Our checking accounts have it all - high interest, cash back and more. All you have to do to earn your full rewards are a few simple things you're probably doing already, like using your debit card and receiving eStatements. You'll even earn our base interest rate in the event you don't qualify, and your account is still always free. We’ve gathered some frequently asked questions and answered them on the blog today. Are you ready to open your KASASA account at First National Bank?
Who is eligible to open a Kasasa® account?
Any consumer can sign up. However, we only allow one Kasasa checking and savings account per TIN (Taxpayer Identification Number). For example, a married couple can each have a Kasasa Checking as long as the one spouse is primary on one account and the other spouse on the second account.
How do I qualify for my rewards?
- Have at least 12 debit card purchases post and settle (ATM withdrawals do not count)
- Have at least 1 direct deposit, ACH transaction, or bill payment transaction post and settle
- Be enrolled and receive eStatement notice (enroll via online banking)
All of these qualifications must be met in order to earn your interest/cash back rewards.
What is the “qualification” cycle?
Any Kasasa account begins its qualification cycle on the third Wednesday of each month and ends on the third Tuesday of the next month. It is within this time period that you can do the simple things that qualify you for your rewards.
What is the statement cycle?
The statement cycle begins on the third Thursday of the month as the qualification cycle, and cuts the third Wednesday of the next month. The statement cycle cuts one day after the qualification cycle so that it can calculate rewards and review the month’s transactions.
When do my rewards show up in my account?
If you have a Kasasa Cash Back and a Saver and qualify for your rewards, those rewards will be directly deposited into the Saver on the third Wednesday of each month. Those who have a Cash account and a Saver and qualify for their rewards will see their interest and rewards posted on the third Wednesday of the month. These will be transferred to their Saver the next day.
How much APY* do I earn on my Kasasa Cash Account?
How much APY you earn depends on your account balance. Kasasa Cash Account holders earn 2.01% APY (1.99% apr) on balances up to $10,000 and 0.21% on balances exceeding $10,000. Account holders who keep more than $10,000 in their Kasasa Cash Account will see a blended rate on their bank statement.
How will I know if I’ve met my qualifications for the month?
Kasasa account holders will receive an email on the Thursday after the statement cut informing them if they qualified or didn’t qualify. The email also includes the number of debit card swipes, ACH transactions and whether they are signed up for eStatements.
What happens if the account qualifications are not met?
No worries. Your account is still free and you’ll continue to earn our base interest rate (0.01% APY). You can get back to earning your full rewards the very next monthly qualification cycle.
Questions? Call our client contact center at (217) 935-2148.