#GetMore with Kasasa

There’s a lot to like about local banks and credit unions.

Many of us are still recovering from The Great Recession, and it’s comforting to know there’s an alternative to big banks for financial products and services.  

I’ve banked locally for years and love the long-term relationship. A few years ago, I worked with a local bank to refinance my mortgage to a 15-year loan with a lower interest rate. It’s hard to imagine I’d experience the same level of service from a big bank.   

This post is sponsored by Kasasa.

Are Credit Unions and Local Banks Better?

How do local banks and credit unions differ from big banks?

Credit unions are nonprofit organizations that operate on behalf of their customers. They are member-owned, cooperative institutions offering a safe place to save and borrow money.

A few key advantages include atm fee reimbursements, lower account fees, higher interest on savings and checking, lower interest rates on loans, and more personalized customer service.

Local banks offer many of these same perks. Banking locally is an attractive option for those who prefer to keep their money in the regional economy. Local banks are known for supporting small businesses and giving back to the community.

#GetMore with Kasasa

Kasasa is a financial technology and marketing provider based in Austin, Texas.

They help local banks and credit unions compete with big banks by providing the technology and framework to offer free checking with higher interest rates.

Working with nearly 400 community financial institutions, they recently passed one million rewards-based checking and savings accounts. Their free accounts require no minimum balance. Their accounts boast an impressive 92 percent annual retention rate.  

I’m always looking for ways to earn more passive income, so when I heard Kasasa’s products are offered by several credit unions and local banks in Nashville, I was curious to learn more.

Kasasa offers four basic products:

Kasasa Cash – Free, high-interest checking with no minimum balance and ATM fee reimbursement. Rates vary by institution but are typically 34 times higher than the average checking account.

Kasasa Cash Back – Free, high-interest checking with no minimum balance, ATM fee reimbursement, and a high rate of cashback. There are no category limits and you get paid for every purchase.  

Kasasa Tunes – Free, high-interest checking with no minimum balance, ATM fee reimbursement, and rewards to spend at Amazon, iTunes, or Google Play. Designed for music lovers, Kasasa Tunes is a great account for anyone who’s into online shopping.

Kasasa Saver – Free, high-interest savings with no minimum balance when qualifications are met with Kasasa Cash or Kasasa Cash Back account. Kasasa Saver accounts automatically move rewards from Kasasa Cash or Kasasa Cash Back to a high-interest savings account.

The Fine Print

34 times higher interest?

It sounded too good to be true, so I did some digging to see what is offered in Nashville.

The Tennessee Credit Union offers free Kasasa Cash checking accounts.

Here are the terms:

  • 2.50% APY on balances up to $5,000
  • .03% APY even if you don’t qualify
  • Nationwide refunds on ATM fees

To qualify for rewards, you must do the following each month:

  • Have at least 12 debit card purchases post and settle
  • Enroll in and log into online banking
  • Enroll in and review eStatement notice

You must be a member of The Tennessee Credit Union to apply for a Kasasa Cash account. You can apply for membership at The Tennessee Credit Union here.  

Wilson Bank & Trust is another local bank that offers free Kasasa Cash checking accounts.

Here are the terms:

  • 2.00% APY on balances up to $10,000 when qualifications are met
  • 0.25% APY on the portion of the balance over $10,000 on balances over $10,000 when qualifications are met
  • 0.05% APY if qualifications aren't met
  • Nationwide refunds on ATM fees (up to $20 monthly)
  • Link to high-interest Kasasa Saver® account
  • $100 minimum deposit to open

There’s no minimum balance to earn rewards and no monthly service fee. But to qualify for rewards, you must do the following each month:

  • Have at least 1 direct deposit or automatic payment (ACH) post and settle
  • Have at least 12 debit card purchases post and settle
  • Enroll in and agree to receive e-Statement notice
  • Enroll in and log into online banking

There’s more information about making the switch to Wilson Bank & Trust here.

How To Find a Kasasa Account Near You

Ready to start earning more interest on your accounts? Kasasa accounts are currently offered at over 400 local banks and credit unions in 47 states.

Due to banking regulation, Kasasa’s website can’t list which local banks and credit unions offer their products. But you can Google Kasasa Cash + your city to find accounts.

Google Search Results for Kasasa Cash Nashville

 #GetMore in Nashville

Kasasa is working with local businesses to give away free stuff over the next several weeks. I’ll be promoting these events via Facebook, Twitter, and Instagram.

You can also keep track of what’s happening by visiting Kasasa’s website.  

Readers: How much are you earning from your checking accounts? Have you had any experience with Kasasa?

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Discussions — 20 Responses

  • FinanceSuperhero August 8, 2016 on 9:12 pm

    Thanks for the review, Kate. I have heard of Kasasa but hadn’t heard much about the details until reading this article. It’s hard to argue with a competitive interest rate.

