Main Street Bank's Kasasa Cash/Saver Combined Earnings A Good Deal

POSTED ON BY

Deal Summary: Free Kasasa Cash Checking, 2.00% APY on qualifying balances up to $15k. Kasasa Savings, 1.75% APY on qualifying balances up to $100k.

Availability: Nationwide

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.

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. 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

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 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.

Availability

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.

Bank Overview

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.

Related Pages: Detroit checking accounts, Marquette checking accounts, reward checking accounts, nationwide deals, Internet banks

Comments
Shelby
  |     |   Comment #1
A good deal on a non-guaranteed interest rate on the saver account which will drop like a brick any day. In the meantime, Main Street Bank increases its membership base so it can make money selling your name to third party sellers or seller/joint bank promotions to the bank customer base. And, you are always on their mailing list and the sellers list for years to come. No thanks!
david3
  |     |   Comment #2
Maybe you should read their privacy notice before making unfounded comments. They do not do share your information with other financial companies for marketing purposes.. Just because you don't like reward checking accounts doesn't mean other people don't find the information useful.
alan1
  |     |   Comment #3
Thank you, david3 and, speaking of unfounded comments, how about this: "a non-guaranteed interest rate on the saver account which will drop like a brick any day." Now maybe it will -- rates have been decreasing at many banks. But according to DepositAccounts, Main Street's Kasasa savings account has paid 1.75% since February 2019. Perhaps it will "drop like a brick any day" -- unlike Shelby, I have no such knowledge.

Any time there's an article on Kasasa accounts, Shelby is one of a handful of posters who uses the article as an excuse to make statements that are either unverifiable or false. It's tiresome.
Choice
  |     |   Comment #5
David...I like your trust me post... if a FI can change the terms and conditions at any time...why should members rely upon the printed word?
Shelby
  |     |   Comment #7
#2 Do you really trust financial institutions? If you follow this site your confidence in FI's has been lowered over the years not raised. You don't think they profit from selling to other institutions/marketing businesses etc all the financial data you provide them from being a member? They partner with many third party companies now that pay them a handsome fee, it's a tricky workaround for them to sell your data.
51hh
  |     |   Comment #8
It is all trade-offs. If one demands long-term high APY with guarded privacy/security, one needs to pay the price in (1) searching smartly and diligently (by definition, those deals are rare, scarce, and stringent in approval), and (2) once acquired, doing some modest/efficient labor to meet monthly requirements (e.g., for RCAs).

Nothing comes for free.

Good luck.
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.

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...

Continue Reading
Main Street Bank Ups Nationally Available 36-Month CD
Deal Summary: 36-month CD (3.00% APY), 48-month CD (3.15% APY), $500 minimum deposit

Availability: Nationwide

It’s been more than 2½ years since I last wrote about Michigan-based Main Street Bank. At that time, Main Street Bank was offering a 12-month CD that was 5 bps short of being a rate leader. Since then, the Bank’s CD rates haven’t merited a blog post, but that changed at the end of last week. With several rate increases ranging from 50 to 130 bps, Main Street Bank CDs have become...

Continue Reading
Main Street Bank (MI) Hikes 12-Month CD Rate (Nationally Available)
Availability: Nationwide

Following the Fed’s long anticipated rate hike, many financial institutions began the New Year by raising rates. Michigan-based Main Street Bank joined the celebration with a rate hike of 85 basis points on its 12-month CD (1.35% APY).

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
if your term...

Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.