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The Best Kasasa Checking Accounts in 2019

The Best Kasasa Checking Accounts in 2019
10 Apr
10:08

What is Kasasa?

A Kasasa checking account is a special type of banking product that is only available at certain credit unions and community banks. Kasasa checking accounts are free and offer various rewards, such as cash back or online shopping credits. Additionally, Kasasa checking accounts offer nationwide refunds on ATM withdrawal fees.

Developed by the Kasasa Corporation, a Texas-based financial services and marketing organization, Kasasa accounts help smaller banks compete against larger rivals by providing special features desired by consumers. In exchange for providing rewards and other benefits, Kasasa accounts require qualification. Typically, customers must enroll in online banking and/or electronic statements and undertake a certain number of monthly transactions, such as 12 debit card purchases and one or more ACH transactions.

While every Kasasa checking account comes with no monthly maintenance fees and national ATM fee rebates, the particulars of each individual bank or credit union’s account can differ. As banking is a competitive landscape, even among institutions that offer Kasasa accounts, rates and benefits will vary.

Here’s a look at the top 10 Kasasa checking accounts across the nation. To select the best, we looked for Kasasa checking accounts that offered the highest rates, had high account maximums and generous rewards.

#1 Washington Savings Bank Kasasa Cash Account

  • 4.50% APY
  • $0 minimum
  • $10,000 maximum
  • Interest, cash back or music rewards

Washington Savings Bank offers three types of Kasasa checking accounts: Kasasa Cash, Kasasa Cash Back and Kasasa Tunes. To earn the 4.50% APY, you’ll have to open the Kasasa Cash account, which is a free checking account with no minimum balance, free online banking, and $20 per month in nationwide ATM fee rebates.

To qualify for Kasasa Cash, you’ll need to enroll in online banking, electronic statements, and make at least 12 debit card purchases per month. If you don’t qualify for Kasasa Cash in any month, your account will still be free, but the interest rate will drop to a 0.03% APY.

Washington Savings Bank’s other two Kasasa checking accounts have the same basic characteristics as the Kasasa Cash account but don’t offer the high APY option. Rather, the Kasasa Cash Back option provides a reward of 3% cash back on monthly debit card purchases of up to $250, while the Kasasa Tunes option provides rewards in the form of up to $10 in monthly refunded purchases on iTunes, Amazon.com and/or Google Play. Terms apply.

#2 First Financial Bank (Ark.) Kasasa Cash Account

  • 4.07% APY
  • $50 minimum
  • $15,000 maximum
  • Interest, cash back or music rewards

First Financial Bank is an Arkansas-based, community-oriented bank that was established in 1934. The bank currently offers three types of Kasasa accounts: Kasasa Cash, Kasasa Cash Back and Kasasa Tunes. These accounts all have minimum opening deposits of $50, no monthly service fees, and unlimited rebates of ATM fees nationwide.

Kasasa Cash currently pays a 4.07% APY on balances of up to $15,000, with the rate dropping to 4.07% APY on balances above $15,000. You must be enrolled in and log in to online banking, accept electronic statements and make at least 12 debit card purchases monthly or else your rate on your entire balance will drop to 0.05% APY and you won’t earn your ATM fee rebates.

Kasasa Cash Back eschews the high interest rate and instead rewards customers with a 3% rebate on debit card purchases of up to $250 per month, as long as you meet the same qualifications outlined above. Kasasa Tunes provides rebates of up to $7.50 each month in iTunes, Amazon or Google Play purchases, with a one-time sign-up bonus of $10 in rebates. Terms apply.

