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How are Kasasa checking and savings accounts so much better than other accounts out there? 

We often have heard that our accounts are “too good to be true” — that there’s no way they can be free and give you awesome rewards because a free account is as good as it can get — that there has to be a catch. 

Well, there isn’t! 

Kasasa accounts were designed, from the very beginning, to be a win-win for both account holders and their institutions (local banks or credit unions). 

To give more clarity on how Kasasa accounts work and how they were designed with you in mind, we’ve put together this summary, because it shouldn't be a mystery how awesome our accounts are.

 

The variety of Kasasa accounts

First, a quick overview of the types of accounts Kasasa partners offer:

  • Kasasa Cash® is free checking with massive interest (and by “massive” we mean many times higher than the teeny national average of 0.03% APY* on interest checking accounts). Kasasa Cash is all about making your money work harder for you. It’s your money after all — you should be the one benefiting from it.

  • Kasasa Cash Back® pays you for using your debit card. It’s a free checking account that pays cash back on everyday debit card purchases. No points, no category restrictions. Just cash.

  • Kasasa Tunes® is free checking that loves digital media downloads as much as you do. Get digital media downloads every month, for music, apps, e-books, and more.

  • Kasasa Saver® is a free account that puts saving on autopilot. Your ATM fee refunds and interest or cash back from Kasasa Cash or Kasasa Cash Back are automatically deposited into this account, which also gets high interest, making saving super easy.

  • All of our accounts give you nationwide ATM fee refunds** and there is no minimum balance required to earn the rewards.

Note: Not every Kasasa financial institution offers every account, but many do offer multiple account types, based on what their community wants.

 

How do Kasasa accounts work?

Each Kasasa account has simple qualifications that you must meet on a monthly basis in order to earn the reward. We based these qualifications on things you’re probably already doing with your account to keep them easy to follow.

These qualifications are also built around either earning or saving the bank or credit union money, so that they can, in turn, share it with you, in the form of rewards that you want. This provides you with an awesome account and ensures you will continue doing the practices that earn or save them money. (Makes sense, right?!)

Each Kasasa partner sets their own qualifications, so we can’t give specifics here, but they are typically actions like:

  • Make a specific number of debit card transactions each month

    What it does: Making debit card transactions earns the bank or credit union money. You may have heard about interchange fees before; merchants pay a fee for every transaction you make with a credit or debit card to the bank or credit union that issued that card. So the more you use your card, the more your institution earns.

  • Receive e-statements rather than paper statements

    What it does: Receiving e-statements saves your institution the postage and paper cost and the time needed for an employee to put statements together to mail out to you.

  • Log into online or mobile banking

    What it does: Logging into online banking or the mobile app helps keep you updated more easily since many banks and credit unions post news and alerts via their website and online banking portals. It also lets your institution know you are engaging with your account, which builds a stronger relationship with them in the long run.

What Kasasa accounts allow our partners to do is set up easy qualifications that will save and earn them money, so they can turn around and share the good fortune with you in the form of awesome rewards that you want (whether it’s massive interest, donations, digital downloads or cash back). That way they can continue to provide you with the service you want and the great products you deserve — plus rewards!

So, what do you think? Does that clear up the “too good to be true” myth? Do you have other questions about Kasasa accounts?

Kasasa is all about renewing your interest and faith in banking locally so we love to hear your feedback on how you are using your rewards.

You can find us on Facebook, Twitter, Instagram, and LinkedIn to find out more information about how we are helping community banks and credit unions help you be proud of your money.

 

*Average for 2021 as of March 3, 2022 

**Qualifications, limits, and other requirements apply. See financial institution for details. 

Tags: Rewards banking, Banking

About Kasasa

We believe your money should do more... for you and your community. Founded in 2003, Kasasa is a financial and technology services company working to help empower consumers to take control of their finances and be proud of their money by banking locally with community banks and credit unions in your neighborhood, that you know and trust.

These local institutions have roots in their communities, care about people over profits, and are actively invested in local businesses to help keep the economy strong (unlike some of the megabanks we could name).

We believe you shouldn't have to choose between the best banking products, the best customer experience, or keeping your money local, where it can do more good. We've created ethical banking products and partnered exclusively with community banks and credit unions. So you can have it all.

Kasasa accounts are available at community financial institutions around the country. Find one near you at Kasasa.com to get free checking that pays cash rewards, the only loan with Take-Backs, and more. All while keeping your money in the community, so you can always be proud of your money.