Farmers Bank Offers Top-Rate Kasasa Cash In 7 States
Iowa-based Farmer Trust & Savings Bank’s (Farmers Bank) Free Kasasa Cash checking account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances above $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. Farmers Bank began offering Kasasa-brand products in October 2019 as part of its market area expansion.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.00*% | - | $25k | The Farmers Bank (IA) | Free Kasasa Cash | |
| OTHER TIERS: 0.25% → $25k+ | |||||
The qualification cycle requirements include,
- At least 12 debit card purchases.
- At least one direct deposit, ACH credit, or ACH payment transaction.
- Be enrolled in and agree to receive eStatements.
The Free Kasasa Cash checking account has no monthly service fee or minimum balance requirement, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 per statement cycle, if qualifications are met. There is a limit of one account per Social Security number.
Kasasa Saver Account
A Kasasa Saver account is offered as a companion account to the Free Kasasa Cash account, with earned cash checking rewards automatically transferred to the Kasasa Saver account every month. Like the Kasasa Cash Checking account, the Kasasa Saver requires a $100 minimum opening deposit. The Kasasa Saver account 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 |
|---|---|---|---|---|---|
| 1.00*% | - | $25k | The Farmers Bank (IA) | Kasasa Saver | |
| OTHER TIERS: 0.25% → $25k+ | |||||
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 where the word “Kasasa” comes from? Its etymology is not Greek or 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.
Availability
Headquartered in Spencer, Iowa, Farmers Bank offers its Free Kasasa Cash checking account to U.S. citizens and resident aliens who live in Illinois, Iowa, Minnesota, Missouri, Nebraska, South Dakota, or Wisconsin.
Opening a Free Kasasa Cash and/or Kasasa Saver account can be done online.
While the lobby of Farmers Bank’s sole branch location in Spencer is temporarily closed to walk-ins, according to the COVID-19 Update page,
If you are unable to complete your business online, please feel free to contact us
at 800-249-3340 or 262-3340 to make an appointment with the appropriate staff.
Bank Overview
Farmers Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.75% (excellent) based on December 31, 2019 data. In the past year, Farmers Bank has increased its total non-brokered deposits by $12.21 million, an excellent annual growth rate of 3.62%. Please refer to our financial overview of Farmers Bank (FDIC Certificate # 12858) for more details.
Established in 1916, Farmers Bank is a community bank that has served the residents of Clay County in northwest Iowa for more than 100 years. Currently the 46th largest bank in Iowa, Farmers Trust & Savings Bank has assets in excess of $454 million.
How the Free Kasasa Cash Compares
Given that the Free Kasasa Cash account is available in multiple states, I’ve chosen to compare it to nationally available RCAs. When compared to the nationally available High Yield Rewards Checking Accounts tracked by DepositAccounts.com with qualifying balances of at least $25k, Farmers Bank’s Free Kasasa Cash APY currently shares the top spot with The Bank of Denver’s Kasasa Cash Checking APY.
The above rates are accurate as of 6/25/2020.
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.
These offering are all over the country with the purpose to attract new depositors to a FI...but when they lower rates they will surely all fall together.If one holds 4 different accounts with 100k in total deposits they only have to make on average 48 debit transactions a month to qualify. Is that a lot of work? Yes it is...
At least 24 debit card purchases (twice the number required for Kasasa Cash account).
Direct deposit(s) totaling at least $1k per month.
Be enrolled in and agree to receive eStatements.
Be enrolled and log into It’s Me 247 online or mobile banking.
One account per social security number. One cannot fall back to Kasasa (3% APY, $25K) if 24 debit-card transactions are not met monthly but with more than 12 debit-card transactions per month.
Pros: good APY/limit (however, the + version was introduced in May 2019 and, as other RCAs, the APY/limit can change at any time; definitely no rate guarantee, either)
Cons: (1) 24 debit-card transactions per (4%, $25K) is way too much effort as a single account for $1000 interest per year - labor is equivalent to two typical (4%, $25K), 12 debit-card transactions, with $2000 interest, (2) $1K direct deposit is unusual and too high (typically $1 ACH per month will do), (3) small asset size ($191.5 MM), and (4) limited/restricted locality eligibility --
(FOM) is primarily residency-based, with individuals who live, work, or attend school in the Michigan counties of Allegan, Barry, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, or Van Buren eligible for membership.