Deal Summary: Kasasa Cash, 2.25% APY up to $50k
Last June, I wrote about Newton Federal Bank’s new Kasasa Cash account, which earns 2.25% APY. At the time, the maximum qualifying balance was $25k, but the Bank has recently increased that balance cap to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.03% APY.
|2.25*%||-||$50k||Newton Federal Bank||Kasasa Cash|
|OTHER TIERS: 0.25% → $50k+|
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Be enrolled and receive eStatements.
- Be enrolled and log into Online Banking.
The Kasasa Cash account has no minimum balance requirement or monthly service fees. It requires a minimum of $100 to open, and there is a limit of one account per Social Security Number. Unlimited domestic ATM fees will be reimbursed if incurred during a qualified monthly cycle, although an ATM receipt must be presented within 30 days of transaction for reimbursements of individual ATM fees of $5 or greater.
Newton Federal Bank has also raised the APY and maximum qualifying balance cap on its Kasasa Saver account: 0.75% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.25% APY; and non-qualifying balances earning 0.03% APY.
|0.75*%||-||$50k||Newton Federal Bank||Kasasa Saver|
|OTHER TIERS: 0.25% → $50k+|
Like the Kasasa Cash account, there is no monthly fee nor a minimum balance required to earn rewards. The minimum opening deposit is $25.
Headquartered in Covington (35 miles southeast of Atlanta), Newton Federal Bank’s primary market area is Newton County, Georgia, but the Kasasa Cash and Kasasa Saver are now available to all Georgia residents through the Bank's online application.
When I noticed the “all Georgia availability” on their website, I contacted the Bank for confirmation of this expanded availability. I quickly received my answer in an email.
You asked if we accept Kasasa Cash Checking account
applications from anywhere in Georgia. The answer is yes.
Newton Federal Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 10.37% (excellent) based on December 31, 2016 data. In the past year, Newton Federal Bank has increased its total non-brokered deposits by $10.3 million, an excellent annual growth rate of 5.76%. Please refer to our financial overview of Newton Federal Bank (FDIC Certificate # 29510) for more details.
Newton Federal Bank was originally organized in November 1928 as Newton County Building and Loan Association. The Association became Newton Federal Savings and Loan Association in January 1947, following a Federal Charter being granted. On January 1, 2004, the S&L Association changed its name to Newton Federal Bank, and is now Georgia’s 61st largest bank with assets in excess of $239 million.
How the Kasasa Cash Compares
There are only two Reward Checking Accounts (RCA) available to Georgia residents with maximum qualifying balances of at least $50k, which makes an accurate comparison a bit wonky. Therefore, when compared to the 69 High Yield RCAs tracked by DepositAccounts.com that are available to Georgia residents and have maximum qualifying balances of at least $25k, Newton Federal Bank’s Kasasa Cash APY currently ranks second.
|Interest Rate||Account Name||Credit Union/Bank|
|2.27% APY||Kasasa Cash (up to $35k)||New Buffalo Savings Bank|
|2.25% APY||Kasasa Cash (up to $50k)||Newton Federal Bank|
|2.01% APY||Kasasa Cash (up to $25k)||XCEL Federal Credit Union|
The above rates are accurate as of 3/20/2017.