First National Bank Has Rate Leading Kasasa Cash Checking Account

POSTED ON BY

UPDATE: 1/21/2021 - Kasasa products are not available nationwide.

Deal Summary: Kasasa Cash, 3.00% APY on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $50k.

Availability: Nationwide Alabama

Alabama-based First National Bank (FNB) recently added the Kasasa brand to its product line. The Kasasa Cash 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$25kFirst National Bank of HartfordFree Kasasa Cash Checking
OTHER TIERS: 0.25% $25k+
Rates as of May 15, 2021.

The Kasasa Cash monthly qualification requirements include,

  • At least 12 debit card purchases
  • At least one ACH credit or ACH payment transaction
  • Be enrolled in and log into online banking

The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. If qualifications are met, unlimited nationwide ATM fees will be reimbursed up to a $20 monthly aggregate. A free MasterCard® debit card will be issued following account opening. There is a limit of one Kasasa Cash account per individual. Kasasa Cash and Kasasa Cash Back accounts are required to have a linked Kasasa Saver account.

Kasasa Saver

The Kasasa Saver earns 1.00% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.30% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$50kFirst National Bank of HartfordFree Kasasa Saver
OTHER TIERS: 0.25% $50k+
Rates as of May 15, 2021.

Earned rewards from a Kasasa Cash/Kasasa Cash Back account are automatically transferred to the Kasasa Saver each month. The Kasasa Saver has no monthly maintenance fee or minimum balance requirement, but does require a $50 minimum opening deposit. There is a limit of one Kasasa Saver account per Social Security number.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash (3.00% APY/$25k) and the Kasasa Saver (1.00% APY/$50k) is approximately $1,250 (1.67% APY/$75k).

Kasasa Cash Back

The Kasasa Cash Back account offered by FNB earns 3.00% cash back on debit card purchases, limited to the first $300 of monthly purchases. If you are planning on maintaining a balance under $3,600, 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 $108 ($9 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

Headquartered in Hartford, Alabama, First National Bank’s primary market area includes Coffee, Dale, and Geneva Counties in southeast Alabama.

According to CSR, FNB’s Kasasa Cash, Kasasa Cash Back, and Kasasa Saver accounts can be opened by any U.S. citizens/resident aliens who have a valid Social Security number, regardless of where they live.

UPDATE: As of 1/21/2021, FNB is not accepting depositors who live outside of Alabama.

While there is an Apply Now button, it lands on a Contact Me form, which collects basic personal information.

Please fill out the fields in the form to the right. One of our representatives will contact you within one business day to complete the process.

As I mentioned earlier this week in the Select Bank blog post, the nationwide eligibility is based on what the CSRs say today; tomorrow it could be a different story. FNB is a small bank (assets of $126+ million) and smaller banks have been known to change nationwide availability if demand for a product exceeds expectations or capabilities. Caveat emptor.

Opening a Kasasa account can also be done at any of the three Alabama branch locations, located in Enterprise, Hartford, and Slocumb. There is no mention of any branch lobby COVID-related restrictions.

Bank Overview

First National Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.65% (excellent) based on September 30, 2020 data. In the past year, FNB has increased its total non-brokered deposits by $5.16 million, an excellent annual growth rate of 5.1%. Please refer to our financial overview of First National Bank (FDIC Certificate # 2804) for more details.

Established in 1905 as The First National Bank of Hartford, First National Bank is a community bank serving southeast Alabama. With assets in excess of $126 million, First National Bank is currently the 75the largest bank headquartered in Alabama.

How the Kasasa Cash Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to Alabama residents and have maximum qualifying balances of at least $25k, First National Bank’s Kasasa Cash APY currently ranks second.

The above rates are accurate as of 1/21/2021.

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.

Related Pages: Dothan checking accounts, reward checking accounts, nationwide deals

Comments
niniss
  |     |   Comment #1
Looks like have to open in branch. What a bummer.
stephen0526
  |     |   Comment #2
I thought this offer was for NATIONWIDE availability but it asks which branch in Alabama did you want to complete the application. Is there a way to bypass this and complete application online?
stephen0526
  |     |   Comment #3
I thought this offer was for Nationwide availability but it asks which branch in Alabama did you want to complete application process. Is there a way to bypass this and complete online?
tightwad
  |     |   Comment #4
I didn't complete the entire application but for the part I did it seemed that they would call to complete over the phone. Does it change at the end?
alan1
  |     |   Comment #5
I don't know about this particular bank. However, in my experience, it is not uncommon for online applications to require you to select a particular branch.

That does not necessarily mean that the account has to be opened at a branch. If going to a branch is inconvenient, I would suggest completing the application by selecting a branch, a contact method and a contact time. As tightwad noted in Comment #4, they may contact you to complete the process of opening an account.
niniss
  |     |   Comment #6
Yeah that's what I did, selected 1 of them even though none of them are any closer. But nothing happened after the application. Not even an email confirmation.
niniss
  |     |   Comment #10
I just received an email from them stating only open to Georgia, Alabama, and Florida residents.
gregk
  |     |   Comment #7
Did anyone think of calling the Bank to ask about this issue?
alan1
  |     |   Comment #8
Here's something I did not see earlier. (My vision problems continue to worsen.) The light typeface to the left of the form states:

"Please fill out the fields in the form to the right. One of our representatives will contact you within one business day to complete the process."
https://www.fnbhartford.com/applications/application.html?page=240499&type=page&id=240499

As to gregk's question (Comment #7), I don't know what "anyone" thinks. Perhaps anyone looked at the bank's website and noticed that all branches are closed for the entirety of the 3-day weekend.
weiss800
  |     |   Comment #9
Just spoke to CSR ... NOT AVAILABLE NATIONWIDE, only three states in South, Alabama and 2 others contiguous to.

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.