Currently getting 2% at consumers credit union, but it’s possible to get up to 4% on up to $10,000.
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Anyone who still has the Patriot Bank Money Market still open - I got an email today that the rate is decreasing to 0.75%
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This might be of interest to anyone using Kasasa checking in an effort to reach for yield. My source on this is a post over on Ken’s website, posted over there by a reader named mazelm. As best I can understand, mazelm was in receipt of this from her/his bank, The Bank of Denver.
Disclaimer: I have no personal involvement with Kasasa and no personal knowledge of this situation. This is being posted here as found and is for information only:
Having received the “courtesy” call from the Bank.
It is not difficult to see all financial institutions conducting Kasasa audits and following the suit.
CSR mentioned $5 DC transaction minimum, but it is not spelled out in
T&C updated with the part added:
This account is intended to be the accountholder’s primary Checking account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.
Commensurate with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards.
Bank of Denver reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over three consecutive Statement Cycles.
We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us including any obligation to pay fees or charges incurred prior to termination. No deposits will be accepted, and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have not been credited to your account. A Bank of Denver Cashier’s check for the remaining balance, if applicable, will be mailed to accountholder at the address indicated on our current records. Upon termination of your Kasasa account, any optional add-on products / services associated with this account will also be terminated at the same time.
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That’s a standard term, nothing new. A few banks care to watch this, others do not. If anything, they can decide to specify a minimum transaction amount that qualifies; otherwise, if they want 12 purchases spread over 30 days, they need to specify “one purchase every 3 days” or “only one qualifying purchase per day”.
I had one account do this (years ago), deny my rewards because they deemed my debit card activity to be “not good enough” since all the purcahses posted the same day. One regluatory complaint later, and their terms changed to institute a $5 minimum amount for qualifying purchases, replacing the unwritten “rule” where they subjectively judged the quality/nature of the purchases. When stating a transaction count as the requirement, it is a pretty clear violation for them to arbitrarily pick and choose which transactions get counted.
As an account user, it can be advisable to simply avoid this potential conflict in the first place. If concerned, mark you calendar for 4 days where you make 3 purchases each day, instead of one day where you do all 12. And since a lot of these accounts rebate ATM fees, go make an occasional $20 ATM withdrawal.
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Glitch99, I believe you were the person that told me about Keesler FCU Kasasa Cash Checking Rewards. So maybe you can help me. I added this acct 8/30/20. I’m not doing the requirements correctly.
12 debit transaction-ok $25k added, but the ACH transaction is not working= so for 2 months .05% interest instead of 3%.
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I’ve been adding the ach to savings, then transferring to Kasasa. They say I can’t do it that way. So I’ve tried setting up ach from Alliant into Kasasa Checking but it will not program.
Program routing first, then X Checking, then acct # +0090. At Alliant it looks ok for a day then drops off.
It seems that it will not program with 0090 added to acct #. But how do I direct the ACH to the Kasasa Cash Checking?
You need to look around in the account info for the correct number to use for ACH transfers. I have my number in my notes, but I dont recall where I found it.
I’m pretty sure for you it is “009000+8-digit account number”.
So if you’re checking account number is 123456789 (I believe it displays as 123456789-0090), then the number to use for ACH is “009000123456789”. And be sure to select “checking” as the account type.
I dont use my Alliant account for the direct deposit, but I have linked it up and used it to make deposits.
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Thanks so much glitch.
I didn’t check back in Keesler for ACH transfers. I’m just using your advice #'s. It’s late & if I rush I can get in before the cut-off closing time for ACH. Being Friday, maybe on Monday if lucky, I’ll get the small deposits & get this Reward bonus going.
I learned something from my last talk with a Keesler Supr. If your balance at any time, on this acct goes over $25k that you will not receive 3%. While talking to her my acct had $25060. So I immediately transferred the $60 to savings.
I was certainly wrong in many ways on this account. I lost 3% interest for 2 months, not all my fault. Last month I talked to a Rep & asked her to look at my acct. I asked her if everything looked ok for gaining the 3%, & she said yes. I told the Supr what one of her Reps told me. She didn’t care. 
