Kasasa accounts have gained popularity in the banking industry due to their unique features and benefits. These accounts offer customers the opportunity to earn rewards and maximize their savings while enjoying the convenience of traditional banking services. In this expert article, we will delve into the details of how Kasasa accounts work, exploring their key features, benefits, and the steps to take to take advantage of these innovative banking solutions.
Understanding Kasasa Accounts
Offered by The Savings Bank, Massachusetts, Kasasa accounts are a type of checking and savings account that provides customers with attractive rewards and benefits. These accounts combine the functionality of traditional banking services with the added benefit of earning interest or cash back on their balances.
Types of Kasasa Accounts
There are two main types of Kasasa accounts: Kasasa Cash® Checking and Kasasa Saver®.
- Kasasa Cash® Checking: This account offers customers the opportunity to earn a competitive interest rate on their checking account balance. The interest rate can be as high as 3.00% APY*, making it an attractive option for individuals looking to maximize their earnings while enjoying the convenience of a checking account. In addition, Kasasa Cash® Checking offers nationwide ATM surcharge reimbursement up to a certain amount per month.
- Kasasa Saver®: Kasasa Saver® is a linked savings account that automatically receives deposits from a Kasasa Cash® Checking account. Earnings from the checking account, including interest or cash back, are transferred to the Kasasa Saver® account, making it easy for customers to build their savings.
To qualify for the rewards offered by Kasasa accounts, customers must meet certain eligibility requirements. Specific requirements may vary by account type, but generally include
- Completing a minimum number of POS transactions each month.
- Receiving at least one automatic or direct deposit into the account.
- Enrolling in and receiving electronic statements instead of paper statements.
Meeting these qualifications during a monthly qualification cycle allows customers to earn the full rewards associated with their Kasasa account. Even if the qualifications are not met in a given month, the account remains free and continues to earn the base interest rate.
Accessing Your Accounts
Kasasa accounts offer several convenient ways to access and manage your funds, including
- Online Banking: The Savings Bank offers secure online banking services that allow customers to access their Kasasa accounts, view balances, make transfers, and perform other banking transactions.
- Mobile Banking: The mobile banking app allows customers to manage their accounts from the convenience of their smartphone or tablet. Features such as mobile check deposit and account alerts enhance the banking experience.
- Debit Card and Mobile Wallet: Kasasa accounts come with a debit card that can be used for purchases and ATM withdrawals. It also supports mobile wallet integration, allowing customers to make payments using their mobile devices.
- Zelle®: Zelle® integration allows customers to easily and securely send and receive money within the Kasasa banking ecosystem.
Current Rates and Fees
Kasasa accounts offer competitive interest rates and cash back rewards. Specific rates and fees are subject to change and may vary based on account balance and qualifications met. It is important for customers to review the current rates and fees offered by The Savings Bank in order to make informed decisions regarding their Kasasa accounts.
Kasasa accounts offer a unique banking experience by combining the convenience of traditional checking and savings accounts with attractive rewards and benefits. Whether it’s earning high interest rates or earning cash back on debit card purchases, Kasasa accounts offer customers ways to maximize their savings potential. By understanding how Kasasa accounts work and meeting eligibility requirements, individuals can take full advantage of these innovative banking solutions offered by The Savings Bank, Massachusetts.
Disclaimer: The information provided in this article is based on the available resources of The Savings Bank, Massachusetts and is for informational purposes only. Customers are encouraged to visit the bank’s official website or contact customer service for the most up-to-date and accurate information regarding Kasasa accounts.
How do Kasasa accounts work?
Kasasa accounts are checking and savings accounts that offer rewards and savings opportunities. With Kasasa Cash® Checking, customers can earn a competitive interest rate on their checking balance, while Kasasa Saver® automatically receives deposits from the checking account to help build savings. To qualify for rewards, customers must meet certain criteria, such as completing a minimum number of transactions and signing up for e-statements. Access to Kasasa accounts is convenient through online and mobile banking, debit cards, and Zelle® for money transfers. Overall, Kasasa accounts offer a unique banking experience with rewards and benefits.
Is a Kasasa account worth it?
For many people, the Kasasa account can be an easy way to boost the return on cash savings. “It’s a good way to put all or most of your emergency fund into an account that’s going to earn a higher rate of return without sacrificing safety or liquidity,” said Greg McBride, senior financial analyst at Bankrate.com.
What interest does Kasasa pay?
Yes, you can earn 3% interest on your checking account cash. No, it’s not difficult or complicated. Just make regular use of your debit card, enjoy the convenience of online banking, and sign up to receive electronic account statements.
What is a Kasasa bank account?
Kasasa is a financial services company that teams up with small institutions to offer competitive accounts. Kasasa accounts offer high interest rates and cash-back rewards. You get the rewards that often come with bigger online banks, with the perks of banking locally.
How do you qualify for Kasasa?
To qualify for Kasasa Cash preferred rates, you must : (1) Have at least twelve (12) debit card point of sale transactions post and clear your account per monthly “qualification cycle” (Does not include ATM transactions); (2) Sign into online banking at least once per monthly “qualification cycle”; and (3) Have at
Are Kasasa accounts FDIC insured?
Myth 1 — Kasasa accounts are not FDIC / NCUA insured
Kasasa partners with financial institutions — both credit unions and community banks — and all of them are insured by either the FDIC, NCUA, or ASI. Deposits at community banks are FDIC insured up to $250,000.
What is kasasa exchange?
Kasasa® is an award-winning financial technology and marketing services company that provides reward checking accounts consumers love, the first ever loan with Take-Backs™, relationship-powered referral programs, and ongoing expert consultation to community financial institutions.
What is the interest rate on a Kasasa checking account?
There’s free checking — and then there’s free checking that pays! Get the latter when you open a Kasasa Cash® checking account. You’ll earn a really high 2.50% APY* just for doing a few banking basics every month, like using your debit card.
What is the highest interest savings account?
The best high-yield savings account rates
- Capital One – 0.90% APY.
- Discover Bank – 0.85% APY.
- Popular Direct – 0.85% APY.
- Synchrony Bank – 0.85% APY.
- TIAA Bank – 0.80% APY.
- Emigrant Direct – 0.75% APY.
- PNC Bank – 0.75% APY.
- Pentagon Federal Credit Union – 0.75% APY.