Wells River Savings Bank (VT) Has Very Competitive Kasasa Products

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Deal Summary: Kasasa Cash, 2.50% APY on qualifying balances up to $35k. Kasasa Saver, 1.00% APY on qualifying balances up to $75k.

Availability: Vermont

Wells River Savings Bank began offering Kasasa brand products almost a year ago. The Kasasa Cash’s initial 2.50% APY on qualifying balances up to $35k is still in effect. Qualifying balances over $35k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%-$35kWells River Savings BankKasasa Cash
OTHER TIERS: 0.25% $35k+
Rates as of May 15, 2021.

The monthly qualification requirements include,

  • At least 12 debit card purchases
  • Be enrolled and log into online banking
  • Be enrolled in and agree to receive eStatements instead of paper statements

The Kasasa Cash account has no minimum balance requirement or monthly service fee, and can be opened with a minimum $25 deposit. Unlimited nationwide ATM fees will be reimbursed up to a total of $25 per month, if qualification requirements are met. A free debit card will be issued following account opening. A newly opened Kasasa Cash account will automatically qualify for rewards during the account’s first statement cycle. There is a limit of one account per customer. A Kasasa Cash account is not to be used for commercial purposes and is subject to the following:

This account is intended to be the account holder's primary checking account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.

Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account's rewards and thus will be deemed inappropriate transactions and will not count toward earning the account's rewards.

Kasasa Saver

Wells River Savings Bank’s Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $75k. Qualifying balances over $75k earn 0.25% APY, with non-qualify balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$75kWells River Savings BankKasasa Saver
OTHER TIERS: 0.25% $75k+
Rates as of May 15, 2021.

Earned rewards and ATM reimbursements from Kasasa Cash/Kasasa Cash Back accounts are automatically transferred to the linked Kasasa Saver every month. The Kasasa Saver has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. A newly opened Kasasa Saver account will automatically qualify for rewards during the account’s first statement cycle. There is a limit of one account per customer.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of a Kasasa Cash (2.50% APY/$35k) and a Kasasa Saver (1.00% APY/$75k) is approximately $1,625 (1.48% APY/$110k). It's not usual for Kasasa accounts to have such a high combined annual earnings on such a large balance.

Kasasa Cash Back

Wells River Savings Bank’s Kasasa Cash Back account earns 2.50% cash back on debit card purchases, limited to the first $300 of monthly purchases. If you are planning on maintaining a balance under $3,600, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $90 ($7.50 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 Wells River, Vermont, Wells River Savings Bank’s primary market area is Orange County. According to CSR, any Vermont resident with a valid Social Security number who can come into a branch can apply for a Kasasa Cash, Kasasa Cash Back, or Kasasa Saver account(s).

Unfortunately, Wells River Savings Bank does not have an online application for its Kasasa products. While there are six Vermont branches, located in Bradford, East Thetford, Fairlee, Newbury, and Wells River (2), all the lobbies are temporarily closed to walk-in traffic. As stated on the COVID-19 page,

We will be closing all of our lobbies, including Newbury. Our Wells River and Bradford offices will be available for customers with appointments. This is designed to provide services not easily done through the drive-in, or for customers with handicaps. We expect the level of services to include opening new accounts, signing loan documents, or for transactions that require a personal meeting. We ask that customers make appointments through the call center. We will also be asking health related questions as a precaution to protect our facilities, staff and other customers.

Bank Overview

Wells River Savings Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.71% (excellent) based on September 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $26.64 million, an excellent annual growth rate of 19.22%. Please refer to our financial overview of Wells River Savings Bank (FDIC Certificate # 14136) for more details.

Incorporated in 1833 as the Bank of Newbury, Wells River Savings Bank is one of the oldest surviving mutual banks in Vermont. A national charter was adopted in 1867 and the newly christened National Bank of Newbury specialized in checking accounts and commercial loans. Wells River Savings Bank was chartered in 1892, when the bank’s directors chose to expand services to include savings accounts and residential mortgages. In 1981, the two banks merged, operating under the Wells River Savings Bank brand. Currently the tenth largest bank headquartered in Vermont, Wells River Savings Bank has assets in excess of $199 million and nearly 14,000 customer accounts.

How the Kasasa Cash Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least $35k, Wells River Savings Bank’s Kasasa Cash APY currently ranks first.

The above rates are accurate as of 1/28/2021.

Looking 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: Burlington checking accounts, reward checking accounts

Comments

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