First Security Kasasa Cash (2.51% APY) Available Nationwide
First Security Bank & Trust’s (First Security) Kasasa Cash account earns 2.51% APY on qualifying balances up to $50k. Qualifying balances greater than $50k earn 0.20% APY, with non-qualifying balances earning 0.05% APY.
The Kasasa Cash account was unveiled more than four years ago, with a decidedly low 1.05% APY. The rate was increased to 2.51% APY in August 2018. The Kasasa Cash account is First Security’s second foray into rewards checking. The first account, Reward Checking, was added to the product line in 2009 and was initially offered nationwide. Within a year, the availability was reduced to Iowa and Minnesota. By early 2012, the Reward Checking account was no longer being offered.
Qualification Requirements
- At least 18 monthly debit card purchases.
- At least one automatic credit (ACH) per month.
- Enrolled in and agree to receive eStatements.
- Maintain a valid email address.*
*This is the first time I’ve seen the following warning:
In the event the e-mail address you provided us becomes invalid or you no longer maintain an e-mail address, we reserve the right to convert your account to an Interest Checking account and there will be a monthly fee associated with the Interest Checking account.
Ironically, the Interest Checking earns no interest. The monthly fee referred to is a $6 minimum balance fee that will be waived with a $1k balance.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. Nationwide ATM fees will be reimbursed up to $25 each month, if qualifications are met. There is a limit of two accounts (yes, two) per Social Security number. If the Kasasa Cash account is closed within 180 days of opening, there is $30 early closing fee.
Kasasa Saver
While not having the most competitive APY (1.31%), the Kasasa Saver has a surprising qualifying balance cap: $50k. Qualifying balances over $50k earn 0.45% APY, with non-qualifying balances earning 0.05% APY.
A Kasasa Cash account is required to open a Kasasa Saver account. The Kasasa Saver account has no minimum balance requirement or monthly service fee. Like the Kasasa Cash account, the Kasasa Saver account requires a minimum $100 opening deposit. Kasasa Cash interest earnings are automatically deposited into the Kasasa Saver account within one day of being credited.
Other Kasasa Products
The Kasasa Cash Back account earns 1.5% cash back on debit card purchases that post and settle during the qualification cycle up to $6 per month. The qualifications are the same as for the Kasasa Cash account, except it requires 15 monthly debit card purchases.
The Kasasa Tunes account earns up to $8.95 per month in iTunes, Amazon, or Google Play refunds. The qualifications are the same as for the Kasasa Cash account, except it requires 15 monthly debit card purchases.
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 Charles City, Iowa, First Security Bank & Trust’s physical market area includes eight north central Iowa counties, but its Kasasa Cash and Kasasa Saver accounts are available nationwide through the Bank's online application. Only U.S. citizens, 18 years or older, may apply online.
Opening a Kasasa Cash/Kasasa Saver account can be done online or at any of the 13 full-service Iowa branches located in Aredale, Charles City, Dumont, Hampton, Ionia, Manly, Marble Rock, Nora Springs, Riceville, Rockford, Rockwell, Rudd, and Thornton.
CSR mentioned the online application seems to have an intermittent quirk: some applicants have reported that the only state the application will accept from the drop-down menu is Iowa. She suggested completing the application, but calling the Bank (800.272.0159) before submitting the application.
Bank Overview
First Security Bank & Trust has an overall heath grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.40% (excellent) based on June 30, 2019 data. In the past year, First Security has increased its total non-brokered deposits by $5.34 million, an above average annual growth rate of 1.36%. Please refer to our financial overview of First Security Bank & Trust (FDIC Certificate # 1852) for more details.
Founded in 1903, the original Security Trust and Savings Bank (STSB) opened its doors with $50k in capital and deposits of almost $25,500. In 1929, STSB and the First National Bank of Charles City consolidated to form First Security Bank & Trust. In the late 1940s, ownership of the Bank passed from the Ellis family to four local business men. First Security is still owned and managed by their heirs. Between 1987 and 2015, First Security acquired five Iowa banks, expanding the market area to eight north central Iowa counties.
How the Kasasa Cash Compares
As you can imagine, there aren’t many rewards checking accounts that have maximum qualifying balances of at least $50k. In fact, there are only five, so the comparison pool is quite small. When compared to the five High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $50k, First Security Bank & Trust’s Kasasa Cash APY currently ranks second.
The above rates are accurate as of 9/13/2019.
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.
