Posted by William Charles on February 29, 2016
Rewards Checking

Published on February 29th, 2016 | by William Charles

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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: Unknown
  • 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



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

  1. Dirk says:

    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.

  2. David M says:

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

  3. AE says:

    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.

    • Just a matter if it’s enforced or not.

      • AE says:

        Oh their ‘normal use and no repeated transactions at any merchant) is enforced with an iron rod… fought two months straight thusfar to earn interest despite varied and assorted transactions. Still worth it but hopefully they stop making me fight every month….

        Going forward, you will need to meet the Kasasa Cash monthly qualifications to receive all the benefits of your account. Please keep in mind per the Terms and Conditions, 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.

        : Truth in savings document: The kasasa cash account is intended to be the account holder’s primary checking 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 wide dollar range.

        we reserve 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 fasion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether.

  4. Goli says:

    subscribe

    • Luke Bornheimer says:

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

  5. Craig says:

    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.”

  6. Stephen says:

    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 says:

      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.

  7. Ali Taheri says:

    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 says:

      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 says:

        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 says:

          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 says:

            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!

    • Ben says:

      Is this a hard pull Ali?
      Thanks!

  8. Jason says:

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

  9. Alex says:

    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 says:

      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 says:

        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 says:

        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.

  10. Stephen says:

    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 says:

      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 says:

        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.

  11. AE says:

    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….

  12. Jason says:

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

  13. John says:

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

  14. Pingback: "Which High-Interest Savings Account Should I Get?" - Doctor Of Credit

  15. AE says:

    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.

  16. Erik says:

    Has anyone started using the account with “abnormal” debit card transactions?
    If so, did they notice, give a warning or not counting the transactions towards the reward requirements?

  17. Steve says:

    May I just reload Amzzon account 20 times for qualifying 20 purchase rule?

  18. AE says:

    You can also signup for the kasasa dashboard checker on their website – to the right of the normal login option:

    https://360.oneamericanbank.com/app/#/

    So far it tells me I have zero debit card transactions – despite using the card 6 times POS credit only…. so maybe it lags or else I am out of options for making transactions work.

    • Charly Chang says:

      any update?

      • AE says:

        Yep – They counted all of my normal use debit transactions but unlike what they promised – the did not waive the 12 debit use requirement for the first statement period (3rd Thursday to 3rd Thursday) So they credited zero interest….

        Hopefully they will correct their error – this is my first statement so they promised that they would credit interest for it – via phone and email.

        Wonder how many others got hit with that issue…

  19. AE says:

    They failed to credit interest for the first statement period (3rd TH to 3rd TH) (promised to waive debit transactions and provide full interest as due and did not). Contacting to correct this error.

    They did count all debit transactions (normal use)

    Soft pull from everything I can see.

    • Mr. PTM says:

      Hi AE – thanks for the updates. I’m about to open an account myself – were you able to get them to credit you the monthly interest payment? Any other oddities with the account? How are hitting you 12 monthly debit purchases, Amazon? Thanks!!

      • AE says:

        Took several emails – yes.

        This will be my first month non-waived upcoming (third thursday of each month is the statement period) looks like all will be well.

        They removed the dashboard option from the main page so one can no longer check their status in meeting the requirements (AFAIK).

        • Mr. PTM says:

          Thanks, AE. Appreciate the followup.

          After NetSpend lowers their 5% to just $1k on 7/1, I’m hoping this will be an easy, *minimal hassle* way to earn >1% APY going forward.

          • AE says:

            Big time hassle mr PTM – have yet to receive any interest in 2 months – each time they find creative ways to decline paying it….

  20. Charly Chang says:

    Just realized this is another citizen only product.

  21. Manohar says:

    Any non US citizens have any luck opening this accnt?

  22. AE says:

    Bank is starting to seem like they do not have their act together… made 13 transactions – they only credited 11… just shy of the 12 requirement of course…. have to email them for the second straight month to try to get them to honor their own requirements…

    Spread out transactions with grocery shopping etc… We’ll see.

  23. AE says:

    They refused to pay interest because of /multiple transactions at the same merchant (nevermind different amounts and that I have multiple bills at this merchant (publix & t mobile)

    If you pay the same merchant on the same date twice – they refuse to count it apparently…. all based upon their judgement.

    But if you make purchases too close to the end of the interest period – they refuse to count that as well…. Met all requirements but they refuse to pay out – absolutely dishonest.

  24. Erik says:

    I made 13 POS transactions (as credit). I confirmed this online. The result E-mail showed:

    “Congratulations! For the monthly qualification cycle beginning 5/19/2016 and ending 6/15/2016, you qualified* to receive the higher rate of interest and refunds on ATM fees nationwide with your free Kasasa Cash® account.” and I received the interest.

    However, the actual results (per the E-mail) only showed 4 POS transactions!?
    It appears that my 9 online payments to my cable provider were not included…!

    Not sure if I should ask about it since I got my interest anyway. Just don’t want to loose interest next month….

    BTW, did anyone charge using as debit (using PIN) instead of credit? Would that also count?

    • AE says:

      Your first statement period is a given… they refuse to accept multiple transactions at the same merchant (on the same day probably – but they might refuse over time as well).

      only credit purchases so far as I know (besides walmart – which does debit even if you push credit for under $50 I think).

      • Erik says:

        @AE,
        This is my 2nd statement period, so no freebee (the first was only 2 days…..Didn’t even have my card at that time).

