May 31st, 2010
REVIEW: Kasasa Helps Small Banks Play With The Big Boys
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Big banks better watch out— Kasasa offers rewards checking and savings accounts through local banks and credit unions, known for their personal customer service, and levels the playing field between community banking and big banks. Kasasa was created by sister companies BancVue and First ROI, which has previously established CheckingFinder, a similar program offering free, high-interest checking accounts for community banking. However, Kasasa is unique in its rewards-oriented product options.
“Do you Kasasa?” the company blog asks. You can Kasasa in four different ways:
- Kasasa Cash – This rewards checking account offers a near 4% interest rate for balances under $15,000 and pays back high interest in cash.
- Kasasa Saver – This savings account combines Kasasa Cash with a high-interest savings account, and automatically deposits the high interest and ATM fee refunds of your Kasasa Cash account direct to your savings.
- Kasasa Giving – This high-interest checking account automatically contributes your high interest and an amount per debit transaction to the charity of your choice.
- Kasasa Tunes – Want another type of reward for your banking? This plan lets you redeem iTunes downloads each month just for using your debit card and online banking.
Community banks and credit unions may fall short of the wide accessibility and larger network of big banks, but these creative products help community banks attracts consumers with similar rewards offerings as big banks. While they might not be as generous as the multi-thousand dollar sweepstakes other big banks offer, Kasasa’s products add one more reason to the list of reasons to choose a smaller institution like a credit union over a big bank. The only catch is that these financial products are best suited for those with a lower balance of less than $15,000 to earn the highest interest rate.
Kasasa is being offered at more than 45 smaller banks and credit unions nationwide and growing. Besides giving you the choice of bonuses like charity donations and free entertainment, Kasasa’s competitive high interest rate and the community-oriented banking attitude of the local banks and credit unions that offer Kasasa beats most big banks. It’s a good alternative to the big bank experience that doesn’t sacrifice extra rewards and innovative products for a financial service that caters to you.