Spencer Savings Bank (NJ) Kasasa Cash Earns 3.25% APY


Deal Summary: Kasasa Cash Checking, 3.25% APY on qualifying balances up to $25k.

Availability: New Jersey

Spencer Savings Bank (Spencer) recently added a new Kasasa Cash Checking account, which earns 3.25% APY on qualifying balances up to $25k. Qualifying balances greater than $25k earn 0.30% APY, with non-qualifying balances earning 0.05% APY.

2.50*%-$25kSpencer Savings Bank Kasasa Cash Checking
OTHER TIERS: 0.30% $25k+
Rates as of June 6, 2020.

Qualification Requirements

  • At least 12 debit card purchases per statement cycle.
  • At least one ACH direct deposit or one automatic debit per statement cycle.
  • Establish and maintain a Spencer Online Banking account.
  • Receive eStatements.

The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. A free debit card is available, but there is a $5 debit card replacement fee. Nationwide ATM fees will be reimbursed up $25 per month, if qualifications are met. There is a limit of one account per Social Security 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,

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 Elmwood Park in northern New Jersey, Spencer Savings Bank’s Kasasa Cash Checking account is available to individuals who live or work anywhere in New Jersey.

While there are online applications for Spencer’s four other checking accounts, surprisingly, there’s no online application for the Kasasa Cash Checking account. CSR said that an online application is planned for the near future.

Opening a Kasasa Cash Checking account can be done on the phone (800.363.8115) or at of the 21 full-service New Jersey branches located in Clifton (2), Cranford, Elizabeth, Elmwood Park, Ewing, Garfield (3), Lodi, Lyndhurst, North Caldwell, Nutley, Parsippany, Saddle Brook (2), Union, Wallington, Wayne, Westfield, and Woodridge.

Bank Overview

Spencer Savings Bank has an overall heath grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.68% (excellent) based on September 30, 2019 data. In the past year, Spencer has increased its total non-brokered deposits by $94.33 million, an excellent growth rate of 4.56%. Please refer to our financial overview of Spencer Savings Bank (FDIC Certificate # 30076) for more details.

Spencer Savings Bank’s roots go back to 1893, when the Saddle River Township Building and Loan Association was founded. Following reorganization in 1939 and the issuance of an FDIC Certificate, the Spencer Savings and Loan Association opened its doors for business in Garfield, New Jersey. In 1988, the Bank acquired Elmora Savings and Loan Association and re-branded as Spencer Savings Bank. Currently the eleventh largest bank headquartered in New Jersey, Spencer Savings Bank has assets in excess of $3 billion and more than 85,000 customer accounts.

How the Kasasa Cash Checking Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available in New Jersey and have maximum qualifying balances of at least $25k, Spencer Savings Bank’s Kasasa Cash Checking APY currently ranks second.

The above rates are accurate as of 12/28/2019.

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.

Related Pages: New York checking accounts, Philadelphia checking accounts, reward checking accounts

  |     |   Comment #1
Spencer's Kasasa Cash Checking dropped it's APY from 3.25% to 2.50% on May 1, 2020. Balance cap of $25K maintained. www.spencersavings.com/personal-banking/personal-checking/kasasa-cash-checking/
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