I’m pretty sure that is incorrect. In fact I know it to be, as my balance was over by $25 for 10 days last month.
Anything over $25k will not receive the 3%. But you do still get 3% on the $25k. Thus why the rate sheet shows a APY range for balances over $25k, since it’s a blended 3% and .4%. Which I’m pretty sure is what the Rep was talking about, the APY for your account will be less than 3% if your balance has been over $25k.
And yes, you want things to go along with the automated account processing. Dealing with a Rep regarding the technicalities of these accounts is often a pretty terrible experience.
And just to be sure, you do know the reward bonus is per statement, right? You dont need the ACH deposit to post before you start earning the 3%; as long as the deposit posts this month, you get the 3% for the full month. I’m pretty sure you just want to get it done today so that you’ll still have time if it continues to be a problem.
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Glitch, you saved me. With the proper # for ACH, I got my small deposits today. Verified now so hopefully I will get 3% this month.
One more thing. After doing the 12 debit transactions, I’m about $21 short of $25k. If I ACH only $21, will that qualify for the month. I know now that I shouldn’t go over $25k, as the Keesler Supr said.
Received my written notice tonight from Bank of Denver that starting 2021 that the debit card transactions need to be at least (or possibly more than - because the Truth in Savings T & C conflicts with the cover letter) $5 to count towards the required 12 transactions to receive the higher interest rate. At least BoD provided prior written notice to changing their terms…
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That is an important aspect which is missing from the BoD information I posted earlier. Thank you for posting.
Your trial deposit fulfilled the requirement. ACH payments meet the requirement too (not sure if that includes pulling money out, or using Kessler’s system to push a payment).
Remember, (contrary to what you were apparently told) there’s nothing magical about $25k. Anything over $25k will only earn .4%, but you still get your 3% on the first $25k. So dont sweat going over a few dollars.
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This deal remains available except of course the rate has declined to 1.5% APY.
This is not an RCA. It is a money market account.
Unknown to me:
Can you meet the $500/month direct deposit requirement other than with social security, pension, etc.? If you can: pretty good.
Here is your link:
Final note:
Anyone may join this CU.
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Ally Savings dropping from 0.60% to 0.50% effective 12/11/20
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On the discussion with fintechs, remember T-Mobile Money with BankMobile still has a 1% interest rate. I do wonder how long it will last. Transfer times have been pretty good and I’ve been stashing quite a bit of funds there.
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I’m going to open an HM Bradley. Any experiences here?
Just opened my HMBradley account. I can’t find a way to have a joint account nor how to add beneficiaries.
Instant open for me and they give account/routing numbers straight off as they want you to make a direct deposit.
I used a referral code from HMBradley Referral Links - Doctor Of Credit but I wonder if it matters to me since “Applicants who use a referral link to successfully open a new HMBradley Account between November 27, 2020 and December 25, 2020, and establish at least one qualifying direct deposit per month before December 31, 2020, can earn the Tier 1 annual percentage yield from the date of first direct deposit through December 31, 2020 without having to wait until the start of the new quarter.”
I expect the first DD for me will be on the 31st so this seems to offer me no benefit. I don’t plan on moving any real money over until January anyway.
FNBO Direct Online Savings dropped from 0.50% to 0.40% effective 12/15/20
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Ken today featuring a decent small dollar liquid money deal at Patelco:
Anyone may join Patelco, a very highly rated credit union. Ken’s deal will get you 2% APY on the first $2,000 you invest with them.
On a personal note, I used to be a Patelco member but something went wrong. They canned me. I think it was for inactivity, but t’was so long ago I really cannot remember. Anyway, it’s a good credit union and I wish I had done a better job of keeping up my membership. Also:
My memory is hazy on this, but Ken seems to be indicating that opportunity for Patelco membership has expanded. There might have been a time (not sure), after I got kicked out, when Patelco limited membership. In any event, it’s worth being a member there for reasons which go beyond this present deal.
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Affirm lowered from 1.00% to 0.65%
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