The State Bank (MI) Has Nationally Available Kasasa Cash (2.50% APY)


Deal Summary: Kasasa Cash Checking, 2.50% APY on qualifying balances up to $50k, $25 minimum opening deposit.

Availability: Nationwide

Michigan-based The State Bank is offering a nationally available Kasasa Cash Checking, which earns 2.50% APY on qualifying balances up to $50k. Qualifying balances of $50k+ earn 0.15% APY, with non-qualifying balances earning 0.05% APY. The Kasasa Cash Checking account can be opened with a $25 minimum deposit.

1.00*%-$50kThe State Bank (MI)Kasasa Cash Checking
OTHER TIERS: 0.15% $50k+
Rates as of May 11, 2021.
Monthly Qualification Requirements
  • At least 12 debit card transaction
  • Sign up for and access Online Banking at least once
  • Sign up for and receive eStatements

The Kasasa Cash Checking account has no monthly maintenance fee or minimum balance requirement. The first five mobile deposits each month are free, with a 50¢ charge for each mobile deposit beyond the five. Nationwide ATM fees will be reimbursed up to $25 per month if the qualification requirements are met. There is a limit of one Kasasa Cash Checking account per Social Security number.

Kasasa Cash Checking Background

Kasasa Cash Checking is a high-yield reward checking account that’s powered by the company Kasasa, LTD. Reward checking has been around for more than 10 years, and they have been a good alternative to internet savings accounts. However, in the last year, reward checking has lost some of its luster as internet savings account rates have risen. It’s nice to see new nationally available reward checking accounts like this one from The State Bank. The 2.50% APY is a little low for reward checking, but the $50k balance cap is much higher than the caps of most other reward checking accounts.

Kasasa Saver

The companion Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.15% APY, with non-qualifying balances earning 0.05% APY. Interest earned in a Kasasa Cash Checking account is automatically transferred to the linked Kasasa Saver account within one day.

0.50*%-$100kThe State Bank (MI)Kasasa Saver
OTHER TIERS: 0.15% $100k+
Rates as of May 11, 2021.

Like the Kasasa Cash Checking account, the Kasasa Saver has no monthly maintenance fee or minimum balance requirement. The minimum opening deposit is $25.


Headquartered in Fenton, Michigan, The State Bank’s in-branch market area includes the Michigan counties of Genesee, Livingston, Saginaw, and Shiawassee. When I looked at the Bank’s online application, I thought the Kasasa Cash Checking account might be available to all Michigan residents. In a Live Chat, CSR stated “It is available nationwide to anyone.”

Opening a Kasasa Cash Checking account can be done online, or at any of 15 Michigan branches, located in Albee Township, Birch Run, Brighton, Chesaning, Fenton (3), Grand Blanc (2), Holly, Linden, Montrose, New Lothrop, Saginaw, and St. Charles.

Bank Overview

The State Bank has an overall health rating of "A" at, with a Texas Ratio of 0.99% (excellent), based on September 30, 2018 data. In the past year, The State Bank has increased its total non-brokered deposits by $111.78 million, an excellent annual growth rate of 18.48%. 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) became the holding company for the Bank, which re-branded as The State Bank. With assets in excess of $910 million, The State Bank is currently Michigan’s 14th largest bank.

How the Kasasa Cash Checking Compares

When compared to the High Yield Reward Checking Accounts tracked by, which are available nationwide and have maximum qualifying balances of at least $50k, The State Bank’s Kasasa Cash Checking APY currently ranks second.

The above rates are accurate as of 12/28/2018.

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.

Related Pages: Detroit checking accounts, Flint checking accounts, reward checking accounts, nationwide deals


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