The Bank of Denver Offers Kasasa Cash Checking

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UPDATE 11/13/2020: Kasasa brand products are now available to Colorado residents only.

Update 8/10/20: Bank informed customers via email that rate cuts are scheduled to take effect on 8/20/20 on the Kasasa Cash Checking (3.00% to 2.50% APY) and the Kasasa Saver (2.00% to 1.50% APY). Balance caps will remain the same.

Deal Summary: Kasasa Cash Checking, 3.00% APY on qualifying balances up to $25k.

Availability: Nationwide Colorado residents

Colorado-based The Bank of Denver (Bank of Denver) has entered the world of internet banking by offering its Kasasa Cash Checking account on a nationwide basis. This competitive rewards checking account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%-$25kThe Bank of DenverKasasa Cash
OTHER TIERS: 0.25% $25k+
Rates as of December 5, 2020.

The qualification cycle requirements include,

  • At least 12 debit card purchases.*
  • At least 1 ACH credit or debit transaction.
  • Be enrolled in online statements.

* Effective with the qualification cycle beginning March 19, 2020, the number of debit card purchases required to earn rewards has been reduced from 12 to 6. This policy change is listed on the Bank's COVID19 Updates page and seems to be a temporary measure to support the Bank's customers.

The Free Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $50 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month (maximum $4.99 per single transaction), if qualifications are met. There is a limit of one account per Social Security number. Paper statements are not available.

Kasasa Saver Account

Bank of Denver is also offering a Kasasa Saver account as a companion account to the Kasasa Cash Checking account. Each month, earned cash checking rewards and ATM withdrawal fee refunds will sweep to this account. The Kasasa Saver account earns 2.00% APY on qualifying balances up to $50k. Like the Kasasa Cash Checking account, Free Kasasa Saver qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50*%-$50kThe Bank of DenverKasasa Saver
OTHER TIERS: 0.25% $50k+
Rates as of December 5, 2020.

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.

Availability

Headquartered in Denver, The Bank of Denver’s market area is the greater Denver metropolitan area, but the Kasasa Cash Checking account is now being offered to all U.S. citizens and resident aliens who live in Colorado and have a valid Social Security number. The Kasasa Cash Checking online application doesn’t list any geographical limitations, so I contacted the Bank.

UPDATE 11/13/2020: According to CSR, the Bank changed the availability of the Kasasa product line last week. the Kasasa Cash Checking, Kasasa Cash Back, and Kasasa Saver are the Bank’s first products to be offered on a nationwide basis.

One note of caution: while it's always great to see new nationally available accounts, smaller financial institutions sometimes change their availability policy when the demand for a product is great. I hope my concern is unfounded.

Opening a Kasasa Cash Checking account can be done online. As Denver’s “Stay-At-Home” order has been extended until May 8, Bank of Denver has limited access to its four Denver branch locations.

    Corporate Office – Lobby Temporarily Closed. All other business by appointment only.
    Golden Triangle Branch – Branch is temporarily closed at this time.
    Leetsdale Branch – Temporary Hours. Drive-up only.
    Uptown Branch – Temporary Hours. Drive-up only.

Bank Overview

Bank of Denver has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.29% (excellent) based on December 31, 2019 data. In the past year, Bank of Denver has increased its total non-brokered deposits by $12.85 million, an excellent annual growth rate of 6.42%. Please refer to our financial overview of Bank of Denver (FDIC Certificate # 17244) for more details.

The Denver Industrial Bank was established in 1941, the result of a merger of the Denver Safe Deposit Company and the Credit Finance Company. The Bank rebranded as The Bank of Denver in 1953 after a state bank charter was granted. Current the 35the largest bank in Colorado, Bank of Denver has assets in excess of $237 million and more than $213 million in deposits.

How the Kasasa Cash Checking Compares

When compared to the nationally available High Yield Rewards Checking Accounts tracked by DepositAccounts.comand have maximum qualifying balances of at least $25k, Bank of Denver’s Kansas Cash Checking APY currently ranks first.*

The above rates are accurate as of 4/25/2020.

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.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.

