Kasasa Checking Accounts Guide
08/28/2024
Kasasa Checking Accounts Guide
Introduction
In today's competitive financial landscape, credit unions and financials alike strive to offer competitive products that meet the needs of their members and customers. Among all the products offered, checking accounts are a staple and may be the most popular. Having a checking account is one the best ways to manage deposits and daily transactions in a quick, convenient way. Unfortunately, often these checking accounts have little to no rewards, monthly fees and no protection for the consumer. But, here at First Community Credit Union (FCCU) we’ve taken checking accounts one step further by offering two different Kasasa Checking accounts, designed for our members with unique features and benefits. This article delves into the specifics of FCCU's Kasasa Checking accounts, exploring their features, benefits and what makes them so good.
First of all: What is Kasasa?
Kasasa is a brand of financial products offered by credit unions and other financials, known for their innovative approach to attracting and retaining customers. Developed by Kasasa LLC, a financial technology company, these products include checking and savings accounts that often feature rewards and benefits for meeting certain criteria each month. The Kasasa model combines the best aspects of traditional finances with modern, member-focused incentives.
First Community Credit Union has been partnered with Kasasa for more than 10 years to offer checking accounts that leverage the Kasasa brand's appeal, emphasizing rewards, competitive interest rates and little to no fees.
Features of Kasasa Checking Accounts
1. Rewards
One of the best parts of Kasasa Checking Accounts is the reward structures we can offer with them. FCCU offers two specific Kasasa checking options, each with its unique set of rewards. These accounts provide the opportunity to earn benefits such as:
- Kasasa Cash: This account features higher interest rates on balances compared to traditional checking accounts, which can significantly enhance savings over time. This is for the member who carries a high checking account balance month to month.
- Kasasa Cash Back: This account offers cash back on everyday purchases, giving members a percentage of their spending back in the form of a reward. This is for the active checking account user that doesn’t always carry a high balance in their account.
2. No Monthly Fees
Another notable feature of Kasasa Checking Accounts at FCCU is the absence of monthly maintenance fees. Many financial institutions will charge you these monthly fees and you may not even know it. Compound the ability to earn rewards and not pay fees, it makes our checking accounts a no brainer.
3. No Minimum Balance Requirements
Our Kasasa Checking accounts do not require a minimum balance to open or to maintain. This provides flexibility and reduces the pressure to keep a certain amount in the account to avoid fees. We understand that life happens and so we don’t charge you for dropping below a minimum balance.
4. Mobile and Online Banking
FCCU's Kasasa Checking accounts come with online and mobile banking features. Members can manage their accounts, check balances, transfer funds and pay bills through our user-friendly online platforms. Plus, we have a comprehensive FCCU cards app, specifically designed for you to manage your cards right from your phone, no matter where you are.
5. Nationwide ATM Refunds
Did you think we were done with the benefits? Not yet! We know at FCCU you shouldn’t have to pay to access your had earned cash. Kasasa Checking accounts at FCCU offer automatic nationwide ATM refunds!
Kasasa Account Breakdown at FCCU:
FCCU offers two different Kasasa Checking account options in addition to a Kasasa Savings account option, each is designed to meet our members different financial needs and preferences. Here’s a closer look at our options:
1. Kasasa Cash
- Description: Kasasa Cash is a high-yield checking account that rewards members with a competitive interest rate of up to 2.50% APY on their balance.
- Rewards: Members earn a high annual percentage yield (APY) on their account balance when they meet their monthly criteria.
- Requirements: To earn the high APY, members must complete the following monthly qualifying activities: 1. Use your debit card at least 12 times in the monthly cycle. 2. Be enrolled in and agree to receive eStatements. 3.Be enrolled in and log into online banking.
- Description: Kasasa Cash Back offers members the opportunity to earn cash back on their everyday purchases.
- Rewards: Members receive up to 3.00% cash back on all debit card purchases back as cash rewards.
- Requirements: Similar to Kasasa Cash, to earn your cash back, members must complete the following monthly qualifying activities: 1. Use your debit card at least 12 times in the monthly cycle. 2. Be enrolled in and agree to receive eStatements. 3.Be enrolled in and log into online banking.
3. Kasasa Saver
- Description: Kasasa Saver is designed to pair with the Kasasa Checking accounts, allowing members to automatically save part of their earnings while still earning interest.
- Rewards: Members can put money aside automatically while continuing to earn interest.
- Requirements: To earn the highest interest rate, you must qualify for your rewards with either of your Kasasa Checking accounts.
Benefits of Kasasa Checking Accounts
1. Enhanced Financial Flexibility
Kasasa Checking accounts at FCCU offer members financial flexibility through our reward structures and lack of fees. High-interest rates and cash back rewards can provide fantastic financial benefits, and no monthly fees or minimum balance requirements ensure that members can manage their finances stress free.
2. Increased Earnings
With competitive interest rates and cash back opportunities, Kasasa Checking accounts can help members increase their earnings compared to traditional checking accounts. This can be particularly advantageous for those looking to maximize their savings or get more value from their everyday spending.
3. Convenience and Accessibility
Our mobile and online applications ensure that members have easy access to their accounts and can manage their finances from anywhere. Additionally, nationwide ATM fee refunds offer added convenience for those who use ATMs outside of the credit union’s network.
4. Community Focus
As a credit union, FCCU places a strong emphasis on community involvement and member satisfaction. Our members are our owners after all. Our Kasasa Checking accounts reflect this commitment by offering products designed to meet the needs of the community and rewarding members for their engagement.
Earning Your Kasasa Rewards
To enjoy the full benefits of Kasasa Checking accounts, members must meet certain qualifying criteria each month. These criteria are designed to encourage active use of the account and may include:
- Debit Card Transactions: Make 12 debit card purchases within the month.
- eStatements: Be enrolled in and agree to receive eStatements.
- Online Banking: Be enrolled in and log into online banking.
That’s it! Don’t worry, if you don’t qualify for these rewards during the monthly qualification cycle, your account is still free and you will not be charged a fee. You will simply earn a lower rate for the month. During the next cycle you will have the opportunity to qualify for the high rate again.
Comparing Kasasa Checking Accounts with Traditional Accounts
Interest Rates and Rewards
Our Kasasa Checking accounts offer higher interest rates and better rewards compared to most traditional checking accounts. Traditional accounts may have lower or even no interest, Kasasa Checking Accounts can provide wonderful benefits in terms of earnings and cash back.
Fees and Requirements
Traditional checking accounts often come with monthly maintenance fees and minimum balance requirements. Kasasa Checking accounts typically have no monthly fees and no minimum balance requirements, making them more accessible and cost-effective for many members.
Conclusion
First Community Credit Union’s Kasasa Checking accounts represents our commitment to our members, offering a choice of rewards that suits you. FCCU provides its members with checking accounts that not only meet their financial needs but also reward them for their engagement.
Whether you’re looking to earn more on your deposits, receive cash back on purchases or enjoy the convenience of nationwide ATM fee refunds, Kasasa Checking accounts at FCCU offer a significant advantage over most traditional checking accounts. By understanding the features, benefits, and requirements of these accounts, you can make an informed decision about whether a Kasasa Checking Account is the right choice for you.
Not sure which account you should go with? Don’t worry! Our qualified team of experts can help you decide on the account that best meets your needs. Stretch your dollars further, earn rewards and stop paying fees with a Kasasa Checking account at First Community Credit Union.