Newton Federal Bank becomes the next financial institution in Georgia to launch Kasasa checking.
Kasasa is a new brand of free checking and savings accounts that rewards consumers for using their account with high interest, cash back and automatic savings. These accounts, combined with the personal service that only community financial institutions can deliver, are offering residents a better banking option than the megabank experience.
“Consumers deserve to have a meaningful banking experience without the megabanks’ unpleasant fees or practices. We are pleased to offer these unique, free accounts to our community,” said Jim Tanner, VP of Community Banking at Newton Federal Bank. “Kasasa delivers what research shows people really want but believe they can’t have—great financial products with the personal service of a community based financial institution.”
Newton Federal is offering three Kasasa financial products, including Kasasa Cash, Kasasa Cash Back and Kasasa Saver.
• Kasasa Cash - A free checking account that rewards consumers with high interest for every month they qualify.
• Kasasa Cash Back - A free checking account that rewards account holders with major cash back on everyday debit card purchases, without points or category restrictions like the big guys. The cash back amount is based on how much a consumer spends on his or her debit card.
• Kasasa Saver - A free, high interest saver account linked to a Kasasa Cash checking account or Kasasa Cash Back checking account. The interest and ATM fee refunds earned in the Kasasa Cash account (or the cash back and ATM fee refunds earned in the Kasasa Cash Back account) are automatically deposited into the Kasasa Saver account when the account holders qualify. The balance in the Kasasa Saver account also earns a high rate of interest.
To receive the Kasasa account benefits, each monthly qualification cycle consumers are asked to do a few simple things like receive an eStatement, access online banking and use a debit card a minimum number of times. If an account holder does not meet the qualifications in a given month, Newton Federal Bank will alert the individual, who will be eligible the following month for the benefits.
“Extensive research has shown us that consumers would prefer to do business with community financial institutions, but feel they would lose access to products,” Tanner said. “Kasasa is opening people’s eyes to a new banking model where no sacrifices are necessary. It’s a win-win because account holders get innovative products and personalized service.”