Related Pages: Denver checking accounts, reward checking accounts, nationwide deals

Comments
david3
  |     |   Comment #1
I really appreciate the information on the rewards checking accounts, but I am curious on what the relationship is between Kasasa and DepositAccounts. The Kasasa website shows DepositAccounts as their partner?
Predatory Depositor
  |     |   Comment #2
Does the Kasasa website mention depositaccounts.com?

There may be a relationship, but not necessarily. Kasasa is a marketing company that offers its Kasasa Cash product to financial institutions, a product that offers above market rates but only on relatively small balances and requires the depositor to engage in some activities that compensate the financial institution for the difference. So any financial institution that uses their product would be a natural choice to talk about on this site since some people are interested in this kind of thing.

I think the stock question on these deals is what constitutes a debit card purchase.
alan1
  |     |   Comment #3
As mentioned by david3, Kasasa and DepositAccounts.com are "partners". The homepage of the Kasasa website urges people to "Visit our partner for a comprehensive comparison of accounts in your area!
Deposit Accounts by Lendingtree" and provides a link.
Lower left at https://www.kasasa.com/

DepositAccounts.com accepted advertising before it was acquired by Lending Tree. Back then, this site's advertising disclosure stated that advertising did not affect content in any way. Since Lending Tree acquired DepositAccounts.com, that is no longer the case. This site's policy was changed. I don't recall readers being informed of the revision of the advertising disclosure. The current Advertising Disclosure reads:

"DepositAccounts.com is an independent, advertising-supported deposit account comparison service. DepositAccounts.com monitors over 10,000 banks and credit unions. DepositAccounts.com does accept advertising compensation for featuring certain products from a very small percentage of these financial institutions. This advertising might influence where these products or financial institutions appear on the site. However, this advertising does not influence whether a product is included on the site, nor does it influence how the products or institutions are assessed within DepositAccounts.com’s editorial coverage or its financial health rankings. While very comprehensive, DepositAccounts.com does not include all deposit accounts available."
Ken Tumin
  |     |   Comment #5
When Kasasa.com was no longer able to provide a directory of institutions offering Kasasa accounts, we engaged in an agreement in which DA would offer a table of Kasasa accounts in exchange for them providing a link to DA at Kasasa.com. That’s pretty much the extent of the partnership.

Our main reward checking table includes all reward checking accounts. Kasasa Cash is just a subset of these. Several banks and credit unions have developed their own reward checking accounts independent of Kasasa.

One nice thing about Kasasa is that they require institutions to make their Kasasa Cash accounts free checking accounts with no monthly maintenance fees. Some credit unions and banks that offer their own reward checking accounts have monthly fees. The fees may be waived when activity requirements are met, but that’s not free checking.
Marr
  |     |   Comment #4
Not enough juice for me, the $25K are in CD making 2.2% interest and the purchases I make on the reward CCs make me another 2% on everything. At the end of the year on all of the purchases and utility payments with reward CCs I make more than this reward account, plus the $25K are working for me without running around to make 12 purchases per month.
Predatory Depositor
  |     |   Comment #6
Good analysis.
Predatory Depositor
  |     |   Comment #7
I think it's useful to note that as a depositor you aren't really a bank's "customer," you are a supplier of their inventory.

The bank acquires their inventory of money from you the depositor, marks it up and sells it to the actual customers who are their borrowers. The borrowers are the customers, your money is the inventory, you are the supplier of their inventory.

Like all merchants who sell goods their objective is to acquire their inventory at the lowest possible cost. Kasasa Cash is a branded marketing gimmick to allow them to advertise an above market rate to entice you to supply them with inventory at a low cost with little risk on the part of the bank. And at the same time it supplies them with a new *potential* customer. It's a pretty clever idea.
gregk
  |     |   Comment #11
One would like to know what distinguishes in your mind a "gimmick" from legitimate or acceptable
(to you) business practice? You seem to be contemptuous of RCA's, though I believe utilize them yourself, and in fact admit to gaming the arrangement by doing exclusively $.01 transactions in fulfillment of a common requirement, - I suppose your way of "payback" for FI's supposed exploitation of you. It's a pretty cynical perspective.

