Credit cards are often associated with rewards, but some checking accounts offer them, too. Some 300 U.S. financial institutions, including Finger Lakes Federal Credit Union, offer Kasasa accounts, which provide returns above the national rate along with various perks. Now Finger Lakes Federal Credit Union offers Kasasa rewards checking accounts
for all existing and incoming members.Here’s an overview of how they work and what to know about getting one.
WHAT IS KASASA?
Kasasa, a technology services and marketing company based in Austin, Texas, introduced its branded bank accounts to help community banks and credit unions attract more members and build loyalty.
These financial institutions can adopt the nationally recognized Kasasa accounts and promote them as high-yield checking and savings alternatives to services from big national banks. In this way, the smaller institutions can compete against bigger rivals for deposit accounts, which help keep them healthy. This is especially important when you consider that 60% of all small business loans come from community banks or those with less than $10 billion in assets, according to the Independent Community Bankers of America.
WHAT TYPES OF ACCOUNTS ARE AVAILABLE?
FLFCU offers two Kasasa brand checking accounts, and both are free: Kasasa Cash
and Kasasa Cash Back.
“Free checking” means that these don’t have a monthly service fee, and you don’t need a minimum balance to qualify for rewards. You can also qualify for ATM fee refunds.
Each account also offers its own perk:
This has a relatively high rate of return on balances up to a certain amount. The rate and maximum amount varies by financial institution.
Kasasa Cash Back:
You can earn a percentage of
debit-card purchases back as cash.
You can link any of these checking accounts to a Kasasa Saver
account, which can offer a yield that rivals some online-only checking accounts. The rates and rewards for each can vary by the financial institution that offers them.
Learn more about how you can earn rewards when you convert your existing Basic Checking account to a Kasasa Cash
or a Kasasa Cash Back
account! Not sure which account is right for you? Give us a call, or visit your favorite branch, and we’ll help you learn more about Kasasa accounts, and help you find the right fit!
© Copyright 2017 NerdWallet, Inc. All Rights Reserved