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- Kasasa is a financial services company that works 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.
What are Kasasa accounts?
Kasasa is a financial services company that partners with small banks and credit unions so the institutions can offer customers more competitive products.
For example, a bank might have a regular savings account that pays just 0.05% APY (Annual Percentage Yield). But it also has a Kasasa Saver Account that pays one of the best high-yield savings account rates out there. If you qualify for a Kasasa Saver account, you can earn more interest on your savings.
How Kasasa accounts work
Kasasa accounts work differently depending on the partner bank or credit union. You'll earn different interest rates or cash-back rewards based on the institution. The minimum opening deposits also vary.
There are a few similarities across the board, though, no matter where you bank. For example, you'll need to meet certain criteria each month to earn Kasasa rewards. The criteria are the same at each institution: enroll in online banking, enroll in e-statements, and make 12 debit card transactions.
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Second, you'll receive up to $25 in out-of-network ATM refunds each month.
Third, there are three common types of Kasasa bank accounts:
- Kasasa Cash Checking: This is a high-yield checking account.
- Kasasa Cash-back Checking: Earn cash back when you swipe your debit card.
- Kasasa Saver: This is a high-yield savings account. You must open a Kasasa checking account to qualify for Kasasa Saver.
Some banks and credit unions also have a Kasasa Tunes Account. With this checking account, you'll earn monthly credits to spend at Amazon, iTunes, and Google Play. The monthly criteria to earn these awards differ from the other Kasasa accounts, though, and Kasasa Tunes isn't as common as the others.
Should you open a Kasasa account?
Kasasa accounts can give you the best of both worlds. You get the benefits that come with banking locally, such as personalized customer service and brick-and-mortar locations. But you also get competitive interest rates and rewards that frequently come with bigger online banks.
Consider whether you can regularly qualify for Kasasa rewards. Are you comfortable enrolling in online banking and e-statements? Can you make 12 debit card purchases most months? Then Kasasa could be a good fit. Otherwise, you might prefer one of your local bank's regular accounts.
If you know you want to bank local and earn Kasasa rewards, Google banks and credit unions in your city with Kasasa accounts. Then compare the interest rates and cash-back rewards at each place.
What banks offer Kasasa accounts
Below, you'll find local banks and credit unions we've reviewed that have Kasasa bank accounts. You can read through our reviews for more information about each financial institution:
- BankFirst: BankFirst is a local bank in Alabama and Mississippi.
- Citizens State Bank: Citizens State Bank is a Hispanic American-owned bank in Texas.
- Democracy Federal Credit Union: Democracy is a minority-led credit union with branches in Maryland, Pennsylvania, Virginia, and Washington, DC.
- Gulf Coast Federal Credit Union: Gulf Coast is a Hispanic American-led financial institution in Texas.
- Industrial Bank: Industrial Bank is a Black-owned bank in Maryland, New Jersey, New York, and Washington, DC.
- Zia Credit Union: The Hispanic American-led financial institution is in New Mexico.
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Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
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