Bank of Frankewing Offers Kasasa Cash In Tennessee and Alabama

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Deal Summary: Free Kasasa Cash, 3.00% APY, up to $20k. Free Kasasa Saver, 0.75% APY, up to $10k.

Availability: Six southern middle Tennessee counties and two north Alabama counties.

The Kasasa brand was added to Bank of Frankewing’s product line about four years, but only recently became available online to an expanded market area. The Free Kasasa Cash account currently earns 3.00% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.40% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$20kBank of FrankewingFree Kasasa Cash
OTHER TIERS: 0.40% $20k+
Rates as of September 27, 2020.

The monthly qualification requirements include,

  • At least 12 debit card purchases.
  • At least one direct deposit or ACH payment transaction.
  • Be enrolled in and agree to receive e-Statements.

The Free Kasasa Cash account has no minimum balance requirement or monthly service fees, but does requires a $50 minimum opening deposit amount. Nationwide ATM fees will be reimbursed up to an aggregate of $20 per statement cycle ($4.99 per single transaction), if qualification requirements are met. An ATM receipt must be presented for reimbursements of individual ATM fees of $5.00 or higher. There is a limit of one account per Social Security number.

The following “Purpose & Expected Use” statement appears on the Free Kasasa Cash landing page.

This account is intended to be the account holder's primary checking account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.

Bank of Frankewing reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Account holders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 6 consecutive Statement Cycles.

Free Kasasa Saver

A Free Kasasa Cash account is required to have a Free Kasasa Saver account. Each month, earned interest is automatically transferred into the Free Kasasa Saver account. Qualifying balances up to $10k earn 0.75% APY, with qualifying balances over $10k earning 0.25% APY; non-qualifying balances earn 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.75*%-$10kBank of FrankewingFree Kasasa Saver
OTHER TIERS: 0.25% $10k+
Rates as of September 27, 2020.

Like the Free Kasasa Cash account, the Free Kasasa Saver has no minimum balance requirement, monthly service fees, and requires a $50 minimum opening deposit.

Annual Earnings of Combined Free Kasasa Cash/Free Kasasa Saver Accounts

The potential combined annual earnings of the Free Kasasa Cash (3.00% APY/$20k) and the Free Kasasa Saver (0.75% APY/$10k) is approximately $675 (2.25% APY/$30k).

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. According to the Kasasa website,

On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.

Ever wondered where the word “Kasasa” comes from? Its etymology is neither Greek nor Latin.

Put simply, we made it up.
In a world where real-life people are too often taken for granted as account
numbers, we didn’t want to be the next [INSERT GENERIC NAME] checking account.

Availability

Headquartered in Frankewing, Tennessee, Bank of Frankewing offers its Free Kasasa Cash and Free Kasasa Saver accounts to the residents of six southern middle Tennessee counties and two north Alabama counties.

    Tennessee: Giles, Lawrence, Marshall, Lincoln, Wayne, and Maury

    Alabama: Limestone and Madison.

Opening a Kasasa brand product can be done online, or at any of three Tennessee branches located in Frankewing, Lawrenceburg, and Pulaski. As of last week, all three branches are open to walk-in traffic.

We continue to closely monitor COVID-19 and recommended guidance from the CDC and our local health department. Based on the number of local cases, we feel that it is best that we limit in-person banking as recommended by the CDC social distancing guidance meaning we will allow 10 customers in the lobby at one time.

Bank Overview

Bank of Frankewing has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.90% (excellent) based on June 30, 2020 data. In the past year, the Bank increased its total non-brokered deposits by $52.07 million, an excellent annual growth rate of 21.93%. Please refer to our financial overview of Bank of Frankewing (FDIC Certificate # 1484) for more details.

Bank of Frankewing will celebrate its centenary in February. Originally known as the Bradshaw Community, the town’s name was changed in 1909 to honor Mr. Frank Ewing, a resident who spearheaded the lobbying efforts that brought the L&N Railroad to the Giles County community. As a self-described community bank, the Bank didn’t start to expand beyond the confines of Giles County until 2005. Currently the 61st largest bank headquartered in Tennessee, Bank of Frankewing has assets in excess of $343 million.

How the Free Kasasa Cash Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available in the Bank's market area and have maximum qualifying balances of at least $20k, Bank of Frankewing’s Free Kasasa Cash APY currently ranks second.

Interest RateAccount NameCredit Union/Bank
3.30% APYVertical Checking (up to $20k)Evansville Teachers Federal Credit Union
3.00% APYFree Kasasa Cash (up to $20k)Bank of Frankewing
2.50% APYKasasa Cash (up to $25k)The Bank of Denver

The above rates are accurate as of 8/31/2020.

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.

Related Pages: Nashville checking accounts, reward checking accounts

Comments

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