Colorado-based The Bank of Denver (Bank of Denver) has entered the world of internet banking by offering its Kasasa Cash Checking account on a nationwide basis. This competitive rewards checking account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The qualification cycle requirements include,
- At least 12 debit card purchases.*
- At least 1 ACH credit or debit transaction.
- Be enrolled in online statements.
* Effective with the qualification cycle beginning March 19, 2020, the number of debit card purchases required to earn rewards has been reduced from 12 to 6. This policy change is listed on the Bank's COVID19 Updates page and seems to be a temporary measure to support the Bank's customers.
The Free Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $50 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month (maximum $4.99 per single transaction), if qualifications are met. There is a limit of one account per Social Security number. Paper statements are not available.
Kasasa Saver Account
Bank of Denver is also offering a Kasasa Saver account as a companion account to the Kasasa Cash Checking account. Each month, earned cash checking rewards and ATM withdrawal fee refunds will sweep to this account. The Kasasa Saver account earns 2.00% APY on qualifying balances up to $50k. Like the Kasasa Cash Checking account, Free Kasasa Saver qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
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 Denver, The Bank of Denver’s market area is the greater Denver metropolitan area, but the Kasasa Cash Checking account is now being offered to
all U.S. citizens and resident aliens who live in Colorado and have a valid Social Security number. The Kasasa Cash Checking online application doesn’t list any geographical limitations, so I contacted the Bank.
UPDATE 11/13/2020: According to CSR, the Bank changed the availability of the Kasasa product line last week.
the Kasasa Cash Checking, Kasasa Cash Back, and Kasasa Saver are the Bank’s first products to be offered on a nationwide basis.
One note of caution: while it's always great to see new nationally available accounts, smaller financial institutions sometimes change their availability policy when the demand for a product is great. I hope my concern is unfounded.
Corporate Office – Lobby Temporarily Closed. All other business by appointment only.
Golden Triangle Branch – Branch is temporarily closed at this time.
Leetsdale Branch – Temporary Hours. Drive-up only.
Uptown Branch – Temporary Hours. Drive-up only.
Bank of Denver has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.29% (excellent) based on December 31, 2019 data. In the past year, Bank of Denver has increased its total non-brokered deposits by $12.85 million, an excellent annual growth rate of 6.42%. Please refer to our financial overview of Bank of Denver (FDIC Certificate # 17244) for more details.
The Denver Industrial Bank was established in 1941, the result of a merger of the Denver Safe Deposit Company and the Credit Finance Company. The Bank rebranded as The Bank of Denver in 1953 after a state bank charter was granted. Current the 35the largest bank in Colorado, Bank of Denver has assets in excess of $237 million and more than $213 million in deposits.
How the Kasasa Cash Checking Compares
When compared to the nationally available High Yield Rewards Checking Accounts tracked by DepositAccounts.comand have maximum qualifying balances of at least $25k, Bank of Denver’s Kansas Cash Checking APY currently ranks first.*
The above rates are accurate as of 4/25/2020.
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.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.