Kasasa 5.01% APY - is this a scam?

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High Yield/Rewards Checking accounts are nothing new, and have been mentioned in numerous discussions here. Alot of us have multiples of these accounts at multiple banks.

Although the Kasasa provider page has never been linked, that's a good resource to have if looking for a new/another HYCA account. So I wont give you red.

Kasasa has been mentioned before

Rsr4rings said it sounded like breakfast cereal

They ARE for real.
I have 12 accounts --- all paying OVER 5% interest with a cap of $25,000.00 each. All FDIC or NUCA insured.

Beats the hell out of the big banks and thier .05%

No, it's not a scam. The account setup process was a little more tedious/disjointed than others (I've opened accounts online with ING, Dollar Savings Direct, Darby Bank, and HSBC, all went much more smoothly) and Southern Bank put a very low transfer limit ($1500?) in place during the first month or two. Not sure whether all the banks do that though. Online account management is okay, there are better. Bottom line they pay 5.01%, that's all I really care about. If you open an account put all the money you want in there with the initial deposit, when I joined there wasn't a lot of feedback about the program so I was hesitant maxing out the $25k immediately. Lost a little interest with the initial deposit restrictions but oh well.

I bought cheap checks ($4.05 shipped for two boxes) from here

http://www.4checks.com/

earlier in the year and believe the deal is still active through 12/31/10. Use coupon code DE0378 at checkout, and you'll have to opt out of the fraud protection 2x. If you're secure with your manhood I suggest the Strawberry Shortcake checks:

http://www.4checks.com/LandingPages/StrawberryShortcakeChecks.as...

No I don't work for either, just want to help others get a good deal.

pdxmale said: They ARE for real.
I have 12 accounts --- all paying OVER 5% interest with a cap of $25,000.00 each. All FDIC or NUCA insured.


I'm wondering how you can have 12 Kasasa accounts paying more than 5% interest, when the only Kasasa bank that pays that much is based in Missouri and limits accounts to 1 per person, with the requirement that you live in Missouri or Arkansas only, and your username is "pdxmale", which would indicate that you live in Portland, Oregon.

swandown said: pdxmale said: They ARE for real.
I have 12 accounts --- all paying OVER 5% interest with a cap of $25,000.00 each. All FDIC or NUCA insured.


I'm wondering how you can have 12 Kasasa accounts paying more than 5% interest, when the only Kasasa bank that pays that much is based in Missouri and limits accounts to 1 per person, with the requirement that you live in Missouri or Arkansas only, and your username is "pdxmale", which would indicate that you live in Portland, Oregon.


Perhaps he's referring to "RCAs are for real"?

swandown said: pdxmale said: They ARE for real.
I have 12 accounts --- all paying OVER 5% interest with a cap of $25,000.00 each. All FDIC or NUCA insured.


I'm wondering how you can have 12 Kasasa accounts paying more than 5% interest, when the only Kasasa bank that pays that much is based in Missouri and limits accounts to 1 per person, with the requirement that you live in Missouri or Arkansas only, and your username is "pdxmale", which would indicate that you live in Portland, Oregon.
Alot of geographically restricted accounts were once open nationwide. Then the banks started realizing the high rate was attracting people who were just using it as a savings account, so they started limiting new accounts to locals (but left existing accounts alone).

Kasasa is simply a marketing program involving a subset of Reward Checking Accounts (RCAs), which can be selected and opened online at the Kasasa site. Kasasa Cash is actually an RCA. Some of the FIs (financial institutions) also offer other types of Kasasa accounts, most of which are linked to Kasasa Cash accounts (and whose "benefits" are earned by meeting the requirements of the Cash account), such as Kasasa Saver, a high-interest savings account (but at a lower interest rate than the Kasasa Cash account), Kasasa Tunes (whose benefit is music downloads), and Kasasa Giving (for charitable donations).

For a very complete list of RCAs, see DepositAccounts.com - Reward Checking Accounts. For more information about RCAs, see the Reward Checking Accounts - Issues and Discussion Thread.

The 5.01% APY accounts pdxmale is referring to aren't available nationwide, although some of them used to be. Many of them require you to live in the bank's or CU's (credit union's) local service area, but some (not the CUs) will allow you to open the account by visiting a branch, even if you're not a local resident.

Although it's unrealistic to expect to have 12 5% APY RCAs (and for most people now opening RCAs, even one 5% account), you can still get much higher rates than regular high-yield savings accounts. But to do so, you have to meet a set of requirements during each statement cycle, typically 10 or more debit card transactions, at least one direct deposit or ACH debit, and electronic rather than paper statements. See the above-linked RCA Issues and Discussion thread.

I have a southern bank account. I'm still limited to $1k online transfers after about 6 months. But I was able to wire ~$8k at one point so in an emergency you can still get to your money.

5% accounts are extremely rare now, even local ones. Most Kasasa banks are scaling them down to 3-4%.

SuperMxyz said: I have a southern bank account. I'm still limited to $1k online transfers after about 6 months. But I was able to wire ~$8k at one point so in an emergency you can still get to your money.Contact them, they will raise or eliminate the limit if you ask. Took about a month for this to take effect after I called, and I'm not sure what my limit is at this point (if any). I typically put $1500 in there at a time with no troubles. At least if you try to go over your preset limit the system will let you know and you won't be able to initiate the transfer, instead of getting surprised later when it doesn't go through.



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