savings and Loan Association of Sullivan), and 2012 (Community Bank of the Ozarks), with the Sullivan Bank rebrand happening about a year ago. Currently the 49th largest bank headquartered in Missouri, Sullivan Bank has assets in excess of $591 million and more than 22,000 customer accounts.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available to all Florida residents and have maximum qualifying balances of at least $10k, Sunstate Bank’s Kasasa Cash APY currently ranks fifth.
The above rates are accurate as of 12/21/2020.
Looking for the best Reward Checking Account rates, both nationwide and state specific? Please refer to our High Yield Reward Checking Account Rates Table page.