It’s great that everybody is talking about Kasasa checking. But just like every game of telephone, when people talk information gets distorted. It’s okay — Kasasa checking accounts can be confusing when you're so used to the unnecessary banking fees, and questionable personal service you've received from big banks in the past.
We’ve rounded up a few common myths and misconceptions about Kasasa so we can clear up a few things.
Feel free to pass this information along and do a little myth-busting of your own. If you see anyone who is confused about how Kasasa accounts work, share this post with them.
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. Deposits at credit unions are also insured up to $250,000 by either the NCUA or ASI. When you open a Kasasa account, you can sleep tight knowing your financial institution has the proper protections in place to safeguard your money.
Myth 2 – You can get Kasasa accounts at any financial institution
Kasasa checking and savings accounts are exclusively available at community banks and credit unions for two reasons. First, because community banks and credit unions are known for their personal service. Secondly, because community banks and credit unions are vital to the well-being of local economies and the U.S.
Myth 3 – Kasasa is one account that does a lot of things
Kasasa offers four distinct accounts designed to give you what you want. All accounts are free, have no minimum balance requirements, offer nationwide ATM fee refunds, and free online banking.*
You can choose the account with the rewards that are right for you:
- Kasasa Cash®: you earn a high interest rate paid in cash, every month you qualify.
- Kasasa Cash Back®: no category restrictions like gas or groceries, you earn cash back on everyday debit card purchases every month.
- Kasasa Tunes®: perfect for online shoppers, music lovers, and app gamers, you earn monthly iTunes® and Amazon® refunds.
- Kasasa Saver®: a free account that is linked to your Kasasa Cash or Kasasa Cash Back account. Every month, the ATM fee refunds and the interest you earn in your Kasasa Cash or Kasasa Cash Back account are automatically transferred to this account. In addition, the balance in your Kasasa Saver account also earns a high rate of interest.
See how Kasasa accounts are able to offer such awesome rewards in this blog post.
Myth 4 – Kasasa Cash and Kasasa Saver are a combined rate
Kasasa Cash and Kasasa Saver are two separate accounts that earn different interest rates. You will earn one interest rate on the balance in your Kasasa Cash account, for example 3.00% APY, along with ATM fee refunds.* Every month that you qualify for the interest and ATM fee refunds in your Kasasa Cash account, you will then earn a high interest rate on the balance in your Kasasa Saver account, for example 1.50% APY. If you don’t qualify one month, both accounts are still free and each earn a base rate. This works the same way when you pair Kasasa Saver with a Kasasa Cash Back account.
Myth 5 – All account qualifications are the same or based on a single account
Kasasa Cash, Kasasa Cash Back, and Kasasa Tunes may all have different monthly qualifications depending on the financial institution you bank with. Only the Kasasa Saver account benefits are rewarded when you meet the monthly qualifications for your paired Kasasa Cash or Kasasa Cash Back account.
Myth 6 – You must start an application to see the rates
You do not have to start an application to view rates. To see what banks and credit unions near you offer Kasasa, search “Kasasa” plus your city name in your favorite search engine. On the results page, select one of the Kasasa providers near you — you’ll be able to view all the account details on their website. You will have the opportunity to view rates, benefits, and qualifications, and then you can select the account that is right for you before beginning the application process.
Want to know more? Explore what a Kasasa checking account can do for you today!
*Qualifications, limits, and other requirements apply to earn rewards on Kasasa accounts. See your chosen financial institution for details.