With up to 4.00% APY*, free Kasasa Cash® checking will have you doing the happy dance.
- Really High Interest
- ATM Withdrawal Fee Refunds*
- Digital Banking
- Debit Card
- Free checking that pays high interest
- 4.00% APY* on balances up to $25,000
- 4.00% to 1.60% APY on balances over $25,000 depending on balance in account*
- 0.05% APY* if qualifications aren't met
- Refunds on ATM withdrawal fees, nationwide (up to $25 monthly)*
- Link to free Kasasa Saver® to build savings automatically
- Add Kasasa Protect® for comprehensive fraud protection
- No minimum balance to earn rewards
- No monthly maintenance fees
- Free digital banking, including:
- Online banking & bill pay
- Mobile banking with mobile deposit
- Free Visa® debit card
- $100 minimum deposit to open
It’s so easy to earn your rewards.
Enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Cash account during each Monthly Qualification Cycle:
- At least 12 debit card purchases
- Be enrolled in and agree to receive eStatements
- Be enrolled in and log into online banking
Told you it was easy. Even if you don’t meet your qualifications during a cycle, don’t worry. Your account is still free, and you’ll still earn our base interest rate. Then you can get right back to earning your full rewards the very next month.
This disclosure contains the rules that govern your deposit account as of January 1, 2023.
Kasasa Cash: A free variable rate checking account that rewards accountholders with interest and nationwide ATM withdrawal fee refunds when they meet minimum qualifications during the account's Monthly Qualification Cycle.
Purpose and Expected Use of Account
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. First Port City Bank 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 3 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 First Port City Bank 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 Cash account, any optional add-on products / services associated with this account will also be terminated at the same time.
Interest Rate & Annual Percentage Yield (APY)
Compounding & Crediting:
Interest will be compounded on a daily basis. Interest will be credited to your Kasasa Cash account on the last day of the current statement cycle. If you close your account before the interest is credited, you will not receive the accrued interest. Interest begins to accrue on the day you deposit noncash items (for example, checks). "Statement Cycle" means the period of time for which First Port City Bank provides a summary of the financial activities and transactions that post and settle to the accountholder's account.
Balance Computation Method:
We use the daily balance method to calculate the interest in your Kasasa Cash account. This method applies a periodic rate to the principal in the account each day for the period. The period we use is the Statement Cycle.
Interest Rate & Annual Percentage Yield:
When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle daily balances up to and including $25,000.00 in your Kasasa Cash account earn an interest rate of 3.9285% resulting in an APY of 4.00%; and daily balances over $25,000.00 earn an interest rate of 0.25% on the portion of the daily balance over $25,000.00, resulting in a range from 4.00% to 1.60% APY depending on the account's daily balance. When Kasasa Cash qualifications are not met, ATM withdrawal fees are not refunded and the interest rate earned on the entire daily balance in the account will be 0.05% resulting in an APY of 0.05%.
To earn your rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Kasasa Cash account during each Monthly Qualification Cycle:
- At least 12 PIN-based or signature-based debit card purchases
- Be enrolled in and log into online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account's rewards. The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions and purchases made with debit or credit cards not issued by our bank. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards. "Monthly Qualification Cycle" means the current statement cycle. "Statement Cycle" means the period of time for which our bank provides a summary of the financial activities and transactions that post and settle to the accountholder's account.
When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, daily balances up to and including $25,000.00 in your Kasasa Cash account earn an interest rate of 3.9285% resulting in an APY of 4.00%; and daily balances over $25,000.00 earn an interest rate of 1.00% on the portion of the daily balance over $25,000.00, resulting in a range from 4.00% to 1.60% APY depending on the account's daily balance. You will receive reimbursements up to an aggregate total of $25.00 for nationwide ATM withdrawal fees incurred within your Kasasa Cash account during that Monthly Qualification Cycle. We reimburse ATM withdrawal fees based on estimates when the withdrawal information we receive does not identify the ATM withdrawal fee. If you have not received an appropriate reimbursement, we will adjust the reimbursement amount if we receive the transaction receipt within sixty (60) calendar days of the withdrawal transaction. When your Kasasa Cash qualifications are not met, the interest rate earned on the account's entire daily balance will be 0.05% resulting in an annual percentage yield of 0.05% and ATM withdrawal fees are not refunded. Interest will be credited to your Kasasa Cash account on the last day of the current statement cycle. Nationwide ATM withdrawal fee reimbursements will be credited to your account on the last day of the current statement cycle. APY = Annual Percentage Yield. APY calculations are based on an assumed balance of $25,000.00 + $100,000 in your Kasasa Cash account and an assumed statement cycle of thirty-one (31) days. Rates, rewards, and bonuses, if any, are variable and may change after account is opened without notice to you. No minimum balance is required to earn or receive the account's rewards. Rewards less than a penny cannot be distributed. Fees may reduce earnings. You will automatically qualify for the account's rewards during your accounts first statement cycle. If the account is closed before rewards are credited, you will forfeit the rewards.
Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. $100.00 minimum deposit is required to open the account. See accompanying Limits and Fees Schedule for fees that may apply to this account. Enrollment in electronic services (e.g. online banking, e-statements) and log-ons may be required to meet some of the account's qualifications. Limit of 1 account per SSN. There are no recurring monthly maintenance charges or fees to open or close this account. This account is not to be used for commercial purposes. If the account is closed, you will forfeit any rewards that have not been credited to your account. At our discretion, we may change the interest rate and APY on your account at any time. Contact one of our bank service representatives for additional information, details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions. Member FDIC. Kasasa and Kasasa Cash are trademarks of Kasasa, Ltd., registered in the U.S.A.