Hanover Bank Kasasa Cash Checking Available In NYC Metro Area
New York-based Hanover Bank is currently offering a Kasasa Cash Checking account that earns 5.75% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.49% APY, with non-qualifying balances earning 0.05% APY.
The monthly qualification requirements include:
- At least 12 debit card purchases
- At least one direct deposit or ACH transaction
- Be enrolled in and agree to receive eStatements
- Be enrolled in and log into online banking or mobile banking
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, and can be opened with a $100 minimum deposit. Unlimited check writing is available and a free debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to an aggregate of $25 each month if qualification requirements are met. There is a limit of one Kasasa Cash Checking account per Social Security number. Kasasa Cash Checking/Kasasa Cash Back accounts are required to have a linked Kasasa Saver account.
Kasasa Saver
The Kasasa Saver currently earns 2.25% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.19% APY, with non-qualify balances earning 0.05% APY.
Kasasa Cash Checking/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. Like the Kasasa Cash Checking account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $100 minimum opening deposit. There is a limit of one Kasasa Saver account per Social Security number.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash Checking account (5.75% APY/$25k) and a Kasasa Saver account (2.25% APY/$100k) is approximately $3,687 (2.95% APY/$125k). As the Kasasa Saver account has such a low rate, it doesn’t make sense to maintain anything but a very small balance.
Kasasa Cash Back Checking
Hanover Bank offers a Kasasa Cash Back Checking account that earns 5.00% cash back on debit card purchases, limited to the first $200 in monthly debit card purchases. If you are planning on maintaining a balance of less than $2,100, the Kasasa Cash Back Checking account would probably be a better deal than the Kasasa Cash Checking account, as the maximum annual earnings for the Kasasa Cash Back Checking account is $120 ($10 per month).
The Kasasa Brand
For those not familiar with the Kasasa brand, Kasasa Cash is a type of Reward Checking Account (RCA) developed by the Texas company, Kasasa, Ltd. Founded in 2003, Kasasa’s sought to develop and market software products for Central Texas community bank. The first account, REWARDChecking®, played a pivotal role in shaping the future of the company.
According to an April 2022 Kasasa blog post,
Kasasa Cash offers a high annual percentage yield (the amount of money you get back in interest, in other words). If you want some extra cash every month to make life a little easier, to treat yourself to something special, or just watch your account balance grow, this is the account for you.
When you spend money with your credit or debit card, it benefits the provider. They make money with every swipe. Why shouldn’t you get a piece of that for choosing to use your bank or credit union’s debit card? It helps them, and it helps you
Availability and Account Opening
Headquartered in Garden City Park, New York, Hanover Bank is a locally-owned commercial community bank offering its services and product line to small-to-medium businesses, the professional community, and local residents. The current market area includes Long Island, the greater New York metropolitan area, and northern New Jersey.
Opening a Kasasa brand product can be done online or at any of the seven New York branches located in Brooklyn, Flushing, Forest Hills, Garden City Park, Mineola, and New York City (2), or the single New Jersey branch located on Route 9 in Freehold.
Bank Overview
Hanover Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 6.52% (excellent) based on September 30, 2023 data. In the past year, Hanover Bank has increased its total non-brokered deposits by $127.71 million, an excellent annual growth rate of 8.61%. Please refer to our financial overview of Hanover Bank (FDIC Certificate # 58675) for more details.
Hanover Bank opened its doors in 2009, with the Asian-Indian community as its targeted demographic. By 2012, the Bank was in the process of re-positioning itself with a new Board of Directors and new management team, headed by Michael P. Puorro. In little more than one year, Mr. Puorro was recognized in the Long Island Business News for "his successful turnaround of a minority-chartered institution previously on the brink of financial disaster." In 2019 and 2021, Hanover Bank acquired two New York City-based banks – Chinatown Federal Savings Bank and Savoy Bank, respectively. Currently the 36th largest bank headquartered in New York state, Hanover Bank has assets in excess of $2.1 billion and more than 10,000 customer accounts.
How Kasasa Cash Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $25k, only two credit unions have a higher rate than currently offered on the Hanover Bank Kasasa Cash Checking. The following table compares the Kasasa Cash Checking account to the four highest-rate RCAs from other banks and credit unions within the market area.
The above information and rates are accurate as of 3/1/2024.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
