Hello Young Health & Wealth Seeker! Have you started a Kasasa Checking account or are you planning to do so? Are you wondering “how can I manage my Kasasa Checking account?” That is something that I had to think about before I got it right.
Before I start, I want to thank you for reading this. My goal is to inspire young people to work toward being healthy, happy, and prosperous. So, I really appreciate you for being here.
Now, let me get started by answering that question for you…
How Can I Manage My Kasasa Account?
The best way to get the most out of a Kasasa account is to get the maximum percentage rate on each dollar.
Let me explain what I mean, before I explain how I manage my Kasasa account.
A Kasasa checking account advertises a high interest rate. But, keep in mind that that high interest rate only applies up to a certain amount deposited. For instance, my Kasasa account pays 2.5% on the balance up to $10,000. For amounts over $10,000, the interest slowly goes down. So, for me to get the maximum out of the Kasasa account, I try not to let my account go over $10,000. I
If you are relatively early in the wealth building experience, that should not be a problem because your bills probably are not over $10,000. But, even if your bills are over $10,000, you can just transfer more money into your Kasasa account as needed.
The Other Money That Is Not In Your Kasasa Checking Account?
The other money that is not in your Kasasa checking account should be kept in a high yield savings account in a bank that offers it. For instance, I have a high yield savings account at CIT Bank. (I love their interest rate!) This high yield savings account should be attached to your Kasasa Checking account. (I have not found any high yield savings accounts available at the same banks that offer the Kasasa checking accounts.)
Remember, the money in your checking account is just to pay your bills. The rest of your money is for savings and investings, and should be in the appropriate accounts.
Now, once I set my account up to optimize the account balance, I focused on how to use my Kasasa checking account debit card enough to earn the high interest.
How Do I Use and Manage My Kasasa Account Debit Card Enough to Get the Higher Interest Rate?
Okay, in case you don’t know by now, there are typically 3 requirements to earn the high interest on a Kasasa account.
- At least 1 direct deposit or automatic payment (ACH) post and settle
- At least 12 debit card purchases post and settle
- Yout statements delivered via eStatements
My experience is that using the debit card optimally was the hardest part.
For those looking to maximize their wealth, you want to optimize your debit card usage.
Optimizing the debit card use means using it enough to earn the high interest rate from the Kasasa account, then switching over to using a credit card that earns rewards.
So here is what I do to manage my Kasasa account:
I use my debit card to purchase gas for my car. When I go to a gas station, if there is no one waiting behind me, I will pump a few gallons. Stop the pump to end the sale. Then pump some more gas.
I can get (at least) 2 of my required 12 debt uses each time I go to the gas pump.
The supermarket is another place where I use my debit card. I try to go to the supermarket early in the morning or late in the evening, when there are fewer people in the market. Then I use the self-checkout. As long as there are no other people waiting behind me, I break what I am buying into several purchases. I have actually gotten up to 5 purchases on one trip to the market.
How Am I Doing So Far?
I do check-ins to see how I am progressing on my debit use goals. Around the 10th of the month is when I do my first check in. Depending on whether I met my goal, I plan my debit card usage for the next week. Am I going to the dry cleaners? Do I need to go back to the market again? Am I going to a donut shop to buy a donut any time soon? I use my debit card up until I meet, and only until I meet my goal of 12 debit card uses.
Once I hit my 12 debit card uses for the month, I stop using my debit card. I then switch over to use a credit card that gives me rewards. (I have one credit card that gives me cash back and one that gives my air mileage awards.)
By doing the things that I have listed above, I am able to earn the maximum interest and maximize my Kasasa Checking account. Doing so helps to keep me on a strong trajectory, and only getting stronger.
I hope that this gives you ideas to help you optimize your Kasasa account.
My goal is to help you master your finances. Please subscribe to the Rich Mom Poor Kid blog for more ideas on how to get there.
Thanks for reading! If you loved it, tell your friends to subscribe!
Hugs,
Rich Mom
Do you want to learn more about Kasasa accounts? Check out these other Rich Mom Poor Kids posts:
What is a Kasasa Bank Account?
Looking to Earn More Interest? Try a Kasasa Account
10 Places in Massachusetts That Offer Kasasa Accounts
Looking for other financial resources? Check out the Rich Mom Poor Kid Resources Page.
Who is Rich Mom?
If you’re wondering who Rich Mom is, check out my “About Rich Mom” page.
Also, please note: I am not an investment advisor. Always do your own due diligence and research before investing. Check with your own investment advisor.