Tioga-Franklin Savings Bank (PA) Has Competitive Kasasa Products

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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.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$25kTioga-Franklin Savings BankKasasa Cash
OTHER TIERS: 0.50% $25k+
Rates as of September 25, 2021.

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 0.05% 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 September 25, 2021.

Kasasa Cash and Kasasa Cash Back earned rewards are automatically transferred to a linked Kasasa Saver account each month. 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.

Availability

Headquartered in Northeast Philadelphia, Tioga-Franklin Savings Bank’s market area consists of the greater Philadelphia metropolitan area.

Opening a Kasasa Cash, Kasasa Cash Bank, and/or Kasasa Saver account(s) must be done at the sole Pennsylvania branch, which is located on East Girard Avenue in Philadelphia’s historic Fishtown neighborhood.

As stated on the About Us page,

At Tioga Franklin, our office hours remain unchanged. We are still open M-F, from 9AM- 4PM.

Bank Overview

Tioga-Franklin Savings Bank has an overall health grade* of "C+" at DepositAccounts.com, with a Texas Ratio of 14.25% (above average) based on December 31, 2020 data. In the past year, Tioga-Franklin has increased its total non-brokered deposits by $12.58 million, an excellent annual growth rate of 45.51%. Please refer to our financial overview of Tioga-Franklin Savings Bank (FDIC Certificate # 33802) for more details.

*Tioga-Franklin has participated in the SBA Paycheck Protection Program (PPP) and the Federal Reserve PPP Liquidity Facility (PPPLF). This has resulted in a lower capitalization grade and a lower overall health grade. Bank regulators have made exceptions to capital ratio rules for PPP loans that have been funded with the Fed’s PPPL Facility.

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 market area and have maximum qualifying balances of at least $25k, Tioga-Franklin Savings Bank’s Kasasa Cash APY currently ranks second.

The above information and rates are accurate as of 4/1/2021.

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.

Related Pages: Philadelphia savings accounts, savings accounts, reward checking accounts

Comments
Tioga-Franklin Savings Bank (PA) Features 5-Year Franklin Gold CD
Availability: Market area includes the Philadelphia metropolitan area.

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:

Protection Against a Fed Rate Increase

If the Fed ever decides to increase rates, you can rest easy with your FRANKLIN GOLD account....

Continue Reading
Tioga-Franklin Savings Bank (PA) Adds New Kasasa Cash/Saver
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...

Continue Reading


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