The Dime Bank has recently raised the rate on its Kasasa Cash account by 24 basis points, with qualifying balances up to $20k now earning 2.25% APY. Qualifying balances of $20k+ earn 0.35% APY, with non-qualifying balances earning 0.05% APY.
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Be enrolled and log into Online Banking.
- Be enrolled and receive eStatements.
The Kasasa Cash account has no minimum balance requirement or monthly service fees. It requires a minimum of $50 to open and there is a limit of one account per Social Security Number. Unlimited domestic ATM fees (up to $4.99 per individual transaction) will be reimbursed if incurred during a qualified monthly cycle.
The Dime Bank’s Kasasa Saver account has maintained its 1.01% APY on qualifying balances up to $50k since being added to the product line in May 2015. Qualifying balances over $50k earn 0.35% APY, with non-qualifying balances earning 0.05% APY.
Like the Kasasa Cash account, the Kasasa Saver account requires a $50 minimum opening deposit. There is no monthly fee nor a minimum balance required to earn the reward APYs. The only requirement to earn the reward APYs is meeting the above Kasasa Cash requirements. Kasasa Cash rewards are automatically transferred to the Kasasa Saver.
Headquartered in Honsdale, Pennsylvania, The Dime Bank’s primary market area is Northeastern Pennsylvania, but offers its Kasasa Cash and Kasasa Saver to the residents of Pennsylvania, New York, and New Jersey.
The Dime Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 18.52% (above average) based on December 31, 2016 data. In the past year, The Dime Bank has increased its total non-brokered deposits by $15.12 million, an excellent annual growth rate of 3.2%. Please refer to our financial overview of The Dime Bank (FDIC Certificate # 9888) for more details.
The Dime Bank was established in 1906 as the Honesdale Dime Bank. Locally operated for over 110 years, the Bank is currently Pennsylvania’s 55th largest bank, with assets in excess of $640 million. The Dime Bank has been actively involved in the Educational Improvement Tax Credit Program since 2011, providing financial support to seven libraries, enabling “more students to have access to Science, Technology, Engineering, and Mathematic resources through the libraries’ teen and afterschool programs.”
Why “Dime?” There are several “Dime” banks, and the name always intrigued me. According to Wikipedia,
The significance of the dime comes from Dime Bank’s early origins, when a dime was
indicative of thrift. It represented a time when that particular coin was required to be made
up of 10 cents’ worth of silver. The savings banks also catered to those with as little as a dime
to start saving, encouraging saving behavior and financial independence at every income level.
How the Kasasa Cash Compares
When compared to the 42 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available with the market area and have maximum qualifying balances of at least $20k, The Dime Bank’s Kasasa Cash APY currently ranks fourth.
The above rates are accurate as of 4/8/2017.