Volunteer State Bank Kasasa Cash APY Remains Constant For 5 Years
Volunteer State Bank (VSB) added the Kasasa brand to its product line more than five years ago. The Kasasa Cash’s initial 2.25% APY on qualify balances up to $15k has been in effect since the account debuted in 2015. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.50*% | - | $15k | Volunteer State Bank | Kasasa Cash | |
| OTHER TIERS: 0.05% → $15k+ | |||||
The monthly qualification requirements include,
- At least 12 debit card purchases
- At least one direct deposit, ACH debit transaction
- Be enrolled in and agree to receive eStatements
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. (If opened online, the maximum deposit allowed is $300.) Unlimited check writing is available and a free Mastercard® debit card will be issued following account opening. Unlimited nationwide ATM fees will automatically be reimbursed (up to $9.99 maximum per transaction), if qualification requirements are met. ATM receipt must be presented for reimbursement of an individual ATM fee of $10.00 or higher. VSB belongs to the SUM® ATM Network, which offers thousands of ATMs across the country. There is a limit of one Kasasa Cash account per Social Security number.
Kasasa Saver
The Kasasa Saver has maintained its initial 1.00% APY and $50k qualifying balance cap for more than five years. Qualifying balances over $50k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.50*% | - | $50k | Volunteer State Bank | Kasasa Saver | |
| OTHER TIERS: 0.05% → $50k+ | |||||
Kasasa Cash/Kasasa Cash Bank earned rewards are automatically transferred to the linked Kasasa Saver account. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $100 minimum opening deposit. The $300 maximum online opening deposit also applies to a new Kasasa Saver account.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (2.25% APY/$15k) and the Kasasa Saver (1.00% APY/$50k) is approximately $837 (1.288% APY/$65k).
Kasasa Cash Back
VSB’s Kasasa Cash Back account earns 3.00% cash back on check card purchases, limited to the first $300 in monthly debit card purchases. If you are planning on maintaining a balance under $4,800, 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 Portland, Tennessee, Volunteer State Bank has a market area that is made up of 17 central Tennessee counties: Bedfor, Cannon, Cheatham, Coffee, Davidson, Dickson, Hickman, Macon, Marshall, Maury, Montgomery, Robertson, Rutherford, Sumner, Trousdale, Williamson, and Wilson.
Opening a Kasasa Cash, Kasasa Cash Back and/or Kasasa Saver account(s) can be done online, or at any of 11 Tennessee branches located in Brentwood, Gallatin (2), Goodlettsville, Hendersonville (2), Murfreesboro, Orlinda, Portland, Springfield, and White House.
Volunteer State Bank will provide drive-thru service only at all locations beginning Tuesday, December 8, 2020. Lobby access will be by appointment only.
Simply call your local branch office to schedule an appointment. A list of locations and phone numbers can be found at www.volstatebank.com/about-us/locations-hours.html.
Bank Overview
Volunteer State Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.15% (excellent) based on September 30, 2020 data. In the past year, VSB has increased its total non-brokered deposits by $141.92 million, an excellent annual growth rate of 24.74%. Please refer to our financial overview of Volunteer State Bank (FDIC Certificate # 22451) for more details.
After five years of planning and organizing, the Bank of Portland opened its doors in 1977. The Volunteer State Bank rebrand occurred in 1982, with two Tennessee banks (Bank of Henderson and Bank of Orlinda) acquired in the next four years. Volunteer State Bank is currently the 29th largest bank headquartered in Tennessee, with assets in excess of $864 million and nearly 27,000 customer accounts.
How the Kasasa Cash Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available in the market area and have maximum qualifying balances of at least $15k, Volunteer State Bank’s Kasasa Cash APY currently ranks fifth.
The above rates are accurate as of 1/4/2021.
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.