Washington State Bank (LA) More Than Doubles Kasasa Cash Rate
Washington State Bank (WSB) began offering Kasasa brand products about four years ago. WSB recently more than doubled the rate on the Free Kasasa Cash account to 5.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 1.00% APY, with all non-qualifying balances still earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 5.00*% | $0 | $25k | Washington State Bank (LA) | Free Kasasa Cash Checking | |
| OTHER TIERS: 1.00% → $25k+ | |||||
The monthly qualifying requirements do not include a direct deposit.
- Have at least 12 debit card purchases
- Be enrolled in and log into online banking
- Be enrolled in and agree to receive e-Statements
The Free Kasasa Cash has no monthly service fee, minimum balance requirement, or minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed monthly up to an aggregate total of $25 if qualifying requirements are met, with individual ATM fees of $5 or higher requiring a receipt for reimbursement. There is a limit of one account per Social Security number.
Free Kasasa Saver Account
The WSB Free Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.00*% | $0 | $25k | Washington State Bank (LA) | Free Kasasa Saver | |
| OTHER TIERS: 1.24% → $25k+ | |||||
The Free Kasasa Saver account is a companion account to the Free Kasasa Cash account and does not have a minimum opening deposit requirement. Earned interest on the Free Kasasa Cash account is automatically transferred to the Free Kasasa Saver account each month. There are no recurring monthly maintenance charges or fees to open or close the Free Kasasa Saver account.
Annual Earnings of Combined Free Kasasa Cash/Saver Accounts
The maximum potential combined annual earnings of the Free Kasasa Checking (5.00% APY/$15k) and the Kasasa Saver (1.00% APY/$25k) is approximately $1,000 (2.50% APY/$40k).
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 Cash offers a high annual percentage yield (the amount of money you get back in interest, in other words). If you want some extra cash every month to make life a little easier, to treat yourself to something special, or just watch your account balance grow, this is the account for you.
When you spend money with your credit or debit card, it benefits the provider. They make money with every swipe. Why shouldn’t you get a piece of that for choosing to use your bank or credit union’s debit card? It helps them, and it helps you.
Ever wondered where the word “Kasasa” comes from? Its etymology is not Latin, Greek, or Klingon.
We made it up over a decade ago to achieve our mission of helping community financial institutions — think small banks and credit unions — offer world-class products and services to compete with megabanks. We came up with Kasasa because it’s a unique and original word into which we have been able to infuse our own meaning. It works as both a noun and a verb. It’s catchy and fun to say. It’s completely unrelated to any other banking term, letting us break through the clutter.
Availability and Account Opening
Headquartered in Washington, Louisiana, Washington State Bank offers its Kasasa brand products to U.S. citizens and resident aliens who live in Acadia, Avoyelles, Evangeline, Iberia, Lafayette, Saint Landry, or Saint Martin Parishes.
Opening a Free Kasasa Cash/Kasasa Saver account can be done online or at any of seven Louisiana branches located in Arnaudville, Eunice, Lafayette, Leonville, Opelousas, Palmetto, and Washington.
Bank Overview
Washington State Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 14.92% (above average) based on June 30, 2022 data. In the past year, WSB has increased its total non-brokered deposits by $12.08 million, an excellent annual growth rate of 4.66%. Please refer to our financial overview of Washington State Bank (FDIC Certificate # 9326) for more details.
Founded in 1893, Washington State Bank is the oldest state-chartered bank in St. Landry Parish, and the second oldest state-chartered bank in Louisiana. At that time, Washington was a small but important town, serving as the hub for trade in the Parish. WSB has remained an independent, locally-owned community bank through its 130 years of operation. Currently the 58th largest bank in Louisiana, Washington State Bank has assets in excess of $293 million.
How the Free Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the market area and have maximum qualifying balances of at least $15k, Washington State Bank’s Free Kasasa Cash APY currently ranks first.
The above rates are accurate as of 1/3/2023.
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.
