How come Kasasa checking and savings accounts are so much better than other accounts out there?
Many times we 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 post. (Because it doesn’t have to be a mystery to be awesome.)
The Various Kasasa Accounts
First, a quick overview on 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 0.07% APY on interest checking; Source: FDIC.org). 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® actually 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 partner offers every account, but many do offer multiple account types, based on what their community wants.
How Do They 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 banking
What it does: Logging into online banking 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.
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 better banking so we love to hear your feedback on whether or not we’re accomplishing that mission. Please post any feedback or questions you have for us in the comments or share them via social media.