Michigan-based Main Street Bank recently raised the rate on its Free Kasasa Cash Checking (Kasasa Cash) account to 3.00% APY on qualifying balances up to $30k. Qualifying balances over $30k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|3.00*%||-||$30k||Main Street Bank (MI)||Free Kasasa Cash Checking|
|OTHER TIERS: 0.25% → $30k+|
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. The addition of 75 bps and the $5k balance cap increase in February are the first changes for the Kasasa Cash account in nearly four years.
- Have at least 10 debit card purchases
- Have at least one direct deposit, one ACH, or have one bill pay post and settle
- 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 (up to $4 per single transaction) for nationwide ATM fees.
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.
|1.75*%||-||$100k||Main Street Bank (MI)||Free Kasasa Saver for Kasasa Cash|
|OTHER TIERS: 0.50% → $100k+|
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.
Kasasa Cash Overview
Kasasa: the free checking account that rewards you 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 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, but Social Security numbers must be provided.
If you live in the northern suburbs of Detroit and prefer a brick-and-mortar experience, Main Street Bank has two branches located in Bingham Farms and Troy. Main Street Bank also has three Home Loan Centers (mortgages) located in Clinton Township, Northville, and Rochester.
Main Street Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.53% (excellent), based on December 31, 2018 data. In the past year, Main Street Bank has increased its total non-brokered deposits by $20.66 million, an excellent annual growth rate of 11.23%. 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 14 years, Main Street Bank has grown to become Michigan’s 49th largest bank, with assets in excess of $258 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 $30k, Main Street Bank’s Kasasa Cash APY currently ranks second.
The above rates are accurate as of 3/4/2019.
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.