Kasasa accounts let you earn rewards on checking and savings at small banks and credit unions

Financial institutions may offer a Kasasa checking or savings accounts. Kasasa; Alyssa Powell/Insider

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• Kasasa is a financial services company that works with small institutions to offer competitive accounts.
• Kasasa accounts offer high interest rates and cash-back rewards.
• You get the rewards that often come with bigger online banks, with the perks of banking locally.

What are Kasasa accounts?

Kasasa is a financial services company that partners with small banks and credit unions so the institutions can offer customers more competitive products. 

For example, a bank might have a regular savings account that pays just 0.05% APY. But it also has a Kasasa Saver Account that pays 1.50% APY. If you qualify for a Kasasa Saver account, you can earn more interest on your savings.

How Kasasa accounts work

Kasasa accounts work differently depending on the partner bank or credit union. You'll earn different interest rates or cash-back rewards based on the institution. The minimum opening deposits also vary.

There are a few similarities across the board, though, no matter where you bank. For example, you'll need to meet certain criteria each month to earn Kasasa rewards. The criteria are the same at each institution: enroll in online banking, enroll in e-statements, and make 12 debit card transactions.

Compare savings accounts

Second, you'll receive up to $25 in out-of-network ATM refunds each month.

Third, there are three common types of Kasasa bank accounts:

• Kasasa Cash Checking: This is a high-yield checking account.
• Kasasa Cash-back Checking: Earn cash back when you swipe your debit card.
• Kasasa Saver: This is a high-yield savings account. You must open a Kasasa checking account to qualify for Kasasa Saver.

Some banks and credit unions also have a Kasasa Tunes Account. With this checking account, you'll earn monthly credits to spend at Amazon, iTunes, and Google Play. The monthly criteria to earn these awards differ from the other Kasasa accounts, though, and Kasasa Tunes isn't as common as the others.

Should you open a Kasasa account?

Kasasa accounts can give you the best of both worlds. You get the benefits that come with banking locally, such as personalized customer service and brick-and-mortar locations. But you also get competitive interest rates and rewards that frequently come with bigger online banks.

Consider whether you can regularly qualify for Kasasa rewards. Are you comfortable enrolling in online banking and e-statements? Can you make 12 debit card purchases most months? Then Kasasa could be a good fit. Otherwise, you might prefer one of your local bank's regular accounts.

If you know you want to bank local and earn Kasasa rewards, Google banks and credit unions in your city with Kasasa accounts. Then compare the interest rates and cash-back rewards at each place.

What banks offer Kasasa accounts

Below, you'll find local banks and credit unions we've reviewed that have Kasasa bank accounts. You can read through our reviews for more information about each financial institution:

• BankFirst: BankFirst is a local bank in Alabama and Mississippi.
• Citizens State Bank: Citizens State Bank is a Hispanic American-owned bank in Texas. 
• Democracy Federal Credit Union: Democracy is a minority-led credit union with branches in Maryland, Pennsylvania, Virginia, and Washington, DC.
• Gulf Coast Federal Credit Union: Gulf Coast is a Hispanic American-led financial institution in Texas.
• Industrial Bank: Industrial Bank is a Black-owned bank in Maryland, New Jersey, New York, and Washington, DC.
• Zia Credit Union: The Hispanic American-led financial institution is in New Mexico.