Sharon Bank Offers Kasasa Cash in PA, NJ, and DE
Pennsylvania-based Sharon Bank began offering Kasasa brand products to an expanded market area about 18 months ago. The Kasasa Cash Checking’s initial 3.00% APY on qualifying balances up to $10k is still in effect. Qualifying balances over $10k earn 0.40% APY, with non-qualifying balances earning 0.02% APY.
The monthly qualification requirements include,
- At least 12 debit card purchases
- At least one ACH credit or ACH payment transaction
- Receive eStatements
- Enroll in and log into online banking
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. If qualification requirements are met, all nationwide ATM fees will be reimbursed up to a monthly aggregate of $25. Checking writing is available and a free MasterCard® debit card will be issued following account opening. There is a limit of one Kasasa Cash Checking account per Social Security number. A Kasasa Cash account is required to have a Kasasa Saver account.
Sharon Bank offers a companion Kasasa Saver account, which earns 1.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.40% APY, with non-qualify balances earning 0.02% APY.
Earned rewards from a Kasasa Cash Checking/Kasasa Cash Back are automatically transferred to the linked Kasasa Saver every month. Like the Kasasa Cash Checking, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires a $100 minimum opening deposit. There is a limit of one Kasasa Saver account per Social Security number.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash Checking account (3.00% APY/$10k) and a Kasasa Saver account (1.00% APY/$50k) is approximately $800 (1.33% APY/$60k).
Kasasa Cash Back
Sharon Bank’s Kasasa Cash Back account earns 3.00% cash back on debit card purchases, limited to the first $300 of monthly purchases. If you are planning on maintaining a balance under $3,600, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account; the maximum annual earnings for the Kasasa Cash Back account is $108 ($9 per month).
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,
Kasasa: the free checking account that rewards 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 Darby, Pennsylvania, Sharon Bank is a community bank with a brick-and-mortar market area that includes Delaware County and the greater Philadelphia metropolitan area.
When Sharon Bank began offering Kasasa brand products more than a year ago, an online application was added, substantially expanding the Kasasa Cash Checking, Kasasa Cash Back, and Kasasa Saver market area. Residents of the following counties are eligible to apply.
- Pennsylvania – Philadelphia, Bucks, Delaware, Montgomery, Chester
- New Jersey – Burlington, Camden, Gloucester, Mercer
- Delaware – New Castle
Kasasa Cash, Kasasa Cash Back, and Kasasa Saver accounts can also be opened at any of four southeast Pennsylvania branches, located in Aston, Darby, Philadelphia, and Springfield.
Sharon Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 15.88% (above average), based on September 30, 2020 data. In the past year, Sharon Bank has increased its total non-brokered deposits by $14.64 million, an excellent annual growth rate of 10.74%. Please refer to our financial overview of Sharon Bank (FDIC Certificate # 28793) for more details.
Founded in 1873 as the Sharon Savings and Loan Association, the Bank has provided 147 years of service as a community bank. The Sharon Bank re-brand occurred nearly three years ago and according to a March 2018 press release,
We feel that this small but positive name change preserves our rich history and identity as a Community Bank, while better reflecting our continuing expansion into new lines of business products.
In addition to the name change, we’re adopting a new logo and the new tag line “Moving forward since 1873,” indicating that we will continue to add new financial products and services well into the future.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the online market area and have maximum qualifying balances of at least $10k, Sharon Bank’s Kasasa Cash APY currently ranks fifth.
The above rates are accurate as of 12/18/2020.
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.