This high-yield checking account from Kasasa offers up to 6% APY.

High-yield savings accounts are often preferred over checking accounts due to their higher interest rates.

Kasasa® collaborates with community banks and credit unions to provide exceptional checking rates and rewards to customers who bank locally, including some that exceed 6% APY. This surpasses the top interest-bearing checking accounts we have discovered. Additionally, customers can benefit from in-person branch access and more personalized customer service when banking with a community bank.

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What is Kasasa?

A financial services company, Kasasa, collaborates with small banks and credit unions to provide customers with checking and savings accounts that offer above-average interest rates and cash-back rewards.

How Kasasa accounts work

What's available to you in terms of Kasasa accounts depends on your location, as Kasasa focuses on local banking. To find the nearest banks and credit unions offering Kasasa products, simply enter your zip code on Kasasa's website. Depending on the financial institution, you may need to visit a branch to open a Kasasa account or enroll online.

All Kasasa accounts at its partner financial institutions come with the following features: rates, rewards, caps, and qualifications may differ among institutions, but they all include these elements.

• Zero minimum balance requirements
• Zero monthly maintenance fees
• Access to ATMs nationwide
• Rewards with qualifications

Through their partner credit unions and banks, Kasasa accounts are insured up to $250,000 per depositor by the NCUA or FDIC.

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Types of Kasasa accounts

Kasasa provides a variety of financial products, including checking accounts, a savings account, and loans. Its most popular options are the Kasasa Cash® and Kasasa Cash Back® checking accounts and the Free Kasasa Saver® savings account.

Kasasa Cash

With Kasasa Cash, account holders can earn up to 7% APY on select balances. Interest rates vary by bank. For instance, Falcon National Bank Kasasa Cash Checking offers 6% APY on balances up to and including $25,000 when qualifications are met: make at least 15 debit card purchases, schedule at least one direct deposit or ACH credit transaction, plus opt into e-statements. Additionally, there's a $50 minimum deposit required. This account can be opened online.

At Hanover Bank, Kasasa Cash Checking offers a 5.75% APY on balances up to $25,000 when certain conditions are met: make at least 12 debit card purchases, schedule at least one direct deposit, ACH payment or ACH credit transaction(s), opt into e-statements and enroll in online or mobile banking. Additionally, there is a $100 minimum deposit required and this account can be opened online.

Kasasa Cash Back

Falcon National Bank offers a Kasasa Cash Back Checking Account that provides 6% cash back on debit card purchases up to $250 monthly, without any category restrictions. Account holders can earn up to $180 per year in cash back or $15 per month, provided they meet the same qualifications as above. A $50 minimum deposit is required.

The Hanover Bank Kasasa Cash Back Checking account offers 5% cash back on debit card purchases up to $200 when qualifications are met, which are the same as the other Hanover Bank account above. This means that account holders can earn as much as $120 per year in cash back on debit card purchases, or  up to $10 per month. The account requires a $25 minimum deposit.

Kasasa Saver

Account holders can automate their savings with Kasasa Saver by meeting Kasasa's checking qualifications, which requires having a Kasasa checking account. The Falcon National Bank Kasasa Saver Savings Account offers a 4% APY on balances up to $250,000, making it a great option for earning a solid return.

A Kasasa Saver account with 2.25% APY on balances up to $100,000 is also offered by Hanover Bank when certain conditions are met.

On Kasasa's website, they advertise two other checking accounts: Kasasa Eats® and Kasasa Play®. However, you need to locate a local bank that offers these accounts.

Kasasa Eats

Earn up to 6% cash back on select grocery stores and delivery services with Kasasa Eats.

Kasasa Play

Account holders can earn up to $15 per month in cash back on select streaming services with Kasasa Play.

How it compares

The highest checking account return we've found outside of Kasasa is up to 6% APY, offered by Falcon National Bank Kasasa Cash Checking. This high APY is offered only on balances up to and including $25,000. Though by not much, the All America Bank Ultimate Rewards Checking offering 5.15% APY on balances up to $15,000 is also a good option. Both banks require similar qualifications, such as making 10 debit card transactions per month and opting into e-statements.

While Kasasa Saver accounts may not have the highest APYs, savers can still earn a better return than 4% on balances up to $250,000 with the Falcon National Bank Kasasa Saver Savings Account's APY. However, there are a few high-yield savings accounts that offer well above 5% APY with no caps, such as the ones listed below.

Bottom line

To have money in your checking account, consider enrolling in a Kasasa account at a local bank or credit union with APYs around 6%. Look for participating financial institutions and sign up either online or in person.

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Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make informed financial decisions. Each of our checking account articles is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of banking products. Although CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do.

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