#3 Peoples Bank Kasasa Cash Account

  • 4.01% APY
  • $100 minimum
  • $15,000 maximum
  • Interest

Peoples Bank of New Roads, LA offers a Kasasa Cash account that may not earn your rewards with iTunes or Amazon, but does give you a slightly higher interest rate with 4.01% APY. There’s no monthly service fee associated with the account, and in addition to the high interest you receive up to $20 monthly in ATM fee refunds provided you fulfill the following requirements:

  • Have at least 15 debit card purchases post and settle within the qualifying period
  • Be enrolled and receive eStatements
  • Be enrolled and log in to online banking at least once
  • Have at least one ACH payment into the account

If you fail to meet those requirements, you still earn 0.08% APY on your money. And even customers who meet the requirements will only enjoy the high interest rate on balances up to $15,000. If you have a higher balance, the part greater than $15,000 will earn an APY of 0.31%.

#4 Liberty First Credit Union Kasasa Cash Account

  • 4.00% APY
  • $50 minimum
  • $40,000 maximum
  • Interest or Tunes rewards

Liberty First Credit Union offers just two types of Kasasa checking accounts: Kasasa Cash and Kasasa Tunes. Both accounts have no monthly service fees and refund up to $15 per month in nationwide ATM fees.

Kasasa Cash pays a high APY on balances of up to $40,000 if qualifying conditions are met, with balances above $40,000 earning a 0.15% APY. Every month, account holders must perform all four of the following actions:

  • Be enrolled and receive electronic statements
  • Be enrolled and log in to online banking
  • Settle at least 12 debit card purchases
  • Have at least one direct deposit ACH transfer post and settle

Account holders failing to meet these conditions still get a free checking account, but their APY drops to 0.05%.

The Kasasa Tunes account at Liberty First Credit Union has the same requirements as the Kasasa Cash account but pays out its rewards in the form of iTunes, Amazon or Google Play reimbursements, up to $5 monthly. In the first 30 days, the credit union offers a $10 music credit.

#5 Park City Credit Union Kasasa Cash Account

  • 4.00% APY
  • $0 minimum
  • $10,000 maximum
  • Interest, cash back or music rewards

Park City Credit Union offers Kasasa Cash, Kasasa Cash Back and Kasasa Tunes rewards. All three accounts have no monthly service fee, no minimum balance requirement and offer up to $15 per month in ATM fee rebates.

Kasasa Cash pays a high APY on balances up to $10,000, though this rate drops to 0.01% without qualifying activities. The Kasasa Cash Back checking option pays 2% on debit card purchases of up to $400 monthly. Kasasa Tunes provides $5 in reimbursements for Google Play, iTunes and Amazon purchases each month, with a one-time sign-up reimbursement of $10 available.

To qualify for rewards for each account, every month customers must have at least 15 debit card purchases settle, be enrolled and log in to online banking, be enrolled in electronic statements and have at least one ACH payment settle.

#6 Bluff View Bank Kasasa Cash Account

  • 4.00% APY
  • $50 minimum
  • $10,000 maximum
  • Interest or cash back

Bluff View Bank’s Kasasa Cash checking account pays a 4.00% APY on balances up to $10,000 as long as customers receive electronic statements, log in to online banking and settle at least 12 debit card purchases monthly.

The bank also offers a Kasasa Cash Back account, which has the same requirements but pays cash back on debit card purchases rather than a high interest rate. Specifically, this account pays 3% cash back on debit card purchases of up to $300 per month.

Both accounts rebate up to $25 per month in nationwide ATM withdrawal fees and have a $50 minimum deposit to open.

#7 Marshall Community Credit Union

  • 3.75% APY
  • $0 minimum
  • $15,000 maximum
  • Interest, cash back or purchase rewards

Marshall Community Credit Union offers all three popular Kasasa checking accounts, Kasasa Cash, Kasasa Cash Back and Kasasa Tunes. Each account has no minimum deposit to open, no monthly fees and a nationwide, up to $25 monthly ATM fee refund. Similarly, each account requires 12 debit card purchases, enrollment in electronic statements and a log in to online banking every month to qualify for rewards.