    Reply
    • Kate Dore FinanceSuperhero August 9, 2016 on 8:48 am

      That’s what I’ve been thinking! I’ve only been earning 1% from my online savings account and pennies from my checking account.

      Reply
  • Your neighbor August 9, 2016 on 4:02 pm

    Wow! You have no idea how timely this is!! I just got back from the Tennessee Credit Union, where I opened up an account. I’ve been wanting to be a CU member for years, but I didn’t realize that there are ways to become a member even if you don’t work for one of the qualifying employers. Woo Hoo!

    Reply
    • Kate Dore Your neighbor August 10, 2016 on 12:28 pm

      Amazing, Kristi. I’m probably going to try and become a member over there, too. I’m barely earning anything from my checking account, and not taking advantage of these Kasasa accounts is leaving money on the table!

      Reply
  • Holly Johnson August 10, 2016 on 7:30 am

    Never heard of it! My checking account ears almost nothing, so I try not to keep too much money in it.

    Reply
    • Kate Dore Holly Johnson August 10, 2016 on 12:30 pm

      That’s been my strategy, too, Holly. But sometimes cash hangs around a lot longer than I would like. It would be nice to earn some extra interest during those periods.

      Reply
  • Mr. PTM August 10, 2016 on 1:42 pm

    Agreed – very timely! I recently opened an account with One American Bank, which offers 3.5% APY on their Kasasa checking up to $10k. There are reports about them being very picky with what qualifies as a debit card transaction though, so YMMV based on how you use the debit card. Apparently they want to see a variety of transaction types, both in terms of merchants and dollar amounts (i.e. no same-day $0.50 Amazon gift card reloads). I’ll give them a try for a few months to see how it goes, but may move to a different Kasasa bank and forgo this rate if the requirements are easier to reach repeatedly.

    More here if you’re interested:

    http://www.doctorofcredit.com/one-american-bank-3-5-apy-rewards-checking-account-10000-no-direct-deposit-required/

    Reply
    • Kate Dore Mr. PTM August 10, 2016 on 1:43 pm

      Nice, Mr. PTM. 3.5% interest is killer. Definitely report back on your findings. I’m excited to hear what you think about your new account! 🙂

      Reply
  • Kayla @ Shoeaholicnomore August 11, 2016 on 10:26 am

    I’m definitely going to checkout Kasasa!

    Reply
    • Kate Dore Kayla @ Shoeaholicnomore August 11, 2016 on 11:33 am

      Nice, Kayla! I’m curious to see what you think.

      Reply
  • Ashli @ The Million Dollar Mama August 12, 2016 on 6:52 am

    This sounds great! I currently earn nothing from the money sitting in my checking account which is why I try to keep it to a minimum, but even 2.5% is better than nothing. Just checked and they’re not in my city yet, but hopefully they will be soon! Thanks for sharing!

    Reply
    • Kate Dore Ashli @ The Million Dollar Mama August 14, 2016 on 1:33 pm

      Nice, Ashli. I hope they expand to your city soon! 2-3% interest is hard to beat.

      Reply
  • Finance Solver August 14, 2016 on 1:33 pm

    I haven’t heard a lot about Kasasa which is interesting given that I lived in Austin Texas for a good while. 2.5% Risk free APY sounds like a fantastic deal given that the T-bill rate is significantly lower than that. Thanks for the review!

    Reply
    • Kate Dore Finance Solver August 14, 2016 on 1:36 pm

      Sure thing, Finance Solver! It really is an awesome deal. I’m going to make the switch once my severance payments are done 🙂

      Reply
  • Krista Dial August 14, 2016 on 8:45 pm

    I’ve heard of Kasasa, but I can’t recall why…perhaps via a commercial. This is definitely something we plan to look into…who doesn’t want higher interest savings? Nice to e-meet you, Kate!

    Reply
    • Kate Dore Krista Dial August 14, 2016 on 9:30 pm

      Super cool to meet you, Krista! I’m pretty stoked about these interest rates, too 🙂

      Reply
  • Latoya @ Life and a Budget August 15, 2016 on 1:19 pm

    Wow, I had no clue! I’m off to google a little research of my own. Thanks Kate, I definitely learned and understand a lot more about how Kasana works now.

    Reply
    • Kate Dore Latoya @ Life and a Budget August 17, 2016 on 3:55 pm

      Thanks, Latoya! It really is a great product. I’m looking forward to chatting with a few local Nashville banks and credit unoins to find more.

      Reply
  • Janet Fazio August 29, 2016 on 6:55 pm

    I had never heard of Kasasa before either, but you can bet it’s my next Google stop. Thanks for the info.

    Reply
    • Kate Dore Janet Fazio August 30, 2016 on 11:21 am

      No problem, Janet. Kasasa rocks!

      Reply