Main Street Bank Ups Nationally Available Kasasa Cash To 3.00% APY


Deal Summary: Kasasa Cash Checking, 3.00% APY on qualifying balances up to $30k, $100 minimum opening deposit

Availability: Nationwide

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.

2.00*%-$30kMain Street Bank (MI)Free Kasasa Cash Checking
OTHER TIERS: 0.25% $30k+
Rates as of May 29, 2020.

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.

Monthly Qualifications

  • 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.

Kasasa Saver

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*%-$100kMain Street Bank (MI)Free Kasasa Saver for Kasasa Cash
OTHER TIERS: 0.50% $100k+
Rates as of May 29, 2020.

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

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,

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.

Bank Overview

Main Street Bank has an overall health grade of "A" at, 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 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.

Related Pages: Detroit savings accounts, savings accounts, reward checking accounts

  |     |   Comment #1
Be extremely cautious of this bank. 3 years ago, with nearly a perfect credit score and squeaky clean chex systems, I applied but was turned down. Also, this bank is super cringy about the amounts of the each debit card transaction and watch them very closely. If they believe these amounts are not good, they will refuse to pay the higher interest and also close your account.
  |     |   Comment #2
Why did they say you were turned down? And If you were never able to open an account, how did you become aware of their transaction amount sensitivities, and propensity to close accounts if you offend them?
  |     |   Comment #7
I was totally surprised and so asked, but Bank's don't usually tell the reason for the decline. Anyway, after reading the T&C (posted below), I was glad that my application got declined. Don't want to give them any reason at the end of the month to make some excuse and not pay the higher interest rate. They will surely find a way and a reason to avoid paying and you lose the interest for that month. Worked out well for me, took my money elsewhere at no risk.
  |     |   Comment #3
Nope. Too much work.....I'll stick with Redneck and earn 2.50% doing absolutely nothing to earn it.
  |     |   Comment #5
Redneck is 3% for the RCA
  |     |   Comment #6
Buried on Page 18 of the Disclosures:

"Purpose and Expected Use of Account
This account is intended to be the accountholder'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.
Commensurate with the spending activities identified above, we expect the account's debit card to be used frequently
throughout each month and for transaction amounts to reflect a wide dollar range. 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 are not considered normal, day-to-day spending behavior. These types of transactions
appear to be conducted with the sole purpose of qualifying for the account's rewards and thus will be deemed inappropriate
transactions and may not count toward earning the account's rewards.
Main Street Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day,
primary use. Accountholders 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
3 consecutive Statement Cycles.
We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your
existing obligations to us including any obligation to pay fees or charges incurred prior to termination. No deposits will be
accepted and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have
not been credited to your account. A Main Street Bank check for the remaining balance, if applicable, will be mailed to
accountholder at the address indicated on our current records. Upon termination of your Kasasa Cash with Kasasa Saver
account, any optional add-on products / services associated with this account will also be terminated at the same time. "
Never Trump Republican
  |     |   Comment #8
Thanks Anon.

I applied for this account earlier. Not sure what's the status. The verbiage you've given makes it clear, that this account is not for me.         Oh well     ...
  |     |   Comment #9
With all their strict T&C and verbiage like that of the headmaster of a nursery school, unless they paid me 15% interest on 100K or more, I will stay away from them. They might open your account, butt you would be better off not funding it. Even if you do, fund it with minimal amount like $100, make the transactions etc to see how things work out for 2-3 months and then decide to fund it full or not.
Never Trump Republican
  |     |   Comment #11
#8 Anon:

Evenif they approve, I think I will pass. It is quite clear that they want the account to be used as "primary", and I won't be using it as such. No point in experimenting.

I like well defined requirement (e.g. by Great Lakes CU). That way both the CU/Bank and the account owner are well aware of what to expect, rather than leaving something vague like "primary" account.

I guess "primary" account is like "porn" *smile* -- rather hard to define -- but you know it when you see it.     ! Ha !     Ha
  |     |   Comment #10
I've seen this type of disclosure from other banks in regards to RCA's and don't like its making adherence to the provisions for use of the account entirely a matter of judgment (by the bank) rather than defining criteria in a clearly objective way impossible for the account holder and the bank to interpret differently. Regardless, I'm doubtful RJM's RCA practice of serial $.10 gas purchases done all in a 15 minute window would "cut the mustard" with MSB for meeting transaction requirements. Demanding a bit more integrity than that is wholly understandable IMO.
  |     |   Comment #12
"All done within a 15-minute windows". Ahhh, someone's not trying hard enough (LOL) ! This morning I pushed out 12 utility-payment transactions in 3 minutes for an RCA - a personal best, I might add. All were slightly over $1, though.

You're right - certain people should not sign up for the Main Street Bank RCA, and generally, we know who we are. It has nothing to do with "integrity" or lack thereof - it's just a matter of efficiency.
Lol Lol
  |     |   Comment #13
takes first dates out with 2 for 1 coupons
  |     |   Comment #15
Sometimes I try to "stack" the 2-for-1 coupons with a "half-price dinner night", typically on a Monday or Tuesday, for even more savings. I've heard the ladies really appreciate a guy who knows how to be frugal...
  |     |   Comment #16
As someone who doesn't mind doing twelve $2 - $5 transactions at my leisure (mostly online payments), I benefit when banks weed out the "one penny" crowd. I still have my Main St. Bank account. It's generally a good idea to leave old RCAs open after you stop using them, just in case the rate changes in your favor.
  |     |   Comment #17
Not that you cannot do 12 debit transactions in 3 minutes, but there is a (daily?) limit on the number of debit card transactions for most debit cards/payees. Further, it is more limited at gas station (2 for debit card and 2 for credit in Mass).

