The State Bank (MI) Offers Rewards Checking/Savings Statewide
The State Bank's Kasasa Cash Checking currently earns 1.00% APY on qualifying balances up to $50k. Qualifying balances above $50k earn 0.15% APY, with non-qualifying balances earning 0.05% APY.
The State Bank added the Kasasa brand to its product line in late 2018, with the Kasasa Cash initially earning 2.50% APY on qualifying balances up to $50k. That rate lasted until April 2020, when it dropped to the current 1.00% APY.
The monthly qualifying requirements are standard and do not include a direct deposit or ACH transaction.
- At least 12 debit card transaction
- Sign up for and access Online Banking at least once per statement cycle
- Sign up for and receive eStatements
The Kasasa Cash Checking account has no monthly service fee or minimum balance requirement, and can be opened with a $25 minimum deposit. Unlimited check writing is available and a free debit card will be issued following account opening. Nationwide ATM fees will be reimbursed up to $25 per month, if the qualifying requirements are met. There is a limit of one account per Social Security number. A Kasasa Cash Checking account is required to have a linked Kasasa Saver account.
Kasasa Saver
Kasasa Saver qualifying balances currently earn 0.50% APY up to $100k, with qualifying balances over $100k earning 0.15%; non-qualifying balances earn 0.05% APY. Kasasa Cash Checking/Kasasa Cash Back earned rewards are automatically transferred each month to a linked Kasasa Saver account.
Like the Kasasa Cash Checking, the Kasasa Saver has no monthly service, no minimum balance requirement, and can be opened with a $25 minimum deposit. There is a limit of one Kasasa Saver account per Social Security number and a Kasasa Saver may not be used a commercial account.
As stated on the Personal Savings page,
During any month you may not make more than 6 withdrawals or transfers to another account of yours or to a third party by means of a pre authorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to their party. There is no limit to the number of transfers or withdrawals from your Kasasa Saver for Cash Back account to repay loans at our institution or are made in person, by mail, by messenger or at an ATM.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash Checking (1.00% APY/$50k) and the Kasasa Saver (0.50% APY/$100k) is approximately $1,000 (0.66% APY/$150k). If a $50k balance is maintained in the Kasasa Saver, the combined annual earnings is approximately $750 (0.75% APY/$100k).
Kasasa Cash Back
The State Bank Kasasa Cash Back account earns 4.00% cash back on the first $250 in monthly debit card purchases. If you are planning on maintaining a balance of less than $12,000, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $120 ($10 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 Fenton, Michigan, The State Bank has a brick-and-mortar presence in the Michigan counties of Genesee, Livingston, Oakland, Saginaw, and Shiawassee. According to the Bank’s online application, Michigan residents who are U.S. citizens/resident aliens, 18 years or older, are eligible to open a Kasasa branch product online. (FYI – when I wrote about The State Bank’s Kasasa brand products in 2018, I was told by CSR that the availability was nationwide.)
Opening a Kasasa Cash Checking, Kasasa Cash Back, and/or Kasasa Saver account(s) can be done online or in-branch. The State Bank has 17 Michigan branches, located in Birch Run, Brighton, Burt, Chesaning, Farmington Hills, Fenton (3), Grand Blanc (2), Holly, Linden, Montrose, New Lothrop, Saginaw (2), and St. Charles. The majority of the branches lobbies are open to walk-in traffic, but the Brighton branch is open by appointment only and the Grand Blanc South and Burt branches are temporarily closed.
Bank Overview
The State Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 5.90% (excellent), based on December 31, 2020 data. In the past year, The State Bank has increased its total non-brokered deposits by $217.08 million, an excellent annual growth rate of 25.92%. Please refer to our financial overview of The State Bank (FDIC Certificate # 11406) for more details.
In 1898, long-time local banker, H.B. Latourette, established the Commercial Savings Bank of Fenton. For the next 90 years, the Bank built a “foundation of trust” in the community. In 1988, Fentura Financial (a financial services company now known as The State Wealth Advisors) became the holding company for the Bank, which re-branded as The State Bank. Currently the 13th largest bank headquartered in Michigan, The State Bank has assets in excess of $1.2 billion and nearly 38,000 customer accounts.
How the Kasasa Cash Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to residents of Michigan and have maximum qualifying balances of at least $50k, The State Bank’s Kasasa Cash Checking APY currently ranks third.
The above information and rates are accurate as of 5/14/2021.
Looking to open a Reward Checking Account? Please refer to our High Yield Reward Checking Account Rates Table page for both nationwide and state-specific accounts.
