Posted by William Charles on February 29, 2016
Rewards Checking

Published on February 29th, 2016 | by William Charles

109

One American Bank – 3.5% APY Rewards Checking Account On Up To $10,000 [No Direct Deposit Required]

Offer at a glance

  • Interest Rate: Up To 3.5% APY
  • Minimum Balance: $50 minimum opening deposit
  • Maximum Balance: $10,000
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: 12 debit card purchases, eStatements & log into online banking once a month
  • Hard/soft pull: Soft pull
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC
  • Expiration date: None listed, but deal isn’t always available nationwide

The Offer

Direct link to offer

  • Earn an 3.5% APY on your average daily balance on One America Bank’s Kasasa checking account when you complete the following requirements each Monthly Qualification Cycle:
    • Have at least 12 debit card purchase transactions post and settle to your account during the Monthly Qualification Cycle [starting October 20th, these need to be a minimum of $5 each)
    • Be enrolled in and agree to receive e-Statements, electronic account notices and disclosures
    • Be enrolled in and log in to Online Banking at least one time per Monthly Qualification Cycle

kasa checking account

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is no monthly account fee on this account, not sure about early account termination fees but since this isn’t a sign up bonus you shouldn’t really want to close the account anyway.

Our Verdict

Here are some ideas on how to meet the debit card requirements. I’d also recommend reading this post on which high interest savings account to get, there are a few options that offer 5% APY and with easier to meet/no requirements. For people that have already maxed out those accounts, then this is another good option assuming there is no hard pull. Even better if you can fund with a credit card.

Feel free to share your experiences with this account in the comments below.

Hat tip to Deposit Accounts



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Dirk
Dirk

maybe nitpicking here but this is not a bank bonus, right? so no need to worry about filing taxes on this one? *fine print got me spooked. noob here.

David M
David M

You still have to pay taxes on the interest you receive.

AE
AE

Apparently… they get to decide what kind of debit transactions are ‘good enough’….

From the truth in savings disclosure on page 16, -Kasasa Cash Back account is intended to be the accountholder’s primarychecking account in which day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping,dining, sporting and entertainment transactions are posted and settled.
We expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a widedollar range.

Small debit card transactions conducted on the same day at a single merchant and/or multiple transactionsmade 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 theaccount’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards.”

That looks quite unfriendly.

DB
DB

They called me a few minutes after I applied, explained the difference between the Kasasa Cash & Kasasa Cash Back accounts, asked about my expected balance, and told me they expect to see typical checking activity including 12+ transactions over $5 of varying types and amounts.

Will play ball the first month or two and see how strictly it’s enforced after that.

Sneep
Sneep

How did it go, btw?

Goli
Goli

subscribe

Luke Bornheimer
Luke Bornheimer

FYI, you can subscribe using the ‘subscribe’ link/button under the ‘Post comment’ button when leaving a reply.

Craig
Craig

Looks like a hard pull to me.

“I/We certify the accuracy of the above information and authorize ONE AMERICAN BANK (the “Financial Institution”) to access our credit file(s) to authenticate our identity(s) and facilitate the processing of this application for this ONE AMERICAN BANK account only. I/We understand that we may be asked questions based on the information in our credit file(s) as part of this process. I/We also understand that the Financial Institution may review our credit history and past banking relationships before accepting this application.”

Stephen
Stephen

Does anyone have a confirmed soft or hard pull?

I am going to apply IF it is a soft, but not for this 3.5% APR. They actually have a different account where you can get 3.5% cashback on debit card purchases up to $300 a month. Instead of using my Citi Double Cash, I can just use this card for up to $300/mo and get a lot more. It sounds like they are nazi’s in enforcing so I will just stick with Consumers CU’s 3.09% APR.

Holmes Futrell
Holmes Futrell

It’s actually not up to $300/mo cash-back, it’s 3.5% back on up to $300/mo purchases for a maximum of $10.50/mo cash-back.

WR
WR

I emailed them, got an email back from a VP strangely enough, who says they do a soft pull from Experian. She also mentions they “use eFunds to verify no past closures”, whatever that means.

