Farmers Bank Offers Top-Rate Kasasa Cash In 7 States


Deal Summary: Free Kasasa Cash, 3.00% APY on qualifying balances up to $25k.

Availability: Residents of Illinois, Iowa, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin.

Iowa-based Farmer Trust & Savings Bank’s (Farmers Bank) Free Kasasa Cash checking account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances above $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. Farmers Bank began offering Kasasa-brand products in October 2019 as part of its market area expansion.

3.00*%-$25kThe Farmers Bank (IA)Free Kasasa Cash
OTHER TIERS: 0.25% $25k+
Rates as of February 20, 2024.

The qualification cycle requirements include,

  • At least 12 debit card purchases.
  • At least one direct deposit, ACH credit, or ACH payment transaction.
  • Be enrolled in and agree to receive eStatements.

The Free Kasasa Cash checking account has no monthly service fee or minimum balance requirement, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 per statement cycle, if qualifications are met. There is a limit of one account per Social Security number.

Kasasa Saver Account

A Kasasa Saver account is offered as a companion account to the Free Kasasa Cash account, with earned cash checking rewards automatically transferred to the Kasasa Saver account every month. Like the Kasasa Cash Checking account, the Kasasa Saver requires a $100 minimum opening deposit. The Kasasa Saver account earns 1.00% APY on qualifying balances up to $25k; qualifying balances over $25k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.

1.00*%-$25kThe Farmers Bank (IA)Kasasa Saver
OTHER TIERS: 0.25% $25k+
Rates as of February 20, 2024.

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,

On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.

Ever wondered where the word “Kasasa” comes from? Its etymology is not Greek or Latin.

Put simply, we made it up.
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 Spencer, Iowa, Farmers Bank offers its Free Kasasa Cash checking account to U.S. citizens and resident aliens who live in Illinois, Iowa, Minnesota, Missouri, Nebraska, South Dakota, or Wisconsin.

Opening a Free Kasasa Cash and/or Kasasa Saver account can be done online.

While the lobby of Farmers Bank’s sole branch location in Spencer is temporarily closed to walk-ins, according to the COVID-19 Update page,

If you are unable to complete your business online, please feel free to contact us
at 800-249-3340 or 262-3340 to make an appointment with the appropriate staff.

Bank Overview

Farmers Bank has an overall health grade of "A" at, with a Texas Ratio of 1.75% (excellent) based on December 31, 2019 data. In the past year, Farmers Bank has increased its total non-brokered deposits by $12.21 million, an excellent annual growth rate of 3.62%. Please refer to our financial overview of Farmers Bank (FDIC Certificate # 12858) for more details.

Established in 1916, Farmers Bank is a community bank that has served the residents of Clay County in northwest Iowa for more than 100 years. Currently the 46th largest bank in Iowa, Farmers Trust & Savings Bank has assets in excess of $454 million.

How the Free Kasasa Cash Compares

Given that the Free Kasasa Cash account is available in multiple states, I’ve chosen to compare it to nationally available RCAs. When compared to the nationally available High Yield Rewards Checking Accounts tracked by with qualifying balances of at least $25k, Farmers Bank’s Free Kasasa Cash APY currently shares the top spot with The Bank of Denver’s Kasasa Cash Checking APY.

The above rates are accurate as of 6/25/2020.

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.

Related Pages: Sioux City savings accounts, savings accounts, reward checking accounts

  |     |   Comment #1
A nice rate not guaranteed and can drop like a brick anytime.But hey, I got an even better one for you at Kalsee Credit Union which is currently paying 4.25% APY Kasasa Cash up to $25.000. They also have a 3.00%APY offer up to 25K without any ACH/Direct Deposit needed. 
These offering are all over the country with the purpose to attract new depositors to a FI...but when they lower rates they will surely all fall together.If one holds 4 different accounts with 100k in total deposits they only have to make on average 48 debit transactions a month to qualify. Is that a lot of work? Yes it is...
  |     |   Comment #2
Wow, over 4% on $25k, how nice! Unfortunately i don't live anywhere near there. :(
  |     |   Comment #3
KALSEE Credit Union Kasasa Cash+: (4.25% APY, $25K):

At least 24 debit card purchases (twice the number required for Kasasa Cash account).
Direct deposit(s) totaling at least $1k per month.
Be enrolled in and agree to receive eStatements.
Be enrolled and log into It’s Me 247 online or mobile banking.

One account per social security number. One cannot fall back to Kasasa (3% APY, $25K) if 24 debit-card transactions are not met monthly but with more than 12 debit-card transactions per month.

Pros: good APY/limit (however, the + version was introduced in May 2019 and, as other RCAs, the APY/limit can change at any time; definitely no rate guarantee, either)

Cons: (1) 24 debit-card transactions per (4%, $25K) is way too much effort as a single account for $1000 interest per year - labor is equivalent to two typical (4%, $25K), 12 debit-card transactions, with $2000 interest, (2) $1K direct deposit is unusual and too high (typically $1 ACH per month will do), (3) small asset size ($191.5 MM), and (4) limited/restricted locality eligibility --

(FOM) is primarily residency-based, with individuals who live, work, or attend school in the Michigan counties of Allegan, Barry, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, or Van Buren eligible for membership.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.