The Bank of Denver Offers Kasasa Cash Checking
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 5.00*% | - | $25k | The Bank of Denver | Kasasa Cash | |
| OTHER TIERS: 0.25% → $25k+ | |||||
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.
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.
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.
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."
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.
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.
(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).
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.
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.
I have nothing against RCAs, and I understand the potential value of them. They're just not a fit in my case.
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.
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
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?
Aug 18 / MM drops to 1.10%