Utah-based TAB Bank has recently added a Kasasa Cash Checking (Kasasa Cash) account, which earns 4.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Monthly Qualification Requirements
- Have at least 15 debit card purchases* (minimum $5)
- Have at least one direct deposit, one ACH, or one bill pay transaction
*The fine print on the landing page clearly describes which debit card “activities do not count toward earning account rewards:"
ATM-processed transactions, transfers between accounts, debit card purchases less than $5.00, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our bank.
Kasasa Cash Details
- No minimum opening deposit requirement.
- No monthly maintenance or opening/closing fees.
- Limit of one account per Social Security number.
- Nationwide ATM fees will be reimbursed up to $15 per cycle.
- New accounts will automatically qualify during the account’s first statement cycle.
The Kasasa Saver account linked to the Kasasa Cash earns 1.50% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Like the Kasasa Cash account, there are no fees associated with the Kasasa Saver account and no minimum opening deposit. There is also a limit of one Kasasa Saver account per Social Security number.
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.
High Yield Savings
The unique thing about TAB Bank and their Kasasa accounts is that TAB Bank also offers an online High Yield Savings account. Improvements have been made to the High Yield Savings since my last review. It now earns 2.40% APY on all balances of at least $1. There is no minimum opening deposit or monthly service fee.
Hopefully, this will spur other internet banks to offer their own Reward Checking Accounts.
Headquartered in Ogden, Utah, TAB Bank has been offering its product line on a nationwide basis for several years. In the past year, an online application has been added, which is a distinct improvement over submitting an application by phone, e-mail, or even snail-mail.
TAB Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 16.10% (above average), based on December 31, 2018 data. TAB Bank has an excellent capitalization level (14.73%), the result of holding $739.41 million in assets with $14.73 million in equity. Please refer to our financial overview of TAB Bank (FDIC Certificate # 34781) for more details.
Currently Utah’s 24th largest bank, Tab Bank was established in 1998 as the Transportation Alliance Bank, Inc. by parent company, Flying J Inc. Originally founded to provide financial services to the US and Canadian trucking industry, TAB Bank subsequently expanded to offer custom working-capital solutions to businesses from a variety of industries.
According to a recent Bank Director article,
Most people assume that fintech companies are out to take business away from banks, but what if the opposite is true?
What if, instead of being a threat, fintech companies actually open up new opportunities for banks?
“We came to the conclusion that we would build our strategy around how we think the market will look in two to five years, not how it behaves today,” says Curt Queyrouze, president of TAB. “What we determined was that once consumers try a digital interaction, they stay in that lane.”
How the Kasasa Cash Account Compares
As you can imagine, there aren’t that many High Yield Reward Checking Accounts with maximum qualifying balances of at least $50k. For this comparison, I've chosen those accounts tracked by DepositAccounts.com that are nationally available and have maximum qualifying balances of at least $25k. TAB Bank’s Kasasa Cash APY currently equals that of Orion Federal Credit Union’s Premium Checking APY, but the $50k qualifying balance gives TAB Bank a definite competitive edge.
The above rates are accurate as of 4/22/2019.
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.