Not sure which application/utility company allow you to do 12 transactions in 3 minutes practically, just curious.
  |     |   Comment #18
To be frank, I'm not going to specifically disclose either: 1) exactly which Rewards Checking accounts I do this with, or 2) which utility company bills I pay incrementally in this manner. The reason? As I recall, you yourself stated in an earlier post just a few weeks ago in another thread in this same forum - that possibly some of these posts were going too far in terms of disclosing certain things that should perhaps remain unsaid.

Plus, in reading this forum and several others, I've realized that utilities in different locales vary widely regarding whether they allow incremental (i.e., partial) payment of utility bills with no added fee. I will tell you that I live in IL - far from MA - so the rules are likely different here in that respect. Also, I pay utilities in other states besides IL, where the rules are yet again different.

In my locale I've never encountered a debitcard that had a limit on the number of payment transactions per day, although several have limits on the total dollar amount of such transactions per day. And in my locale, for payees that allowed multiple payments of a single monthly bill sans fee, I've only twice encountered a payee that enforced a limit on the number of payment transactions per day. In each cases that limit was above 20.

In terms of gas stations - I honestly couldn't tell you, nor do I care. I haven't done it that way for years, and possibly things have changed since then.
  |     |   Comment #19
Great and good enough for me, thanks much for the rapid response 111.

For me, the 4% credit union limits some of my transactions to three per account per day, which is highly unreasonable. Typically, I am doing five debit card transactions per account per day, finishing off in the first three days of the month; and admittedly I have too many RCA accounts:D

Thanks again.
  |     |   Comment #20
What's unreasonable to me is when banks lower the rate instead of weeding out the people who value the game more than the money. So with that in mind three transactions per day on a 4% account is highly reasonable. Even better is if banks raise both the rates and the transaction minimums, e.g. $10 per transaction, 6% on $25K: this excludes all "penny users" and allows the rest to earn $1,500 per year on about $1,500 spend.
  |     |   Comment #22
Luckily it (3 debit card transactions per day) applies only with one payment source and one of my many 4% RCAs. One can always call the bank/credit union and get the limit raised, I only have some complications with one account that I am willing to tolerate.

As for the dollar amount per transaction, I fully agreed and the said credit union already has the $5 minimum per debit card transaction, which is quite reasonable and feasible in my humble opinion.

Yes, the 6% RCAs (e.g., Danvers bank in the RCA history with $100K limit per account; I had multiple of those along with Scott the rich guy at that time) was some good times to remember by:-)

RJM: I still think that the (4%, $25K) RCA has a place in my financial portfolio now; with liquidity and high interest (vs. savings and CDs).
  |     |   Comment #21
What I have found out from my years of using various RCAs is the gas pump "limits" are security things, not done by the banks usually but by 3rd party security firms. My small transactions used to generate auto calls over & over. Eventually, I called the security firms and told them exactly what I was doing and why and that my small transactions every month were not fraud, they were normal behavior. And so the reps would go in & override their system from calling me or blocking the number of per day gas pump transactions. (Which I think is 2 credit and 2 debit)

My current rca bank did not have a security firm so I had to directly call and it took a few minutes of getting transferred around to someone who could stop the auto rejections. And now that I have opened a 2nd account, I am running into the same 2+2 limits. But they have not been calling and the card resets the next day.

Since I only have 2 accounts, its easy to do the gas station transactions but In the past I have paid some small bills repeatedly without an issue. Most have $1 minimums.

I am considering a 3rd RCA for the better months. Orien is the one I have my eye on.

I try to knock all mine out in the first few days of the month just so I don't forget. I don't find stopping at a gas station to do transactions to be that much of a burden when I am out anyway. (i try to stay active by going to the gym or play disc golf at least 5-6 days a week and its easy to stop and knock out some transactions)

I don't at all feel guilty about gaming the system. I did feel guilty about one station where the owner came running out scolding me in broken english. "You no do transactions for 2 cents only". So I quit going to his station because he is probably paying 15-20 cents per transaction which eats into his profits. The other stations I use are not owner operated and the cashiers don't usually care. (One thought I was a scammer and called the cops but it was easily taken care of my showing him my cards, my ID and him calling my name in checking for wants & warrants)

The FIs want us to use these as regular checking accounts, and they would like us to spend hundreds per month using a debit card. I'm not going to do that for the small interest rate difference. And I won't be guilted into thinking I am ruining things for everyone.

With the way CD rates were rising, many RCA are no longer worth bothering with.

Like the LMCU 3.00% on $15k. I quit using them. A local CU where I used to have 2 lowered their rate to 2.50% last year so I quit them too.
  |     |   Comment #23
No reason at all to feel one bit of guilt, RJM.......If they don't like the way some customers use their accounts & promotions then they should rewrite the rules.......And I can guarantee for every one of someone like you that knows what they are doing and is smart.......there are probably 20 or 30 morons that don't and they are making plenty of money on them.
  |     |   Comment #14
As if the relatively low 3% were not enough, they have this garbage. No thanks.
  |     |   Comment #24
If you had an existing Kasasa checking account when this new 3% rate went into effect, you need to do an account change in order to get the new rate. Old Kasasa account pays 2.25% on 25K for 12 transactions; new Kasasa account (called Kasasa 19) pays 3.00% on 30K for 10 transactions. Call the bank and they will make the arrangements.
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Availability: Nationwide

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Availability: Nationwide

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The minimum opening deposit is $500 and there is no maximum balance cap.

As stated on Main Street Bank’s Certificates of Depost page, the Early Withdrawal Penalty reads as follows:

Early withdrawals may result in a penalty equivalent to 90 days of interest
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