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I just noticed this Bank Deals post: Kasasa - The New Name of Reward Checking and Savings Accounts.

The concept, from First ROI and BancVue, which market Reward Checking account packages to financial institutions (FIs), is very simple: Offer a variety of products from the same community bank or local credit union, which allow you to have a large total deposit amount in a Reward Checking account and a High-Yield Savings account, make donations to charities, get free music downloads. Especially for Reward Checking and HYSA, this means that you can have these at one FI instead of several. Now, if some of the FIs with Kasasa would offer a good ad hoc ACH system to push and pull funds, so that the FI could also serve as an ACH hub similar to GMAC, that would be ideal.

The HYSA APY is very competitive with those of other FIs that don't offer Reward Checking accounts. The value of this is that you could keep a large amount of money at a smaller FI and still earn excellent interest rates, despite the relatively low cap on the Reward Checking account. As mentioned above, there are other products that are part of this marketing effort.

Here's a marketing hook from the Kasasa blog:

By partnering with Kasasa, community banks and credit unions gain a level of product development awesomitude that until now was only afforded to the big banks.

But unlike the big guys (you know the ones that caused a worldwide economic crisis and might have cost someone you know their job), Kasasa doesn't use it's R&D skills to figure out how to squeeze more and more and more fees out of you. Instead, we try to figure out how to give more and more and more back to you.


Note that in order to receive the high interest rates, one still must meet the miminum requirements of the Kasasa Cash account, which typically is for each statement cycle: 10 or more debit card transactions; an ACH transaction; and receiving e-statements (i.e. paperless statements). For those who find meeting those account requirements too onerous, Kasasa wouldn't be appropriate.

Here are some links:

Kasasa Home Page

Kasasa Cash - The Reward Checking Account component.

Kasasa Saver - The High-Yield Savings Account component.

Kasasa Giving - A free checking account offering a high interest rate whose interest earnings (plus debit card transactions) are forwarded to designated charitable organizations.

Kasasa Tunes - A free checking account offering free iTune downloads.

Kasasa Providers - Both nationally available and local-only FIs that offer Kasasa accounts.

I'm going to guess that Kasasa Cash and Kasasa Saver will be the most interesting products to the FWF community.

Undoubtedly, the number of FIs offering Kasasa accounts will increase. Rates will vary among FIs for the Kasasa products. Some things to consider:

* Not all FIs with Kasasa accounts will offer both Reward Checking (Cash) and HYSA (Saver). For example, Southern Missouri Bank seems to offer Cash, Giving, and Tunes.

* In order to get the Saver APY, you apparently must meet the Cash account requirements. So you can't just not meet the Cash requirements one month and still get the Saver APY. The APY for both Cash and Saver when the Cash requirements aren't met could be as low as 0.10%.

* The Saver account might also be subject to a cap.

Please use this thread only to discuss Kasasa-related issues.

For questions and discussions about specific nationally available Reward Checking accounts, please refer to the Reward Checking Accounts (High Yield and Available to All) thread.

For questions and discussions about Reward Checking accounts in general, please refer to the Reward Checking Accounts - Issues and Discussion Thread.

Member Summary
Most Recent Posts
Both accounts are unique compared to most other rewards checking in that they have a seperate page that keeps count of y... (more)

foxhopper (Jul. 16, 2009 @ 4:18a) |

Did you have greater than $1 charges that counted for the same merchant for which you had $1 charges? If not, and if th... (more)

glxpass (Jul. 16, 2009 @ 4:41a) |

I hadn't thought about that, glxpass.
They were $1.00 pay at the pump gas purchases. I will have to check to see if they... (more)

foxhopper (Jul. 16, 2009 @ 11:07a) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

Kasasa is a rebranding of Reward Checking accounts that includes:

Kasasa Cash - The Reward Checking Account component.

Kasasa Saver - The High-Yield Savings Account component.

Kasasa Giving - A free checking account offering a high interest rate whose interest earnings (plus debit card transactions) are forwarded to designated charitable organizations.

Kasasa Tunes - A free checking account offering free iTune downloads.

Kasasa Providers - Both nationally available and local-only FIs that offer Kasasa accounts.

Note that in order to receive the high interest rates, one still must meet the miminum requirements of the Kasasa Cash account, which typically is for each statement cycle: 10 or more debit card transactions; an ACH transaction; and receiving e-statements (i.e. paperless statements). For those who find meeting those account requirements too onerous, Kasasa wouldn't be appropriate.

