What is Kasasa Cash Back • Account Requirements and more

Cash-back checking accounts have gained popularity in recent years, especially after the pandemic, in which cash was losing a lot of use. These cash-back checking accounts are emerging as consumers look for ways to earn rewards on their everyday banking transactions. 

Cash back checking accounts work like traditional checking accounts but reward customers for using their debit cards on purchases. Account holders can earn cash back on debit card transactions each month. One of the most effective ones is the Kasasa Cash Back account.   

What is Kasasa?

Kasasa is a technology company that collaborates with community banks and credit unions to improve banking services . While it is not a bank itself, Kasasa works with local financial institutions to maintain a personalized banking experience and keep more money within the community. They offer various banking products that empower individuals to manage their finances effectively, focusing on rewarding customers, enhancing security measures, and maximizing their financial resources.

Kasasa strongly supports local institutions, fosters small businesses, and contributes to the local economy. If all the community financial institutions that partner with Kasasa were considered single entities, they would form the fourth-largest branch banking network in the United States.

What is a Kasasa Cash Back account and how does it work?

A Kasasa Cash Back account is a unique type of checking account that allows users to earn cash rewards for their debit card purchases. This account will enable individuals to earn cash back on their everyday spending, including groceries, dining out, and online purchases.

The cash rewards earned through this account are directly deposited into it, serving as an additional incentive for customers to use their debit cards for transactions. In addition to the cashback feature, the Kasasa cash back checking account often comes with other attractive benefits, such as refunds on ATM fees and the absence of monthly maintenance fees.   

How does Kasasa cashback work?

When a customer makes a qualifying debit card transaction, a percentage of the purchase amount is credited back to their account as cash back. The Kasasa cash back rewards are typically deposited directly into the customer’s Kasasa Cash Back account.

Usually, no points or category restrictions allow customers to earn cash back on various purchases. Additionally, Kasasa Cash Back accounts often come with other benefits, such as ATM fee refunds and no monthly maintenance fees.

Kasasa Cash back requirements

Specific requirements must be met to be eligible for cash-back rewards with a Kasasa checking account. It’s important to note that these requirements may vary depending on the financial institution offering the Kasasa account.

• Firstly, you will typically need to use your debit card for a specified number of monthly transactions. This helps ensure you actively engage with your account and use the cash-back feature.
• Secondly, opting for e-statements instead of paper statements is usually necessary. E-statements prove your Kasasa cash-back rewards and are a more environmentally friendly option.
• Lastly, setting up a direct deposit, such as your paycheck or government benefits, into your Kasasa account may be required by many Kasasa accounts (depending on the specific bank or credit union). This helps establish a consistent flow of funds into your account.

RECOMMENDATION: Check the specific requirements of your bank or credit union that offers the Kasasa account.

Banks that offer Kasasa accounts

Kasasa, with over 3 million customers, operates as an “additional service” provided by various banks and financial institutions. Unlike traditional banks, Kasasa does not have physical branches of its own. Instead, it is associated with thousands of institutions, resulting in over 3,400 branches nationwide. Here are the top 10 financial institutions that offer Kasasa accounts.

1. BMO Harris: More than 300 branches across IL, WI, MN, CO, FL, and AZ. They offer Kasasa checking and savings account options.
2. Associated Bank: More than 220 ATMs in 4 states (WI, IL, MN, and TX). They have Kasasa Cash and Kasasa Cash Back checking accounts.
3. First Tennessee Bank: With over 100 branches across 5 states (TN, KY, MS, GA, and AL), they provide Kasasa Cash and Kasasa Tunes checking accounts.
4. First Midwest Bank: They have more than 110 branches across IL and IA and offer Kasasa Cash and Kasasa Cash Back checking accounts.
5. Central Bank: Over 50 branches across MO have Kasasa Cash and Kasasa Cash Back checking accounts.
6. Citizens Bank of Edmond: Oklahoma has approximately 15 bank branches, and you can access Kasasa Cash and Kasasa Cash Back checking accounts.
7. First National Bank of Omaha: They offer Kasasa Cash and Kasasa Cash Back checking accounts, and they have over 350 branches across NE, CO, IA, IL, KS, MO, SD, and WY.
8. Simmons Bank: With more than 200 branches across AR, MO, TN, TX, and OK, you can access Kasasa Cash and Kasasa Cash Back checking accounts.
9. MidFirst Bank: You can access over 100 branches across OK, TX, CO, AZ, CA, and NM and ask for Kasasa Cash and Kasasa Cash Back checking accounts.
10. United Bank: In WV and VA, you can visit any of the 130 branches offering Kasasa Cash and Kasasa Cash Back checking accounts.

FAQs

What is a Kasasa Saver account?

Kasasa Saver is a savings account that separates spending money from savings, limits withdrawals, and offers incentives for saving. It automatically deposits rewards from Kasasa Cash or Cash Back accounts, which are free and require no minimum balance to earn rewards, but they have high interest rates.

What is the interest rate for Kasasa saver?

Kasasa Saver interest rates vary depending on the specific account and qualifications met. Generally, the rates are higher than the national average. The rates range from 1.00% APY on balances up to $15,000 to 0.25% APY on balances over $15,000.

Is there a fee for balances over 100,000?

Yes. There are also specific rates for balances between $100,000.00 and $0.01 (4.41% APY) and balances of $100,000.01 or greater (0.10% APY).

References

• “Better Banking in Your Community | Kasasa.” Best Free Reward Checking | Get Paid to Bank Local | Kasasa, https://www.kasasa.com/about.
• “Free Checking That Pays You | Kasasa Cash and Kasasa Cash Back.” Best Free Reward Checking | Get Paid to Bank Local | Kasasa, https://www.kasasa.com/reward-checking.
• “Kasasa Cash Back.” PCB Home Page, https://www.yourbank.bank/personal/kasasa-cash-back.