TriStar Bank (TN) Free Kasasa Cash Offered Statewide
In August 2017, TriStar Bank added a Free Kasasa Cash checking account to its product line that earned 2.25% APY on qualifying balances up to $25k. That initial rate and balance cap are still in effect today. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The monthly qualification requirements include,
- At least 12 debit card purchases.
- At least one direct deposit or ACH payment transaction.
- Be enrolled in and agree to receive e-Delivery (online statements).
The Free Kasasa Cash account has no minimum balance requirement or monthly service fee, and requires a $100 minimum opening deposit. According to the Free Kasasa Cash landing page, “There is a maximum opening deposit of $300 for accounts opened online.” Unlimited nationwide ATM fees will be reimbursed up to $20 (maximum $4.99 per single transaction), if qualifications are met. ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher. Unlimited check writing is available and a free Mastercard® debit card is issued when the account is opened. There is a limit of one account per Social Security number. If the account is closed within 90 days of opening, there is a $25 early closure fee.
Kasasa Saver Account
A Free Kasasa Saver account is offered as a companion account to the Free Kasasa Cash checking account and requires a $50 minimum opening deposit. Each month, earned cash checking rewards automatically sweep to this account. The Free Kasasa Saver account currently earns 0.75% APY on all qualifying balances up to $50k. Qualifying balances above $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
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,
On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.
Ever wondered what the word “Kasasa” means? It’s not Greek. It’s not Latin.
Put simply, we made it up.
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.
Headquartered in Dickson, Tennessee, TriStar Bank has a physical presence in Dickson, Maury, and Williamson Counties but, according to its online application, offers its Kasasa brand product line to all Tennessee residents.
Opening a Free Kasasa Cash checking account and/or a Free Kasasa Saver account can be done online, or at any of five Tennessee branches located in Charlotte, Columbia, Dickson (2), and Spring Hill. (There is no mention of any COVID-19 restrictions mentioned on TriStar's website.)
TriStar Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.08% (excellent) based on December 31, 2019 data. In the past year, TriStar has increased its total non-brokered deposits by $7.94 million, an excellent annual growth rate of 3.05%. Please refer to our financial overview of TriStar Bank (FDIC Certificate # 35417) for more details.
TriStar Bank is a relatively young bank, having been established in 2000. In only 67 days, the TriStar’s organizers sold $7.5 million in TriStar Bank stock. When its doors opened for business, it was the first new bank to be chartered in Dickson County in nearly 50 years. TriStar declared its first dividend in 2003 and experienced a 20% growth rate that year. TriStar is currently the 62nd largest bank in Tennessee, with more than $308 million in assets. According to a September 2019 press release,
TriStar Bank, a locally owned community bank, was just named among the top extraordinary banks in the United States by The Institute for Extraordinary Banking™.
TriStar Bank was recognized with the Institute’s Banky™ Award for its commitment to strong community banking. This recognition is given to top community banks across the country to help people find the best banks in their communities.
How the Free Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to Tennessee residents of with qualifying balances of at least $25k, TriStar Bank’s Free Kasasa Cash APY* currently ranks second.
The above rates are accurate as of 6/29/2020.
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.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.