A few things to consider:

* Not all FIs with Kasasa accounts will offer both Reward Checking (Cash) and HYSA (Saver). For example, Southern Missouri Bank seems to offer Cash, Giving, and Tunes.

* In order to get the Saver APY, you apparently must meet the Cash account requirements. So you can't just not meet the Cash requirements one month and still get the Saver APY. The APY for both Cash and Saver when the Cash requirements aren't met could be as low as 0.10%.

* The Saver account might also be subject to a cap.

Let's be on the lookout for an FI that offers ACH capabilities, too. I'd like to start accumulating information in the QS in order to track details about FIs offering Kasasa accounts. I think it would be useful to state the FI's name, availability, Cash (Reward Checking) APY, Cash cap, Cash APY beyond cap, Saver (HYSA) APY, and a link at the very least. I'm sure the format will evolve over time. This is a list that can be updated from the information in the Kasasa Providers link.

FI Name                      Nationwide?  Cash APY Cap    APY >Cap  Saver APY Cap    APY >Cap ACH?  Link
First Arkansas Bank & Trust  Y            4.44%    $50K   1.76%     2.04%     None   N/A      N     FAB&T
Southern Missouri Bank       N            5.01%    $25K   1.01%     N/A       N/A    N/A      N     SMBT
Bank of Little Rock          N            4.51%    $25K   0.60%     3.01%     None   N/A      N     BoLR


Please use this thread only to discuss Kasasa-related issues.

For questions and discussions about specific nationally available Reward Checking accounts, please refer to the Reward Checking Accounts (High Yield and Available to All) thread.

For questions and discussions about Reward Checking accounts in general, please refer to the Reward Checking Accounts - Issues and Discussion Thread.
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Does anybody bank with these people? Is this reliable?

FaxMac said: Does anybody bank with these people? Is this reliable?
I have accounts with some of the above-mentioned FIs and haven't had any issues with them.

GP,

Is there a HP with FABT&T? I'm seriously contemplating the idea to move all my money to one stop. Great subject BTW.

Deleted in order to conform with the request in the OP and QS in order to keep this thread on-topic.

Hard Pull.

Timely post, since AZB&T is kicking us out.

Cheapoking,

Please refer to the archived FAB&T thread or the Reward Checking Accounts Available to All thread linked in the OP and the Quick Summary. Thanks!

Edited to conform with request in the OP and QS in order to keep this thread on-topic.

Kasasa? Sounds like a freaking breakfast cereal

Is that the Kasasa with the honey oat clusters?

GP,

Thx much for the efforts to respond, appreciated!

Anybody try it yet, this looks good.
I will be guinea pig here,
Just open account, start out with kasasa cash, will open kasasa saver next. Will update as account open.

I made a mistake during the sign-up. If you want both cash and saver accounts, make sure you pick the bank that offers both option, the bank I chose does not have saver. Have to call up to see if I can change bank.

No thanks. I'll bank where it's most convenient for me. And I do not now and never will look to a bank to provide music downloads.

Kanosh said: No thanks. I'll bank where it's most convenient for me. And I do not now and never will look to a bank to provide music downloads.Yes, online banks are horribly inconvenient. I hate having to turn my computer on, opening Firefox, and THEN logging into these damn bank sites. F technology!!

Kanosh said: No thanks. I'll bank where it's most convenient for me. And I do not now and never will look to a bank to provide music downloads.

Yes, I will give all my money to B&M bank so that I can get less than 0.5% interest on my money. Internet banks are not safe at all. For real man, you should not even read stuff here at FWF finance. LOL

Sigh, TLDR....well i tried, but too long couldn't read i guess....Where's the rate?

And Katie needs to lower her damned voice.

glenatuf said: Sigh, TLDR....well i tried, but too long couldn't read i guess....Where's the rate?

And Katie needs to lower her damned voice.


You have to start the application process to see the rate for the bank you chose. You don't have to complete the application process.

No you do not have to start the application to see the rates. Enter your zipcode here

glxpass said: Cheapoking,

Looking over the archived FAB&T thread, it appears they don't do a hard pull for opening the Reward Checking (now Kasasa Cash) account. If you use their ACH option to pull funds into the account, then that could result in a hard credit inquiry, AKA hard pull, due to a weird policy they have about these things.