Kasasa Cash pays a 3.75% APY on balances of up to $15,000, with that rate dropping to 0.05% if qualifications aren’t met. Kasasa Cash Back pays out 3% of monthly debit card purchases, up to $9 in rewards per month. Kasasa Tunes refunds up to $10 in iTunes and Amazon purchases monthly, and offers an additional $10 reimbursement just for signing up.

#8 Leighton State Bank

  • 3.56% APY
  • $0 minimum
  • $15,000 maximum
  • Interest or cash back

Leighton State Bank offers a Kasasa Cash account that pays a 3.56% APY on balances up to $15,000, with the rate dropping to 0.31% on balances greater than $15,000. There’s no minimum balance to open the account or to earn rewards, and there’s no monthly service fee. Additionally, the Kasasa Cash account rebates up to $20 in nationwide ATM fees monthly.

However, customers must have at least one ACH transaction and 12 debit card purchases monthly, in addition to receiving electronic statements and enrolling in online banking. Otherwise, the ATM benefits are forfeited, and the interest rate drops to 0.05 %, although the account remains free.

For those more interested in rebates on debit card purchases, Leighton State Bank also offers a Kasasa Cash Back account. Rather than paying interest, this account rebates 3% of debit card purchases, up to $12 monthly. The other benefits of the account, such as the $0 monthly fee and up to $20 monthly domestic ATM fee reimbursement, are the same as with the Kasasa Cash account, as are the monthly requirements.

#9 Morgantown Bank & Trust Company, Incorporated

  • 3.55% APY
  • $100 minimum
  • $10,000 maximum
  • Interest or cash back

The two Kasasa accounts at Morgantown Bank & Trust Company, Incorporated refund up to a whopping $25 of domestic ATM fees monthly, in addition to having no monthly fees and a $100 minimum opening deposit requirement. Both accounts require at least one ACH credit or payment transaction and at least 12 debit card purchases monthly to earn rewards. Enrollment in free electronic statements is also required.

Rewards for the Kasasa Cash account come in the form of a 3.55% APY on balances of up to $10,000. Rates drop to 0.01% if qualifications are not met. For Kasasa Cash Back, customers earn 2% back on monthly debit card purchases of up to $450. However, there is no interest earned on this account.

#10 Texoma Community Credit Union

  • 3.51% APY
  • $100 minimum
  • $10,000 maximum
  • Interest, cash back or charity donations

Texoma Community Credit Union mixes up the Kasasa world a bit by offering a Kasasa Giving account in addition the the traditional Kasasa Cash and Kasasa Cash Back accounts.

The Kasasa Giving account pays out a 1% APY on balances up to $2,500, assuming the qualifications are met. However, it also donates $0.25 on every debit card purchase over $10 to a charity you select. As with the other Kasasa accounts at the credit union, there’s a $100 minimum to open the account, there are no monthly fees, up to $10 in ATM fees are rebated monthly, and the following monthly activities are required to qualify for the rewards:

  • At least one ACH payment, direct deposit or bill payment
  • At least 10 signature-based debit card purchases of at least $10 each
  • Enrollment and receipt of electronic statements

The Kasasa Cash account has the same qualifying requirements but pays out a 3.51% APY on balances of up to $10,000, or 0.05 % on nonqualifying accounts. Kasasa Cash Back doesn’t pay a dividend but instead refunds up to 3% of debit card purchases monthly, up to $12 per month.

The bottom line: Are Kasasa checking accounts worth it?

Kasasa accounts can offer great benefits to customers who qualify. If you’re already making the required transactions, such as 12 debit card purchases per month, Kasasa accounts are something of a no-brainer, as they offer rewards, carry no monthly fees and reimburse domestic ATM withdrawals. However, for those who might have to stretch to qualify for a Kasasa account, it might pay to shop around, as there are plenty of competitor accounts that also charge no monthly fees. Each individual customer will have to weigh out the benefits of a high interest rate – or one of the other Kasasa rewards – against the transaction requirements.

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John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here

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Source: https://www.magnifymoney.com/blog/best-of/kasasa-checking-accounts/

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