Update 2/25/21: Rate has been reduced to 2.5%
Offer at a glance
- Interest Rate:Â 3.5% APY
- Minimum Balance:Â None
- Maximum Balance:Â $10,000
- Availability: Illinois state only
- Direct deposit required: Yes or ACH credit
- Additional requirements:Â 12 debit card purchases of $3+
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Insured:Â FDIC
The Offer
- Devon Bank offers a Kasasa Cash checking account that earns 3.5% APY on balances up to $10,000 when the following requirements are met:
- Have at least 12 debit card purchases with a minimum purchase amount of $3.00 that post and settle
- Have 1 ACH credit or direct deposit that post and settle
- Be enrolled in online banking and agree to receive e-Statements
Avoiding Fees
This account has no monthly fees to worry about
Our Verdict
The debit card transaction requirement and low maximum balance make this offer less than appealing. For more high yield nationwide rewards checking accounts click here.
Hat tip to DA
Devon just snail mailed me that the Kasa Saver is going from 2.5 to 1.5 effective 1 August.
“KASASA products available only to Illinois Residents”
bump to change the availability part of the post
Updated
FYI – this is not national, IL residents only
It is interesting that the terms now say IL residents only. I am not sure when that requirement was added.
I opened an account in September 2020. I live in Virginia. I still have a Kasasa account with Devon. I continue to receive the interest (was 3.5%, now 2.5%).
from customer service “Effective March 1, 2021:
KASASA CASH CHECKING
Earn 2.5% APY up to $10,000.00
Over $10,000 APY is 0.25% “
from customer service “Effective March 1, 2021, Devon Bank will not offer Kasasa products to non-residents of Illinois. Existing customer are not effected and your Kasasa Cash is active.”
Effective March 1 2021:
Kasasa CASH
Kasasa is a free checking account that gives you control over the way you
earn rewards.
Kasasa helps you save money because it offers:
• No minimum balance requirements
• No monthly maintenance fees
KASASA CASH
• Earns 2.50% APY on your balance up to $10,000
(Any amount over $10,000 earns an APY of 0.25%)
OR
KASASA CASH WITH SAVER
• Earns 2.50% APY on your balance up to $10,000
(Any amount over $10,000 earns an APY of 0.25%)
• Earn additional 0.85% APY in your Saver on your balances up to $50,000
(Any amount over $50,000 earns an APY of 0.25%)
Also now states “KASASA products available only to Illinois Residents”
Watching my interest slowly go down month to month. 2.44% avg earned in February, 1.67% now in march. Average balance stayed the same.
Im very fortunate as I get paid 10-25 times a month by the Military reserves. I can switch deposit accounts at least 4 times a month if needed. And DTS local travel claims same thing, 10-20 times a month. All these deposits worked.
anyone else having problem with the application?
“finish” button not working?
I forget I either switched browsers or it actually went through, even though a final screen didnt say so.
Has funding Cash app with their debit card worked for anyone here?