There’s a lot to like about local banks and credit unions.
Many of us are still recovering from The Great Recession, and it’s comforting to know there’s an alternative to big banks for financial products and services.
I’ve banked locally for years and love the long-term relationship. A few years ago, I worked with a local bank to refinance my mortgage to a 15-year loan with a lower interest rate. It’s hard to imagine I’d experience the same level of service from a big bank.
This post is sponsored by Kasasa.
Are Credit Unions and Local Banks Better?
How do local banks and credit unions differ from big banks?
Credit unions are nonprofit organizations that operate on behalf of their customers. They are member-owned, cooperative institutions offering a safe place to save and borrow money.
A few key advantages include atm fee reimbursements, lower account fees, higher interest on savings and checking, lower interest rates on loans, and more personalized customer service.
Local banks offer many of these same perks. Banking locally is an attractive option for those who prefer to keep their money in the regional economy. Local banks are known for supporting small businesses and giving back to the community.
#GetMore with Kasasa
Kasasa is a financial technology and marketing provider based in Austin, Texas.
They help local banks and credit unions compete with big banks by providing the technology and framework to offer free checking with higher interest rates.
Working with nearly 400 community financial institutions, they recently passed one million rewards-based checking and savings accounts. Their free accounts require no minimum balance. Their accounts boast an impressive 92 percent annual retention rate.
I’m always looking for ways to earn more passive income, so when I heard Kasasa’s products are offered by several credit unions and local banks in Nashville, I was curious to learn more.
Kasasa offers four basic products:
Kasasa Cash – Free, high-interest checking with no minimum balance and ATM fee reimbursement. Rates vary by institution but are typically 34 times higher than the average checking account.
Kasasa Cash Back – Free, high-interest checking with no minimum balance, ATM fee reimbursement, and a high rate of cashback. There are no category limits and you get paid for every purchase.
Kasasa Tunes – Free, high-interest checking with no minimum balance, ATM fee reimbursement, and rewards to spend at Amazon, iTunes, or Google Play. Designed for music lovers, Kasasa Tunes is a great account for anyone who’s into online shopping.
Kasasa Saver – Free, high-interest savings with no minimum balance when qualifications are met with Kasasa Cash or Kasasa Cash Back account. Kasasa Saver accounts automatically move rewards from Kasasa Cash or Kasasa Cash Back to a high-interest savings account.
The Fine Print
34 times higher interest?
It sounded too good to be true, so I did some digging to see what is offered in Nashville.
The Tennessee Credit Union offers free Kasasa Cash checking accounts.
Here are the terms:
- 2.50% APY on balances up to $5,000
- .03% APY even if you don’t qualify
- Nationwide refunds on ATM fees
To qualify for rewards, you must do the following each month:
- Have at least 12 debit card purchases post and settle
- Enroll in and log into online banking
- Enroll in and review eStatement notice
You must be a member of The Tennessee Credit Union to apply for a Kasasa Cash account. You can apply for membership at The Tennessee Credit Union here.
Wilson Bank & Trust is another local bank that offers free Kasasa Cash checking accounts.
Here are the terms:
- 2.00% APY on balances up to $10,000 when qualifications are met
- 0.25% APY on the portion of the balance over $10,000 on balances over $10,000 when qualifications are met
- 0.05% APY if qualifications aren’t met
- Nationwide refunds on ATM fees (up to $20 monthly)
- Link to high-interest Kasasa Saver® account
- $100 minimum deposit to open
There’s no minimum balance to earn rewards and no monthly service fee. But to qualify for rewards, you must do the following each month:
- Have at least 1 direct deposit or automatic payment (ACH) post and settle
- Have at least 12 debit card purchases post and settle
- Enroll in and agree to receive e-Statement notice
- Enroll in and log into online banking
There’s more information about making the switch to Wilson Bank & Trust here.
How To Find a Kasasa Account Near You
Ready to start earning more interest on your accounts? Kasasa accounts are currently offered at over 400 local banks and credit unions in 47 states.
Due to banking regulation, Kasasa’s website can’t list which local banks and credit unions offer their products. But you can Google Kasasa Cash + your city to find accounts.
#GetMore in Nashville
Kasasa is working with local businesses to give away free stuff over the next several weeks. I’ll be promoting these events via Facebook, Twitter, and Instagram.
You can also keep track of what’s happening by visiting Kasasa’s website.
Readers: How much are you earning from your checking accounts? Have you had any experience with Kasasa?
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