The way I see things, an (above board) product is being offered, and I decide whether the terms make it attractive to me. What each of our respective calculations are may be of interest, but don't in that regard impact the "fairness" of any agreement. You talk like RCA's are a lure that no one should be fooled by. In my case, I've always believed I get far more out of them than the banks and CU's do from me, and despite your logic and arguments still often wonder why they do it (or at least those who offer the higher yielding accounts).
Predatory Depositor
  |     |   Comment #12
"You seem to be contemptuous of RCA's, though I believe utilize them yourself, and in fact admit to gaming the arrangement by doing exclusively $.01 transactions in fulfillment of a common requirement, - I suppose your way of "payback" for FI's supposed exploitation of you."

I think you may have the wrong person. None of that is accurate. I'm not contemptuous of RCAs, I've never had one myself, and I have never engaged in such transactions. I would readily use RCAs if they made sense in my case. But they don't.

The word gimmick is not necessarily derogatory. The definition is "a trick *OR DEVICE* intended to attract attention, publicity, or business." I'd say that was a pretty good choice of words to describe this product.

It appears to be you who is contemptuous.
gregk
  |     |   Comment #15
Apologies (if you need them) for both misidentifying and misinterpreting you, PD. Alan1 may be right I had RJM in mind. Still, I believe "gimmick" has pejorative connotations for most people, and far more commonly associated with "trick" than merely "device" (which if untrue would then make every business strategy appropriately called a gimmick, - language I wonder if you would affirm with that application).

Regardless, I do get annoyed when posters here bad-mouth RCA's for having whatever requirements and limitations they do (terms like "superfluous", "tedious", "stingy", "unfair", & "deceptive" are common), above and beyond just not finding them appropriate or desirable in their own case. I use many RCA's, and find them invaluable, straightforward, and easy to manage. 3% on over 200K of liquid funds (fully insured) makes whatever conditions I have to fulfill easily bearable. Again, circumstances and mindset may rule them out for many, but why belittle them without justification? Especially in these times, their virtues are incontestable, I believe.
Predatory Depositor
  |     |   Comment #17
Apology easily accepted gregk.

I have nothing against RCAs, and I understand the potential value of them. They're just not a fit in my case.
gregk
  |     |   Comment #16
Apologies (if you need them) for both misidentifying and misinterpreting you, PD. Alan1 may be right I had RJM in mind. Still, I believe "gimmick" has pejorative connotations for most people, and far more commonly associated with "trick" than merely "device" (which if untrue would then make every business strategy appropriately called a gimmick, - language I wonder if you would affirm with that application).

Regardless, I do get annoyed when posters here bad-mouth RCA's for having whatever requirements and limitations they do (terms like "superfluous", "tedious", "stingy", "unfair", & "deceptive" are common), above and beyond just not finding them appropriate or desirable in their own case. I use many RCA's, and find them invaluable, straightforward, and easy to manage. 3% on over 200K of liquid funds (fully insured) makes whatever conditions I have to fulfill easily bearable. Again, circumstances and mindset may rule them out for many, but why the need to belittle them without justification? Especially in these times their virtues are incontestable, I believe.
alan1
  |     |   Comment #13
gregk -- I believe the portion of your comment #11, re $0.01 transactions, is the result of your having conflated Predatory Depositor and former poster RJM. Quite understandable, but you do happen to be incorrect. (The remaining content of your comment is quite apt.)
Predatory Depositor
  |     |   Comment #14
Why thank you alan1. Of all the people who might have come to my defense, I would have thought you the last. Duly noted.
Verblick
  |     |   Comment #8
good offer, but don't like that you'll need to look at a chart every month to see when the cutoff is. (Also not the best time to be making lots of in-person transactions)
Anonymously
  |     |   Comment #18
Don't need to look at the chart every month: it shows the Qualification Cycle starts on the 3rd Wed of month
Password83
  |     |   Comment #9
Why can’t I access any of my supposedly account
gregk
  |     |   Comment #10
Have you thought of calling and asking them?
Verblick
  |     |   Comment #19
Denied due to ChexSystems, probably too many new accounts. Pretty dumb since they aren't offering a bonus
Chris
  |     |   Comment #20
Just applied hoping to fund opening deposit with CC - no dice, only remote option is ACH transfer
darkdreamer4u
  |     |   Comment #21
Just got accepted and should get a welcome packet soon. This is very timely as my Southern Bank RCA after staying at 3% for more than 7 years, just went down to 2%.
Rosedala
  |     |   Comment #22
Hi All, I know this is quite old (last April) but want to report my experience. I just called them and they still offer 3% for the Kasasa Checking Account, but the CSR didn't know about the 12 Debit Card transactions reduced to only 6, didn't even say "it was but no longer". I also asked whether the "At least 1 ACH Transaction" meant monthly or just one time and he said monthly...So now it makes me wonder whether he misunderstood me or vice versa? But regardless, if the ACH is monthly this is just too much time consuming and too much work to make it worthwhile. What do you all think? Thanks.
gregk
  |     |   Comment #23
You find doing 1 monthly ACH transaction "too time consuming and too much work"? I complete that requirement each month in probably less than a minute. Bank of Denver's transaction requirement for Kasasa Cash has been reduced to 6 for some months because of Covid, but that will end with the current period (on Aug 20th) and become 12 again subsequently. If you find these very elementary hurdles daunting or potentially too complex, then RCA's (Rewards Checking Accounts) are almost certainly not for you.
andybuji
  |     |   Comment #24
Received this email today:

The Rates for Kasasa Cash and Kasasa Saver are Changing

Effective with the qualification cycle beginning August 20, 2020, the rates on Kasasa Cash and Kasasa Saver are changing. The new rates and APY's are below.

Kasasa Cash
Cap: $25,000
Below Cap Interest Rate: 2.472% Below Cap APY: 2.50%
Above Cap Interest Rate: 0.25% Above Cap APR Range: 2.50% to 0.70%
Base Rate: 0.05% non-qualifying accounts

Kasasa Saver
Cap: $50,000
Below Cap Interest Rate: 1.49% Below Cap APY: 1.50%
Above Cap Interest Rate: 0.25% non-qualifying accounts
Above Cap APR Range: 1.50% to 0.67%
Base Rate: 0.05% non-qualifying accounts


Earning rewards is easy!
To earn your rewards, enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Checking Account during each Monthly Qualification Cycle.

· At least 12 debit card purchases
· At least 1 ACH credit or debit transaction
· Be enrolled in and agree to receive e-statements
gregk
  |     |   Comment #25
KInd of a bait-and-switch wasn't it? - though not unexpected. They know 2.5% is still a premium rate, so to where will their depositors move to?

Offer a rate better than anyone else for a time (3%), - draw in lots of new money,, - then start crashing the rate and bet no one will leave cause there's still nothing better.

Variation of a classic strategy, isn't it?
Rosedala
  |     |   Comment #27
I so agree with gregk! Besides who can make 12 purchases in....one month??? Even in 3 months would force someone to buy things not needed to fulfill time requirements. We aren't talking about 5% or more to make worthwhile such sacrificial activities! I'll just leave my 1.25% MM at Customers Bank which is free to grab any worthwhile opportunity that may come along. :D
blazer9
  |     |   Comment #28
Customers Bank
Aug 18 / MM drops to 1.10%
Rosedala
  |     |   Comment #29
Yes...Treason! lol! There's a very old Spanish song that says...."You must learn to lose..." I say don't bother to learn, life will automatically teach you. :)
gregk
  |     |   Comment #30
No Rosedala, - with all due respect, you're NOT agreeing with me. I do 100+ transactions each month with no sweat, and never feel forced "to buy things not needed" for that purpose. Still believe Bank of Denver's Kasasa Account is a worthy resting place for liquid funds too, even if not so attractive as previously with the higher rate.
Rosedala
  |     |   Comment #31
100+ transactions per month? Wow! I say, good for you and good luck! :) Maybe you're an agent? It's ok I understand.
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The 1-year CD is an Option CD which allows a one-time bump-up of the interest rate during the term.

The bank provides instructions for applying for an account by mail, fax or in person. However, it states that accounts will only be opened for customers in the bank's trade areas in Colorado. Branches are...



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