Ali Taheri
Ali Taheri

Opened account. Not sure if its a hard/soft pull yet but it seems based on terms it is a hard pull. No option to fund other than through ACH/Routing & Account number. No credit card. 500 max initial transfer. I plan to make out the $10,000 offer. Hopefully .50 purchases from Amazon satisfy 12 requirement. Free ATM rebates unlimited isnt bad either. Plan on actually using this if it works out.

Penny
Penny

Please report back if the 0.50 Amazon would satisfy the requirement. My CD ends in May and I am looking at this Bank to put 10k in.

AE
AE

Nope – repeated transactions at the same merchant – especially on the same day are manually reviewed and rejected for the interest earning requirement. Must be varied and throughout the statement cycle – very picky.

Mr. PTM

This is a huge bummer. I was hoping to set up Amazon Allowance for 6 transactions/month and manually do 6 Starbucks card reloads. My account just opened, so I’ll try my luck and see what happens.

AE
AE

If you do that – just do it on separate dates for each transaction and do it earlier in the cycle (remember 3rd thursday of each month – 3rd thursday of next month is the interest requirement period for transactions)

Hopefully you have success!

gli
gli

They changed the cycle to the 15th of each month – a bit back.

Ben
Ben

Is this a hard pull Ali?
Thanks!

Jason
Jason

Submitted all pages, got to the funding page, submit, then an error 500 page comes up. Anyone else?

Alex
Alex

Was able to open and fund the account pretty smoothly. They have a neat tracker on the right side of the initial welcome page that shows if you have met requirements. Easy!!

Luke Bornheimer
Luke Bornheimer

Good to know, thanks! A few questions:

1) Did they do a soft or hard pull?
2) Did they allow credit card loading? If so, how much do they allow (or how much did you do)?
3) What’s your sense of their seriousness on cracking down on people who are pushing the limits/rules of the account (e.g. debit purchases must be real, regular and legitimate purchases)?

Alex
Alex

SORRY! I confused this account with Consumers Credit Union.

Anyway, I applied for this account but no word yet on if its open or not. Still in pending status.

Alex
Alex

1. Not sure if its a hard or soft. I havn’t received an alert from my credit, so don’t know yet.
2. No Credit Card funding. Funding option was $500 max i believe. ACH transfers only
3. I’m really not sure yet. I have to say that their terms are specific. I can’t imagine an algorithm complex enough to determine legitimacy, especially since they seem to be a smaller bank.

Will report back once fully opened.

Stephen
Stephen

I think the author should add the other checking account that is actually the better deal. I already have CCU and use the 3.09% (used to do 4.09 before the change) for my “liquid funds”. However, the fact that I could pay $300 a month with a debit card for an extra $10.50 is a mostly unheard of thing. There are websites that allow you to process your debit card for free to pay bills (such as utilities, mortgage, etc.) that cannot be paid with a card. Setting up a $300 monthly ACH and paying a few bills this way monthly at $10.50 per month is a 42.0% APR with an average balance of $300. Beats NetSpend’s $5000 by a longshot even.

Luke
Luke

Good insight, thanks for sharing! “42% APR” is tempting, though that’s a good bit of work for $126/year, especially when compared to the $250/year you can make on one NetSpend account with much less work—yes, that’s on $5,000 (versus $300), but setting up an account to hold $300 just to earn 42% on that $300 seems like a lot of work for the small monetary gain.

Stephen
Stephen

I asked the bank and to get the 3.5% cashback on debit card purchases up to $300, you also have to use your card 12 times.

AE
AE

Bank sure takes it’s dear sweet time to open up an account…7 days later… finally called me about the successful application to make sure this was going to be a primary account and said they would follow up via email with more information etc… open the account and send me the debit card already….

AE
AE

13 days later – still no info in the mail, no checking number, no debit card – complete silence…

DB
DB

They called me within a few minutes. YMMV.

Jason
Jason

I got a call that I would get an email to proceed. That was a week ago. Never had a bank so slow.

John
John

Can anyone confirm if it is a hard pull or not?

DB
DB

I have not gotten an inquiry alert yet so it seems to be a soft pull.

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AE
AE

Opened – took 20 days from application to account opening – waiting on them to pull ach funds and to send a debit card now. Funky statement (see debit transaction for interest) schedule (not monthly) Really pressing in all official documents how small transactions and multi day transactions will not count towards the interest rate reqs. wants it to be a normal use account.

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