        They were all credit card charges. No clue why it showed only 4 of the 13.

        I called and asked if they accept debit card charges as well and they confirmed that this was also OK.

        • AE says:

          likely they graced you in to give you time to meet the requirements – I would not try this again this statement period – they flat out outlined the reqs and said repeated transactions on the same day will be counted as only 1 transaction for the interest requirements.

          They are watching these like hawks.

          Hope it goes well for you!

          • Erik says:

            Where can I find written requirements detailing what charges would count and which would not?

            For example, sometimes charges may be from the same merchants but on different dates. However, the posting may be on the same date. Does that not count as two charges?

            How about two charges on the same day; but from different merchants. Would that count as one?

            If the exact requirements are not in writing, then they would have no legal grounds to refuse interest credits.

            If anyone have been denied interest credit while having performed the 12 charges, please post details here!

          • AE says:

            Going forward, you will need to meet the Kasasa Cash monthly qualifications to receive all the benefits of your account. Please keep in mind per the Terms and Conditions, 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.

            : Truth in savings document: The kasasa cash account is intended to be the account holder’s primary checking 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 wide dollar range.

            we reserve 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 fasion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether.

  25. Jason says:

    Any luck adding this account into Mint.com?

  26. Julia says:

    I’ve never seen a bank like this one before where operation analysts are reviewing each account like hawks to see if you are eligible for credit interest. This sounds like an American Bank back in 1905. Everything should be automated now. Why would they be wasting so much time watching every person’s account? What a waste of time and energy!

  27. Erik says:

    This is now my 3rd statement period,m but the results still do not make sense:

    I made 17 POS transactions. I confirmed this online. The result E-mail showed:

    “Congratulations! For the monthly qualification cycle beginning 6/16/2016 and ending 7/20/2016, you qualified* to receive the higher rate of interest and refunds on ATM fees nationwide with your free Kasasa Cash® account.”

    I received the interest.
    However, the actual results (per the E-mail) only showed 7 POS transactions!?

    There was only 1 transaction that posted on the same date and was from the same merchants; (although the purchase dates were different). There was also one return.

  28. Roger Burrell says:

    I just closed my account. It appears to me that they decide which transactions they allow to count. I am not going to leave my money for them to decide whether to pay interest or not. Goodbye One American Bank!

    • Erik says:

      This must be illegal!

      They cannot arbitrarily decide which transactions to count, in particular if not disclosed. If this would happen to me, I would file a complaint online with Consumer Financial Protection Bureau (consumerfinance dot gov).

      I strongly urge you and everyone who is treated unfairly to do the same. The more that file a complaint the stronger our case.

  29. MikeW says:

    Guys and gals- I can appreciate the frustration you may be having with this bank. I (1) emailed and asked them if they accepted out of state users. (2) applied online for the 3.50 APY online kasasa account. (3) called them for a status update. This was the reply: This bank has additional requirements which are not listed on their website. They want this account used as a primary account. If you just do the 12 debits and an ach, they will probably not give you the high interest rate. I spoke to a manager whom was very snotty and kept on referring to the multi-page disclosure. She said there was no reason for them to have a paragraph or blurb on their website regarding the required “primary usage” requirement. The manager refused to admit the possibility that they should add “primary usage required” on their website. This bank has ignorant management whom are not fully stating their account requirements on their website. I found the following requirement to be both capricious as well as overbearing. “we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range.” Unlike some of you, I decided to avoid a monthly fight over whether my 12 debit, $1.00 transactions would be acceptable or not. I asked that my pending application be withdrawn. Not worth my time and effort.

  30. AE says:

    As long as you make normal transactions – no duplicate purchases at the same place each day etc… they credit the interest – finally worked last statement period.

    If you use it normally – this works – the 3.5% interest rocks – just have to play by their rules and spread out purchases…. don’t complain too much folks… will end up with Northpointe’s crazy spend requirements or GLCU’s $100 spend requirement.

    • Mr. PTM says:

      +1

      I’ve been receiving interest as expected, using a variety of low dollar value transactions to meet the 12 debit requirements. Once you create the habit to use the debit card for low-cost transactions (i.e. low opportunity cost), it’s not so bad and better than the next best alternative.

  31. Mr. PTM says:

    Just got notified from One American that starting October 20th, the required 12 debit transactions must be at least $5.00 each. Not a huge deal and it seems like more and more rewards accounts are moving this direction.

  32. bob says:

    so, it sounds like Circle Pay won’t help me (much) for this one? i love using Circle for Blue FCU and CCU-IL, and have never had a problem with it (well, at least none that wasn’t my fault).

    but if you get 3.5% CB on your Debit purchases, then there’s no reason not to use it. the $5 minimum sounds like a bitch, b/c i have a few regular things that are less than that. But i’ll give it a try, anyway.

  33. Data Point says:

    OAB automatically blocked and refused to process my BB loads. I told the CSR that I was using BB to pay my bills because OAB doesn’t have that functionality, but was denied because apparently BB is considered a “money transfer.”

  34. throwaway51928953 says:

    There is a huge caveat in their terms & conditions [1]:

    “The Kasasa Cash Back account is intended to be the account holder’s primary checking account in which day-to-day spending activities […] 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 wide dollar range. […]”

    Please include this in the description, or if there are no reports of this being enforced, mention that?

    [1] https://www.oneamericanbank.com/custom/fi/oneamericanbank/fb/disclosure/2450179-4391652-AIBTIS-B.pdf#page=18

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