Linked to free Kasasa Cash account
1.00% APY* on Kasasa Saver balances up to $10,000
Earn 0.51% APY on balances over $10,000, resulting in 1.00–0.58% APY, depending on balance in account
0.05% APY* if qualifications are not met on Kasasa Cash
No monthly service fee
No minimum balance requirement
Free online banking, mobile banking and eStatements
$25 minimum deposit to open
Qualifying for Kasasa Cash rewards automatically qualifies you for the highest Kasasa Saver rate. All you have to do is the following each monthly qualification cycle on your Kasasa Cash:
Have 12 debit card purchases post and settle
Be enrolled and receive eStatements
Have one direct deposit or one automatic payment (ACH) post and settle
Miss a qualification cycle? No worries. Both accounts are still free and earn our base dividend rate, and you can go right back to earning rewards the next month you qualify.
*APY=Annual Percentage Yield. APYs accurate as of 02/01/2017. Rates may change after account is opened. Minimum to open is $50 for Kasasa Cash and $25 for Kasasa Saver. For Kasasa Cash, if qualifications are met each monthly qualification cycle: (1) Nationwide ATM fees incurred during qualification cycle will be reimbursed up to $20 ($5 per single transaction) and credited to account on the last day of monthly statement cycle; (2) balances up to $10,000 receive APY of 2.75%; and (3) balances over $10,000 earn 0.51% interest rate on the portion of the balance over $10,000, resulting in 2.75% – 0.71% APY depending on the balance. If qualifications are not met on Kasasa Cash all balances earn 0.05% APY. Qualifying transactions must post and settle Kasasa Cash account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post and settle account. “Monthly Qualification Cycle” means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. The advertised Kasasa Cash APY is based on compounding interest. Interest earned in Kasasa Cash is automatically transferred to Kasasa Saver each statement cycle and does not compound. Actual dividend amount paid may be less than advertised Kasasa Cash APY. The Kasasa Saver APYs may be less than Kasasa Cash APYs. If qualifications in Kasasa Cash are met each monthly qualification cycle: (1) balances up to $10,000 in Kasasa Saver receive an APY of 1.00%; and (2) balances over $10,000 in Kasasa Saver earn 0.51% interest rate on portion of balance over $10,000, resulting in 1.00% – 0.58% APY depending on the balance. If qualifications are not met on Kasasa Cash, all balances in Kasasa Saver earn 0.05% APY. Transfers between accounts do not count as qualifying transactions. Limit one account per SSN.
Commensurate with the spending activities identified above, we expect the attached Kasasa Cash 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 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.
SWLACU reserves the right to determine if the attached Kasasa Cash account is being maintained for a purpose other than day-to-day, primary use. Account holders 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 3 consecutive Statement Cycles. The attached Kasasa Saver account will also be closed if the Kasasa Cash account is converted or closed.