High-Yield Reward Checking & Savings Accounts at TransPecos Banks - Available in Texas


10/17/2011: The rate and balance cap have fallen.

TransPecos Banks is offering a high-yield reward checking account and a companion savings account under the Kasasa brand. The checking account is called Kasasa Cash, and it has the following rates and features if certain monthly requirements are met (as of 11/04/2011):

  • 2.50% APY on balances up to $10,000
  • 1.01% APY on portion of balance over $10,000
  • 0.05% base rate if requirements are not met
  • Unlimited ATM fee refunds nationwide

Monthly requirements include:

  • 10 signature-based debit card purchases
  • one direct deposit, ACH auto debit or bill payment
  • Access online banking
  • Receive an eStatement

Other features of this account include:

  • Minimum $1 initial deposit
  • No minimum balance
  • No monthly fees
  • Free online bill pay

If you meet the Kasasa Cash monthly requirements, you can also qualify to receive the top rate on the companion savings account called Kasasa Saver. These rates include (as of 11/4/2011):

  • 1.01% APY on balances up to $249,998
  • 1.01% APY on amount over $249,998
  • 0.05% base rate if requirements are not met

Just like the checking account, there are no monthly fees and no minimum balance requirement.

Both of these accounts can be opened online. The application link at the bank's website points to Kasasa.com. At Kasasa.com, this bank appears to show up for all Texas zip codes (as of 11/04/2011). However, it does not show up for zip codes outside of Texas.

Branches are located in West Texas.

The bank's ratings for safety and soundness are above average: 4 stars (sound) at Bankrate.com, 3 stars (adequate) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our Transpeco Banks rates and reviews page). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 1934 (FDIC Certificate # 11178).

Other High-Yield Reward Checking & Savings Accounts

The nice thing about this Kasasa Saver account is that its balance cap is large. For those with large savings, you can keep close to $250K in the Saver account and earn more than you would earn in any internet savings account. Of course you would have to make sure you meet the monthly reward checking requirements. Otherwise, you'll earn practically no interest on both the checking and savings account.

Another nice thing about these accounts is that anyone in Texas can currently open the accounts online via Kasasa.com. It should be noted that it's a small bank with only $139 million in deposits as of 3/31/10. So I wouldn't be surprised to see the bank narrow the applicant range sometime in the future.

Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.

Rate History:
10/17/2011: KC: 2.50% apy up to $10K; 1.01% over; 0.05% base | KS: 1.01% apy all balances; 0.05% base
06/22/2010: KC: 3.33% apy up to $25K; 1.33% over; 0.05% base | KS: 1.75% apy up to $250K; 1.15% over; 0.05% base

Related Pages: checking account, TransPecos Banks, Odessa, Beaumont


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