Tioga Franklin Savings Bank Expands Market Area To Tri-State Area

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Deal Summary: Kasasa Cash, 2.00% APY on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $50k. Money Market Savings, 0.75% APY (up to $25k), 0.25% APY (over $25k).

Availability: Market area includes the tri-state area of Pennsylvania, New Jersey, and Delaware.

I wrote about Tioga Franklin Savings Bank’s (Tioga Franklin) Kasasa brand products last April. At that time, Tioga Franklin’s market area was limited to the greater Philadelphia metropolitan area, but the Bank has recently expanded its market area to include Pennsylvania, New Jersey, and Delaware.

Tioga Franklin began offering Kasasa brand products in 2016 and the Kasasa Cash’s initial 2.00% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.50% APY, with non-qualify balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$25kTioga Franklin Savings BankKasasa Cash
OTHER TIERS: 0.50% $25k+
Rates as of January 26, 2022.

The monthly qualification requirements have remained unchanged and do not include a direct deposit or ACH transaction.

  • At least 12 debit card purchases.
  • Be enrolled in and receive eStatements.
  • Be enrolled in and log into Online Banking.

The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month, if qualification requirements are met. Individual fees of $4.50 and higher require an ATM receipt for reimbursement. A Kasasa Cash account may not use for commercial purposes and is limited to one account per Social Security number.

Kasasa Saver

Kasasa Saver account has maintained its 1.00% APY on qualifying balances up to $50k since the account was introduced in 2016. Qualifying balances over $50k earn 0.50% APY, with non-qualify balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$50kTioga Franklin Savings BankKasasa Saver
OTHER TIERS: 0.50% $50k+
Rates as of January 26, 2022.

Like the Kasasa Cash account, the Kasasa Saver account has no minimum balance requirement or monthly service fee, and is limited to one account per Social Security number. Unlike the Kasasa Cash account, the Kasasa Saver account has no minimum opening deposit.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash (2.00% APY/$25k) and the Kasasa Saver (1.00% APY/$50k) is approximately $1,000 (1.333% APY/$75k).

The Kasasa Saver's second tier rate is competitive with that of online savings accounts, resulting in competitive combined annual earnings for larger balances. For a $100k balance, the potential combined annual earnings of the Kasasa Cash (2.00% APY/$25k) and the Kasasa Saver (1.00% APY/$50k + 0.50% APY/$25k) is approximately $1,125 (1.125% APY/$100k).

Kasasa Cash Back

Tioga-Franklin offers a Kasasa Cash Back account that earns 3.00% cash back on debit card purchases, limited to the first $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $5,400, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $108 ($9 per month).

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.

Money Market Savings

Tioga-Franklin also offers a Money Market Savings account, earning a competitive 0.75% APY on balances up to $25k, and 0.25% APY on balances greater than $25k. CSR stated that check writing is available and an ATM card will be issued upon request. The minimum opening deposit is $100 and a $100 minimum daily balance is required to earn the stated APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.75*%-$25kTioga Franklin Savings BankMoney Market Savings
OTHER TIERS: 0.25% $25k+
Rates as of January 26, 2022.

Availability

Headquartered in Northeast Philadelphia, Tioga-Franklin Savings Bank’s market area has expanded from the Philadelphia metro area to the tri-state area of Pennsylvania, New Jersey, and Delaware.

In addition to an expanded market area, Tioga-Franklin has a new website that includes an online application of sorts. The “Personal Banking Application” captures only basic personal information, including an upload of a Drivers License and a “Description of Intended Banking.”

According to CSR, following the submission and approval of the application, you will be contacted by the Bank. Finalizing an account opening will be done through phone calls and email. Funding of new accounts can be done through Tioga-Franklin’s Virtual Banking platform.

Those who live in the Philadelphia metro area can open any type of account at the sole Pennsylvania branch, which is located on East Girard Avenue in Philadelphia’s historic Fishtown neighborhood.

Bank Overview

Tioga-Franklin Savings Bank has an overall health grade* of "C+" at DepositAccounts.com, with a Texas Ratio of 25.35% (average) based on September 30, 2021 data. In the past year, Tioga-Franklin has increased its total non-brokered deposits by $2.5 million, an excellent annual growth rate of 6.23%. Please refer to our financial overview of Tioga-Franklin Savings Bank (FDIC Certificate # 33802) for more details.

*The overall heath grade was affected by the Bank’s Texas Ratio Trend grade, which reflects a decline in the Bank’s balance sheet and financial strength.

Tioga-Franklin Savings Bank was established as the Tioga Building and Loan Association in 1873, an odd time to open a B&L as the country suffered through the Panic of 1973, which preceded a six-year economic depression. Known for stability and personal service that George Bailey would approve of, the B&L grew for 100 years, and in 1973 merged with Franklin Savings and Loan Association, forming the Tioga-Franklin Savings Association. In 2000, Tioga-Franklin changed to a mutual savings bank and became FDIC insured.

Tioga is one of those words that most Americans are familiar with, but aren’t quite certain what it means. The word is derived from a Native American word that means “the forks of a stream.” There are rivers named Tioga in New York, Pennsylvania, New Hampshire, and Michigan.

How the Kasasa Cash Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the newly expanded market area and have maximum qualifying balances of at least $25k, Tioga-Franklin Savings Bank’s Kasasa Cash APY currently ranks third.

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.

How the Money Market Savings Compares

When compared to the Reverse Tier Money Market Accounts tracked by DepositAccounts.com, are available within the newly expanded market area and have maximum balances of at least $25k, Tioga-Franklin Savings Bank’s Money Market Savings top-tier APY currently ranks third.

The above information and rates are accurate as of 12/4/2021.

Related Pages: Philadelphia savings accounts, savings accounts, money market accounts, reward checking accounts, bank bonuses

Comments
Tioga-Franklin Savings Bank (PA) Has Competitive Kasasa Products
Deal Summary: Kasasa Cash, 2.00% APY on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $50k.

Availability: Market area includes the Philadelphia metropolitan area.

Tioga-Franklin Savings Bank (Tioga-Franklin) added the Kasasa brand to its product line more than four years ago. The Kasasa Cash’s initial 2.00% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.50% APY, with non-qualify balances earning 0.01% APY.

The monthly qualification requirements have remained unchanged and do not include...

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Last week, I introduced DA readers to Tioga-Franklin Savings Bank’s (Tioga-Franklin) new Kasasa Cash (2.00% APY up to $25k) and Kasasa Saver (1.00% APY up to $50k).

Tioga-Franklin is also promoting its 5-year Franklin Gold CD (2.10% APY). The minimum opening deposit is $5k, with no stated balance cap.

This CD has two notable features that increase its competitiveness:

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Availability: Market area includes the Philadelphia metropolitan area.

Last week, Tioga-Franklin Savings Bank (Tioga-Franklin) introduced its new Kasasa Cash account that earns 2.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.05% APY, with non-qualify balances earning 0.01% APY.

Kasasa Cash Checking Qualification Requirements

  • At least 12 debit card purchases.
  • Be enrolled in and receive eStatements.
  • Be enrolled in and log into Online Banking.

The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Nationwide ATM...

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