Hello Wealth Building Family Member! Since I have been writing about earning interest on your money recently, I have been getting questions about where else people can earn higher interest. One answer is to try a Kasasa account!
When I first opened an account at a local bank near me, someone had mentioned a Kasasa checking account to me approximately 4 years ago. But, I declined the offer. Kasasa checking accounts come with required debit cards. At the time that I was told of the Kasasa account, I was anti-debit cards.
When I first heard of debit cards, as far as I know there were no rewards or benefits, other than the fact that you could use them like a credit card without having to qualify for a credit card. Since I already had a credit card, I didn’t need or want one. Also, at that time, I had been told that there was no fraud protection when money is stolen via a debit card. So, that was enough for me to say, “No debit card for me.”
So fast-forward to last year. I had some life changes that had me in my local bank more frequently than I had previously done business with them in person. During one of my chats with a representative there, she mentioned the Kasasa account again. I discussed my feelings about debit cards. But after she explained the current way that debits cards function, especially when connected to a Kasasa account, I decided to open an account, and I am loving it!count, and I am loving it!
What is a Kasasa account?
One type of Kasasa account is a free checking account. Not only is it free but it offers a higher rate of interest than most checking accounts. In exchange for this higher interest, you agree to a few simple stipulations. To give you an example of the rate of interest that is available, at the time that I am writing this, my Kasasa is paying up to 2.5% interest on my checking account.
There Are Actually Two Types of Kasasa Checking Accounts.
- The first type of Kasasa Checking account is simply called the:
Free Kasasa Cash Checking.
With this account, you must have:
- 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
In exchange for these, in a Free Kasasa Cash Checking you receive:
- A higher interest than most other checking accounts
- An always free checking account
- Refunds nationwide on ATM withdrawals
- No service fees
- No minimum balance to earn rewards
- The second type of Kasasa Checking account is the:
Free Kasasa Cash Back Checking.
Just like the other Kasasa Checking account, you must have:
- At least 1 direct deposit or automatic payment (ACH) post and settle
- At least 12 debit card purchases post and settle
- Your statements delivered via eStatements
In exchange for these, in Free Kasasa Cash Back Checking you receive:
- Cash back for using your debit card
- An always free checking account
- Refunds nationwide on ATM withdrawals
- No service fees
If you try a Kasasa Account for checking, there is a third type of Kasasa account. It’s a savings account.
Free Kasasa Savers Account
The Free Kasasa Savers account is a savings account that is connected to either of the Kasasa checking accounts.
The nice thing about the Free Kasasa Savers account is that:
- It earns a higher rate of interest than the average interest earned in a savings account (when qualifications are met)
- It’s free
- There is no monthly service fee
- There is no minimum balance to earn the rewards
- Automatic transfers of the earnings from your Kasasa Cash or Kasasa Cash Back checking account
Kasasa accounts are offered through local banks and credit unions. So, check the local banks near you for availability.
Note:
While Kasasa accounts have core similarities, there may be some differences based on the individual institutions. Check with your local banks and credit Kasasa-offering institution for its specifics.
That’s all on Kasasa accounts for now.
Remember, if you want to move toward becoming wealthy, you need to have your money working for you. One way that you can do that is to start earning money (or more money) on your checking account. A Kasasa checking account can help.
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Until next time, stay healthy and happy.
Hugs,
Rich Mom
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