Nine years ago I reviewed New Mexico-based BANK 34’s high yield reward checking account. That account is no longer available, but last year, BANK 34 introduced a new and competitive high yield reward checking account under the Kasasa brand. BANK 34’s Kasasa Cash account currently earns 2.50% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.20% APY, with non-qualifying balances earning 0.02% APY.
The qualification cycle requirements include,
- At least 12 debit card purchases.*
- At least 1 Direct Deposit or ACH transaction.
- Be enrolled in online statements.
*The number of qualifying debit card swipes has been temporarily reduced for the May 2020 qualification cycle from 12 to 5. The number of debit card swipes will go back to original number for the June 2020 qualification cycle.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month (maximum $4.99 per single transaction), if qualifications are met. (BANK 34 participates in the Allpoint, STAR, and Pulse ATM networks.) There is a limit of one account per Social Security number. Paper statements are not available.
Kasasa Saver Account
BANK 34 is also offering a Kasasa Saver account as a companion account to the Kasasa Cash Checking account. Each month, earned cash checking rewards and ATM withdrawal fee refunds will sweep to this account. The Kasasa Saver account earns 0.50% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.20% APY, with non-qualifying balances earning 0.02% APY.
The Kasasa Brand
Kasasa: the free checking account that rewards each month for doing things you already do.
By performing certain actions valuable to your bank or credit union, like using your debit card or online banking, your institution makes more money, which they share with you in the form of rewards.
In case you were wondering, “Kasasa” is just a made-up word.
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.
Headquartered in Alamogordo, New Mexico, BANK 34 offers its product line to the residents of Arizona and New Mexico.
Opening a Kasasa Cash/Kasasa Saver account can be done online. BANK 34’s four full-service branch locations in Arizona (Peoria and Scottsdale) and New Mexico (Alamogordo and Las Crues) are temporarily closed to walk-in traffic, but appointments are available.
BANK 34 has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.02% (excellent) based on December 31, 2019 data. In the past year, BANK 34 has increased its total non-brokered deposits by $40.49 million, an excellent annual growth rate of 16.48%. Please refer to our financial overview of BANK 34 (FDIC Certificate # 29087) for more details.
Established in 1934, BANK 34 was initially a federal thrift charter known as Alamogordo Federal Savings and Loan Association (Alamo Fed for short). Alamo Fed was primarily a residential mortgage lending and savings financial institution. The BANK 34 rebrand (“34” as in 1934) occurred in 2008, as the bank transitioned to a more traditional community bank model. Currently the tenth largest bank in New Mexico, BANK 34 has assets in excess of $393 million.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to residents of Arizona and New Mexico and have maximum qualifying balances of at least $25k, BANK 34’s Kansas Cash APY currently ranks second.*
The above rates are accurate as of 5/14/2020.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.