Ascendia Bank (NJ) Offers Competitive Kasasa Cash Checking Statewide
Ascendia Bank is currently offering a Kasasa Cash Checking account earning 6.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.02% APY.
The monthly qualification requirements are straightforward and do not include a direct deposit:
- At least 12 debit card purchases*
- At least one automatic ACH payment or bill pay
- Be enrolled in and receive electronic statements
*As stated in the fine print of Kasasa products page,
Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle may not qualify). […] Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction.
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, and can be opened with a $50 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 (up to $4.99 per single transaction) 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 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualify balances earning 0.02% 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 $50 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 (6.00% APY/$15k) and a Kasasa Saver account (3.00% APY/$25k) is approximately $1,650 (4.125% APY/$40k). As the Kasasa Saver account does not offer a competitive 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 2.00% cash back on debit card purchases, limited to the first $500 in monthly debit card purchases. If you are planning on maintaining a balance of less than $1,600, 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 $96 ($8 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 Glen Rock, New Jersey, Ascendia Bank is a commercial community bank that has a brick-and-mortar presence in the northern New Jersey counties of Bergen, Essex, and Passaic, but the Kasasa brand product line is available to all New Jersey residents.
A Kasasa Cash Checking, Kasasa Cash Back Checking, and/or Kasasa Saver account can be opened online or at any of the five New Jersey branches located in Glen Rock, Hawthorne, Oradell, or West Orange (2).
Bank Overview
Ascendia Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 1.55% (excellent) based on September 30, 2023 data. In the past year, Ascendia Bank has increased its total non-brokered deposits by $14.23 million, an excellent annual growth rate of 5.47%. Please refer to our financial overview of Ascendia Bank (FDIC Certificate # 28729) for more details.
Established in 1922 as The Building and Loan Association of Ridgewood, Ascendia Bank is currently the 38th largest bank headquartered in New Jersey with assets in excess of $384 million and more than 8,700 customer accounts. Before the “Ascendia” rebrand in 2021, the bank had three different names, all of which included some form of “Glen Rock.” Located across the street from the iconic rock that is the namesake of the town, the former Glen Rock Savings Bank may be the only U.S. bank literally named for a rock. According to Wikipedia,
The Glen Rock is a 570-ton boulder located in Glen Rock, New Jersey, United States. The boulder, which is the namesake of the town in which it is located, is the largest glacial erratic found atop Triassic bedrock in the state of New Jersey.
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 $15k, one credit union has a higher rate than currently offered on the Ascendia 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 3/4/2024.
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.