Libertyville Savings Bank Offers Kasasa Products In SE Iowa
It’s only been a few months since Libertyville Savings Bank (LSB) began offering Kasasa brand products. The Kasasa Cash’s initial 3.00% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.50% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.00*% | - | $25k | The Libertyville Savings Bank | Kasasa Cash | |
| OTHER TIERS: 0.50% → $25k+ | |||||
The monthly qualification requirements are quite basic and do not include a direct deposit or ACH transaction.
- At least 12 PIN or signature-based debit card purchases
- Be enrolled in and receive e-Statements.
- 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. Unlimited check writing is available and a free debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per month (maximum $4.99 per individual transaction), if qualification requirements are met. An ATM receipt must be presented for reimbursements of individual ATM fees of $5.00 or higher. There is a limit of one Kasasa Cash account per Social Security number. A Kasasa Cash/Kasasa Cash Back account is required to have a linked Kasasa Saver account.
Kasasa Saver
The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.50% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.00*% | - | $25k | The Libertyville Savings Bank | Kasasa Saver | |
| OTHER TIERS: 0.50% → $25k+ | |||||
Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires $100 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/$25k) is approximately $1,000 (2.00% APY/$50k).
The Kasasa Saver’s second rate-tier (0.50% APY) is competitive when compared to current online savings account rates. This results in competitive combined annual earnings for larger balances. For a $100k balance, the potential combined annual earnings of the Kasasa Cash (3.00% APY/$25k) and the Kasasa Saver (1.00% APY/$25k + 0.50% APY/$50k) is approximately $1,250 (1.25% APY/$100k).
Kasasa Cash Back
LSB offers a Kasasa Cash Back account that earns 3.00% cash back on debit card purchases, limited to the first $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $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 Fairfield, Iowa, Libertyville Savings Bank’s market area includes much of southeast Iowa. According to CSR, any Iowa resident who lives within a 60-mile radius of a branch location can open a Kasasa brand product.
While LSB does not have a Kasasa online application, it does have a “Let’s Get Started” page to begin the application process. Following the submission of the form, an LSB representative will make contact to complete an account application.
Opening a Kasasa Cash, Kasasa Cash Back, or Kasasa Saver account can be done at any of six Iowa branches located in Doud, Eldon, Fairfield, Keosauqua, Keota, and Libertyville. There is no mention of any COVID-related branch restrictions (hours, appointments, etc.) on LSB’s website.
Bank Overview
Libertyville Savings Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.91% (excellent) based on December 31, 2020 data. In the past year, LSB has increased its total non-brokered deposits by $49.36 million, an excellent annual growth rate of 18.94%. Please refer to our financial overview of Libertyville Savings Bank (FDIC Certificate # 13712) for more details.
Libertyville Savings Bank was established in 1901 with $10k in capital, which was raised through the sale of 100 shares of stock offered at $100 per share. LSB is a self-styled small community bank that increased its size by 50% following the 2015 acquisition of Farmers Savings Bank in Keota. Currently the 63rd largest bank headquartered in Iowa, Libertyville Savings Bank has assets of nearly $400 million.
How the Kasasa Cash Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the market area and have maximum qualifying balances of at least $25k, Liberty Savings Bank’s Kasasa Cash APY currently ranks first.
The above information and rates are accurate as of 3/5/2021.
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.