Indiana First Bank has recently started to offer reward checking and savings accounts under the Kasasa brand. The high-interest reward checking account is called Kasasa Cash, and the companion savings account is called Kasasa Saver. Both have competitive rates and balance caps. There’s also a checking account called Kasasa Cash Back that can be a good deal for those who plan to maintain a small balance. Below is a summary of the rates and features of the Kasasa Cash and Kasasa Saver accounts as of 10/10/2013:
Kasasa Cash account rates and ATM fee refunds if monthly requirements are met:
- 2.50% APY on balances up to $25,000
- 0.50% rate on balances above $25,000
- 0.05% APY if qualifications are not met
- Nationwide ATM fee refunds (up to $20 monthly)
Kasasa Saver account rates if monthly requirements are met:
- 1.00% APY on balances up to $50,000
- 0.50% rate on balances over $50,000
- 0.05% APY if qualifications aren't met
Monthly requirements to qualify for the above rates:
- 12 debit card purchases
- 1 ACH automatic payment or direct deposit
- Receive monthly account statements electronically
Both accounts are free with no monthly service fees and no minimum balance requirements. The Kasasa Saver account must be linked to a Kasasa Cash or Kasasa Cash Back account.
The Kasasa Cash Back account is also a free account with ATM fee refunds, but it pays no interest. Instead of interest, customers can receive 2.50% cash back on their debit card purchases (up to $5 per month). As I mentioned above, this can be a good deal for those with small balances. For example, if your average balance is $500 and you make $200 in debit card purchases a month, you’ll receive $60 per year in cash back. That’s equivalent to a 12% interest rate.
Availability - Certain PA Counties Only
Click the “apply” button on the bank’s Kasasa Cash page or other Kasasa pages, and you’ll be taken to a Kasasa online application. The first page of this application describes who is eligible to open accounts. Only residents of the following Pennsylvania counties are eligible: Indiana, Allegheny, Armstrong, Bedford, Blair, Butler, Cambria, Clarion, Clearfield, Elk, Fayette, Jefferson, Somerset, or Westmoreland.
At first I thought this bank was located in Indiana, but its headquarters is actually located in the borough and county of Indiana in Pennsylvania. The bank also has offices in the Pennsylvania towns of Somerset, Johnstown, Punxsutawney and Blairsville.
The bank has an overall health grade at DepositAccounts.com of A+ with a Texas ratio of 5.67% (excellent) based on June 2013 data. Please refer to our financial overview of Indiana First Bank for more details. The bank has been a FDIC member since 1943 (FDIC Certificate # 27763).
Other High-Interest Reward Checking Accounts
To find other reward checking accounts that are available nationwide or in your state, please refer to our high-interest reward checking account table.
To learn more about high-interest reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.