In mid-March, Michigan-based Main Street Bank lowered the rate and balance cap on its Free Kasasa Cash Checking (Kasasa Cash) account to 2.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY (unchanged), with non-qualifying balances earning 0.05% APY.
While the lowered APY decreases the competitiveness of the Kasasa Cash account, when you consider the combined rates and balance caps offered on the Kasasa Cash and Kasasa Saver, Main Street Bank has a pretty good deal going on.
Main Street Bank’s Kasasa Cash account was added to the product line in 2015, with an initial 2.25% APY on qualifying balances up to $25k. In February 2019, the rate was raised to 3.00% APY on qualifying balances up to $30k. As DA reader, DCXP, stated in a March 2020 Forum post,
Received this email from MSB today:
As of 3/19/2020, the rate on our Kasasa Cash account changed from 3% APY on balances up to $30,000.00 to 2% APY on balances up to $15,000.00.
Monthly Qualifications Requirements
- Have at least 10 debit card purchases
- Have at least one direct deposit, one ACH payment, or bill pay transaction
- Be enrolled in and receive eStatement notices
- Be enrolled in and log into online banking
As the name suggests, there are no fees associated with the Free Kasasa Cash Checking account. A Kasasa Cash account can be opened with a minimum $100 deposit and there is a limit of one account per Social Security or Tax ID number. There are unlimited reimbursements for nationwide ATM fees, if qualifying requirements are met.
The Kasasa Saver account linked to the Kasasa Cash earns 1.75% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.50% APY, with non-qualifying balances earning 0.05% APY. The rate and the cap are higher than typical Kasasa Saver accounts. With most online savings account rates falling toward 1%, this Kasasa Cash/Saver pair has become a real alternative to online savings accounts.
Every month, the interest earned by the Kasasa Cash and any ATM fee reimbursements are automatically transferred to the Kasasa Saver account within one day. Like the Kasasa Cash account, there are no fees associated with the Kasasa Saver account and the minimum opening deposit is $100. There is also a limit of one Kasasa Saver account per Social Security or Tax ID number.
The Kasasa Brand
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 what the word “Kasasa” means? It’s not Greek. It’s not 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.
Headquartered in Bingham Farms, Michigan, Main Street Bank offers its services and product line through its online application to U.S. Citizens, 18-years or older. “Minors, resident aliens and non-resident aliens may apply by contacting the financial institution.”
The online application can accommodate up to three beneficiaries, with Social Security numbers required for each beneficiary.
Main Street Bank’s two branches, which are located in the Detroit northern suburbs of Bingham Farms and Troy, are temporarily open by appointment only, Monday through Friday, 9 a.m. to 3. p.m. Scheduling an appointment can be done by calling 866.353.2265.
Main Street Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.40% (excellent), based on December 31, 2019 data. Main Street Bank has an above average capitalization level (9.90%), the result of holding $276.61 million in assets with $27.37 million in equity. Please refer to our financial overview of Main Street Bank (FDIC Certificate # 57878) for more details.
Main Street Bank was established in 2005 as the NSTAR Community Bank, a division of North Star Financial Holdings, Inc. The Bingham Farms-based Main Street Bank is not to be confused with the nearby defunct Northville-based Main Street Bank, which was closed in 2008 by the FDIC. In 16 years, Main Street Bank has grown to become Michigan’s 48th largest bank, with assets in excess of $276 million.
How the Kasasa Cash Account Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com that are nationally available and have maximum qualifying balances of at least $15k, Main Street Bank’s Kasasa Cash APY currently ranks eighth. When compared to accounts that have combined balances of at least $75k with an overall rate of at least 1.50%, Main Street Bank’s Kasasa products rank third.
When compared to Kasasa Cash and Kasasa Saver accounts that have combined balances of at least $75k with an overall rate of at least 1.50%, Main Street Bank’s Kasasa products rank second when comparing annual potential maximum earnings.
The above rates are accurate as of 6/12/2020.
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.