Newton Federal Bank Offers Competitive Kasasa Cash

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Availability: Market area is Newton County, Georgia, with an expansion to seven surrounding counties in process.

Newton Federal Bank recently added a Kasasa Cash account, which earns 2.25% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.03% APY.

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.

Kasasa Saver

Newton Federal Bank is also offering a companion Kasasa Saver account, but its rates are rather disappointing: 0.50% APY on qualifying balances up to $25k; qualifying balances over $20k earn 0.25% APY; and non-qualifying balances earning 0.03% APY

Availability

Headquartered in Covington (35 miles southeast of Atlanta), Newton Federal Bank’s current market area is Newton County, Georgia.

That being said, when I spoke with CSR today, she mentioned the Bank was in the process of expanding its footprint to seven surrounding counties. CSR also stated the Bank is somewhat flexible in opening a Kasasa Cash account for Georgia residents outside the market area, but does require an in-person visit to complete the process.

Opening a Kasasa Cash account can be done online, or in person at any of three Georgia branches, all of which are located in Covington.

Bank Overview

Newton Federal Bank (FDIC Certificate # 29510) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 10.06% (excellent) based on March 31, 2016 data. In the past year, Newton Federal Bank has increased its total deposits by $1.47 million, an above average annual growth rate of 0.82%. Please refer to our financial overview of Newton Federal Bank 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, which is now Georgia’s 65th largest bank with assets in excess of $231 million.

How the Kasasa Cash Compares

When compared to the 19 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to residents of the greater Atlanta metropolitan area and have maximum qualifying balances of at least $25k, Newton Federal Bank’s Kasasa Cash shares the top rung with Main Street Bank’s Kasasa Cash.

The above rates are accurate as of 6/8/2016.

To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our new Rates Map page.

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