So it might be best to use a check for the initial deposit if you want to avoid a possible hard credit inquiry. Of course, this was from early last year, and I don't know if their policy has changed.

I opened 2 accounts via Kasasa.com last week and ACH was the only option given for the opening deposit.

Cheapoking said: No you do not have to start the application to see the rates. Enter your zipcode here

WTF, closest bank is 2000 miles away and it gives me 4.75%. I dont't get what this is yet, but I am watching.

Deleted in order to conform with the request in the OP and QS in order to keep this thread on-topic.

Because of some concerns, I added the following information to the OP and the QS in order to put things in perspective:

Note that in order to receive the high interest rates, one still must meet the miminum requirements of the Kasasa Cash account, which typically is for each statement cycle: 10 or more debit card transactions; an ACH transaction; and receiving e-statements (i.e. paperless statements). For those who find meeting those account requirements too onerous, Kasasa wouldn't be appropriate.

Please feel free to PM me if there are any questions or concerns about this topic. I don't want to start a discussion in the thread itself. Thanks.

cameron2003 said: Cheapoking said: No you do not have to start the application to see the rates. Enter your zipcode here

WTF, closest bank is 2000 miles away and it gives me 4.75%. I dont't get what this is yet, but I am watching.


When I checked the Kasasa website, they directed me to FAB&T in Arkansas, 200 miles away from me. But I heard a commercial this week on the radio saying a local bank had Kasasa. It's only 10 miles from me. Something weird?

Local Kasasa, not a distant bank

In for one. FAB&T, 200 some miles away from me, to be precise. Reward Checking only, since I don't want my interested deposited into their LYSA.

I'm finally sick of HSBC's 1.65%. I miss the 4+% from when I first signed up. Stupid financial crisis.

just wanted to mention that Kasasa Savings is NOT accessible at atm machines..only in the Online Banking...(one of the banks that offer these products told me this)......
so, just keep that in mind if you decide to do the combo package....

Amazing. In 5 calendar days nobody on FW parodied/ridiculed "awesomitude", whereas on BankDeals such a thing happened almost immediately. Clearly FW is slipping....

Well, I officially KASASA myself with an account. Fairly easy process!

So can anybody please explain to me why this is at all important. It just looks like a website that features a couple of the good yielding banks. Explain to me why it does anything more than the stickied thread on reward, hys, and mm accounts.

And the language on the site just seems a little cultish.

Another thing for FAB&T do you need to sign into your online account at least once a month or just once total?

Does FAB&T require a notarized driver's license to open the account?

frugalpete said: Does FAB&T require a notarized driver's license to open the account?

Yes they do....

Does FABT still deny apps based on recent inquiries?

gizmosun said: Does FABT still deny apps based on recent inquiries?

Craig: I hope that this does not become the specific FAB&T thread that eventually kill this deal.


Leave FABT alone!
Disclaimer

uh...
Disclaimer
Please leave FABT alone!

craig10x said: frugalpete said: Does FAB&T require a notarized driver's license to open the account?

Yes they do....

I recently opened a Kasasa Cash checking a/c (FABT) and here is what the initial packet I recd. asks for:

"A copy of each account holder's Driver's License
If your current address is not reflected on your Driver's License, please provide us a notarized copy of a bill or statement with your current address"

I sent in my DL copy (no notarization), since address on it is current. Will see what happens.

Update: A/c opened fine.

76hhma said: gizmosun said: Does FABT still deny apps based on recent inquiries?

Craig: I hope that this does not become the specific FAB&T thread that eventually kill this deal.


LOL
I know what you mean

dshibb said: Another thing for FAB&T do you need to sign into your online account at least once a month or just once total?Once a month.

For specifics on the "account that shall not be named", please look at the archived thread I linked to in one of my previous posts in this thread. If that doesn't answer specific questions, perhaps someone more conversant with the account than I is willing to reply to a PM. I think, though, the archived thread will answer most questions. Thanks, and sorry for the Harry Potter-ish oblique references.

Skipping 30 Messages...
I hadn't thought about that, glxpass.
They were $1.00 pay at the pump gas purchases. I will have to check to see if they were all at the same gas station...Could have been either meijer, or Admiral Gas here in Michigan.



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