Tennessee-based Wayne County Bank’s (WCB) Kasasa Cash currently earns 3.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
Although DepositAccounts.com has been tracking the Kasasa Cash account for only a short time, WCB has been offering the Kasasa Cash account for at least two years. The 3.00% APY has been in effect since the account was unveiled.
The Kasasa Cash monthly qualification requirements include,
- At least 12 debit card purchases (minimum $2 each)
- At least one direct deposit, ACH credit, or ACH payment transaction
- Be enrolled in and receive e-Statements
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed (no maximum monthly aggregate total), if qualifications are met. There is a limit of one account per taxpayer identification number and the account may not be used for commercial purposes. If the account is closed, any rewards that have not been credited to the account will be forfeited.
Surprisingly, Wayne County Bank does not offer a Kasasa Saver account. Not surprisingly, CSR had no information about the lack of a Kasasa Saver or the possibility of one being added to the product line in the near future.
Kasasa Cash Back
Wayne County Bank’s Kasasa Cash Back account earns 3.00% cash back on debit card purchases, limited to the first $250 of monthly purchases. If you are planning on maintaining a balance under $3,000, 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 $90 ($7.50 per month).
The Kasasa Brand
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.
Headquartered in Waynesboro, Tennessee, Wayne County Bank’s Kasasa Cash and Kasasa Cash Back checking accounts are available to all U.S. citizens and resident aliens, with a valid Social Security or Tax Identification number, who live in Tennessee or in the northwestern Alabama counties of Colbert or Lauderdale.
Opening a Kasasa Cash or Kasasa Cash Bank account can be done online. Wayne County Bank's six Tennessee branch locations, located in Clifton, Collinwood, Hohenwald, and Waynesboro (3), are open to walk-in traffic. There is no mention of limited hours or appointment-only visits on the Bank’s website.
Wayne County Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 21.34% (above average) based on September 30, 2020 data. In the past year, Wayne County Bank has increased its total non-brokered deposits by $32.31 million, an excellent annual growth rate of 14.02%. Please refer to our financial overview of Wayne County Bank (FDIC Certificate # 9168) for more details.
Wayne County Bank was established in 1914, with capital of $15k (the equivalent of approximately $390k today). Like many small-town bank, the story of WCB is the story of a dedicated individual who was the driving force behind the bank. Until his death in 1962, James L. Morrow was the bank’s cashier for 48 years and was simply known as Mr. Jim to all WCB’s customers. Currently the 61st largest bank headquartered in Tennessee, Wayne County Bank has assets in excess of $344 million.
The following anecdote from WCB’s website made me smile.
The Wayne County Bank weathered the Great Depression of the 30’s and emerged in
good shape. One depositor during the Depression came by the bank every day or two
and demanded the teller to get his deposit out and count it; then he would be satisfied.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to Tennessee residents and have maximum qualifying balances of at least $15k, Wayne County Bank’s Kansas Cash APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|3.30% APY||Vertical Checking ($20k max)||Evansville Teacher Federal Credit Union|
|3.01% APY||VIP Checking Platinum Tier ($15k max)||Market USA Federal Credit Union|
|3.00% APY||Kansas Cash ($15k max)||Wayne County Bank|
The above rates are accurate as of 1/4/2021.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.