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Kasasa Cash Reward Checking at American Savings Bank

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American Savings Bank, FSB

Update 8/20/13: The account is no longer nationally available. I just noticed that American Savings Bank's online application has added the following "You must be a permanent resident of Ohio, Kentucky, Indiana, or West Virginia to open an account with American Savings Bank, fsb."

Last November American Savings Bank, fsb began offering a reward checking account called Kasasa Cash. I just learned today that the bank has begun accepting applications from every state. For nationally available accounts, its rate and balance cap are not the best, but it is competitive. With only around 15 banks in the nation that have nationally available reward checking accounts, it’s always nice to see a new addition.

In addition to the Kasasa Cash account, American Savings Bank also offers a linked savings account called Kasasa Saver. Below are the rates and features of the Kasasa accounts as of 3/20/2013:

Kasasa Cash rates and features if monthly requirements are met:

  • 2.00% APY on balances up to $15,000
  • 0.25% interest rate on portion of balance over $15,000
  • 0.05% APY on entire balance if requirements are not met
  • Nationwide ATM fee refunds (up to $20 per month)

Kasasa Saver rates if monthly requirements are met:

  • 0.50% APY* on Kasasa Saver balances up to $15,000
  • 0.25% interest rate on the portion of the Kasasa Saver balance above $15,000
  • 0.05% APY on entire balance if requirements are not met

The following monthly requirements must be met to qualify for the above rates and ATM fee refunds:

  • 12 check card purchases
  • one online bill payment or automatic payment (ACH)
  • Receive free eStatements

Both the Kasasa Cash and Saver accounts are free accounts with no monthly service fee and no minimum balance requirements.

American Savings Bank has a link to an online application link at its Kasasa Cash page. This also can be used to open the Kasasa Saver account. Only U.S. citizens are eligible to apply online. Account funding can be done via an ACH transfer from your existing checking account.

Bank Overview

American Savings Bank’s headquarters is located in Portsmouth, Ohio which is on the border of Kentucky. Around Portsmouth, it has branches in Wheelersburg and South Shore, KY. There are also branches in Waverly and in the Cincinnati metro area.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 28.06% (average) based on December 2012 data. Please refer to our financial overview of American Savings Bank, fsb for more details. The bank has been a FDIC member since 1948.

How This Reward Checking Account Compares

For banks with nationally available reward checking accounts, the only reward checking account that’s a better deal than American Savings Bank’s Kasasa Cash is at First Financial Bank. Its Kasasa Cash account has a 3.00% APY on balances up to $15,000.

There are a few all-access credit unions with higher rates for $15K+ balance caps. The best ones include Belvoir FCU which offers 3.25% APY for up to $15,000, Lake Michigan CU which offers 3.00% APY for up to $15,000 and ABCO FCU which offers 2.12% APY for up to $25,000.

The above rates are accurate as of 3/20/2013.

You can often find local reward checking accounts with rates higher than what’s nationally available. Please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.

  Tags: American Savings Bank, FSB, Ohio, checking account

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
To little interest paid for my time and efforts, pass.

5
Comment #4 by Anonymous posted on
Anonymous
Is there a hard pull for account opening ?

1
Comment #5 by irene1 (anonymous) posted on
irene1
DO THE BANKS WHO HAVE THE KASASA CASH ACCOUNTS HAVE TO PAY A FEE TO KASASA.  DOES THIS FEE INFLUENCE THE BANK TO DROP THEIR KASASA CASH RATE OF INTEREST?  IT JUST SEEMS TO ME THAT THE KASASA ACCOUNT BANKS DROP THEIR RATES MORE.

3
Comment #6 by Anonymous posted on
Anonymous
FYI, BancVue owns Kasasa, RewardChecking, RealSaver, RealChecking, Real Tunes, MoneyView, and MoneyIsland products. BancVue claims 750 financial institutions as customers, and in 2010, the company posted revenue of $57.1 million versus $38 million in 2009 and $21.8 million in 2008. In November 2012, they planned to hire software product development workers and program managers within a year. Recently, BancVue claims the recent regulatory changes that limit the amount of debit card fees it can collect and low-interest rates on accounts as the major reason their revenue model can drop. BancVue charges the banks a monthly fee, but sometimes it's a combo of monthly fee and fee-generating and cost-reducing behaviors. They provide banks with product, solutions, marketing, consulting and training.

2