Milford Bank's (CT) New Kasasa Cash Earns 3.00% APY Up To $15k

Qualifying Requirements

At least 12 debit card purchases per qualification cycle.
Be enrolled in and agree to receive eStatements.
Be enrolled in and log into online banking or mobile banking at least once per qualification cycle.

The Kasasa Cash account has no monthly service fee or minimum balance requirement. Nationwide ATM fees will be reimbursed up to an aggregate total of $25 per statement cycle, with a maximum of $4.99 per transaction. A receipt for ATM fees of $5 or more must be presented for reimbursement. There is a limit of one account per “tax reporting owner.”

The Kasasa Cash landing page includes the Bank’s Expectations concerning the qualifying debit card transactions.

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 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 will not count toward earning the account’s rewards. Continuation of this behavior may result in your account being closed.

These Expectations are becoming common for new Kasasa accounts.

Kasasa Saver

The companion Kasasa Saver account has tiered APYs for qualifying balances:

Tier 1: If your daily balance is less than or equal to $99,999.99 the interest rate paid on the entire balance in your account will be 1.49% with an annual percent yield of 1.50%.

Tier 2: If your daily balance is $100,000 or greater the interest rate paid on the entire balance in your account will be 1.98% with an annual percent yield of 2.00%.

Non-qualifying balances will earn 0.05% APY.

Like the Kasasa Cash account, the Kasasa Saver has no monthly service fee or minimum balance requirement, and is limited to one per tax reporting owner.

Availability

Headquartered in Milford Connecticut, Milford Bank’s market area is primarily the city of Milford, but the residents of coastal New Haven County are welcome to apply.

Opening a Kasasa Cash and a Kasasa Saver account (or any other Milford Bank account) must be done at any of six full-service Connecticut branches, which are located in Milford (5) and Stratford.

Milford Bank’s online banking platform is currently devoted to account management and bill payment services.

Bank Overview

Milford Bank has an overall health grade of "B+" at DepositAccounts.com, with Texas Ratio of 3.09% (excellent), based on December 31, 2018 data. Milford Bank has an above average capitalization level (11.00%), the result of holding $441.88 million in assets with $48.6 million in equity. Please refer to our financial overview of Milford Bank (FDIC Certificate # 16101) for more details.

In 1872, the Connecticut General Assembly granted a charter for the first bank in Milford. Apparently there was plenty of red-tape in the 19^th century, as the Milford Savings Bank didn’t open its doors until early 1875.

The original deposits were placed temporarily in a wooden cigar box in a safe at the store of Phineas S. Bristol, the Bank’s first Treasurer. This cigar box and the original account books of Mr. Bristol have been carefully preserved by the Bank and are currently on display in its Main Office Lobby.

As the only “original” Milford bank, the Bank is “closely aligned to the communities we serve.” In 2017, Milford Bank gave approximately $170k to various organizations in Milford and Stratford and also contributed $25k to The Milford Bank Foundation. Established in 2003, the Foundation supports charitable, health, public safety, and education initiatives in communities served by The Milford Bank.

How Kasasa Cash Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in the Bank’s market area and have maximum qualifying balances of at least $15k, Milford Bank’s Kasasa Cash APY currently ranks fourth.

The above rates are accurate as of 5/27/2019.

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.