Posted by Kate Oatis
TOLEDO, OH (WTOL) - One local bank has become the first in this area to offer the national checking account called Kasasa -- and it's creating quite a buzz.
Kasasa is a new brand of free checking and savings accounts with high yields, automatic donations to charity and free iTunes® downloads. Farmers & Merchants State Bank is the first in the Toledo area to offer it.
"Typically, accounts like this have been reserved for bigger banks who have the budgets to create and come up with new ideas," said Marty Filogamo, vice president of Farmers & Merchants State Bank. "But with Kasasa, now it's a community bank that's offering these innovative products."
It works like this:
- A high-interest checking account that offers 3.36% yields
- A savings account that earns 2.01%
- An iTunes account that gives you 10 automatic downloads at sign-up and five free downloads a month.
- A giving account that earns 3.01 percent, then donates that interest to one of three national charities.
There are, of course, some requirements: Each account requires 12 or more debit card transactions every month, and you must receive your monthly statements online. The cash and giving accounts require at least one automatic deposit a month.