Pioneer Bank offers Kasasa Cash Plus, Kasasa Cash Back, and Kasasa Saver Plus accounts, each designed to reward you for your everyday banking activities. To maximize the benefits of these accounts, it’s important to understand the qualification requirements and rewards structure. This article outlines the details you need to know to take full advantage of your Pioneer Bank Kasasa accounts.
Qualification Information for Kasasa Accounts
To earn rewards with your Kasasa accounts, you need to meet specific qualifications each Monthly Qualification Cycle. These cycles are defined as the period beginning one day prior to the first banking day of the current statement cycle and ending one day prior to the last banking day of the current statement cycle. For specific dates, please refer to the Pioneer Bank website or contact a branch service representative.
Here’s a breakdown of the qualification requirements for each account:
Kasasa Cash Plus:
- Receive at least one direct deposit into your account.
- Make at least 20 PIN-based or signature-based debit card purchases.
- Enroll in and agree to receive electronic statements.
Kasasa Cash Back:
- Make at least 12 PIN-based or signature-based debit card purchases.
- Enroll in and agree to receive electronic statements.
It’s crucial to remember that all transactions and activities must post and settle to your account during the Monthly Qualification Cycle to count towards earning rewards. Transactions may take one or more days to post and settle.
Transactions that do not count towards earning account rewards include:
- ATM-processed transactions
- Transfers between accounts
- Debit card purchases processed as ATM transactions
- Non-retail payment transactions
- Purchases made with debit or credit cards not issued by Pioneer Bank
Transactions bundled by merchants and received by the bank as a single transaction will count as a single transaction.
Reward Information for Kasasa Accounts
When you meet the qualification requirements during a Monthly Qualification Cycle, you’ll unlock the following rewards:
Kasasa Cash Plus Rewards:
- High Interest on Balances: Earn 3.00% APY on average daily balances up to $10,000. For balances over $10,000, earn 1.00% interest rate on the portion exceeding $10,000, resulting in an APY range from 3.00% to 1.18% depending on your average daily balance.
- ATM Fee Reimbursements: Receive reimbursements for ATM withdrawal fees up to $25 per Monthly Qualification Cycle (maximum $4.99 per single transaction) for fees incurred within your Kasasa Cash Plus account.
Kasasa Cash Back Rewards:
- Cash Back on Debit Card Purchases: Earn 4.00% cash back on up to $200 of PIN-based or signature-based debit card purchases each cycle. This means you can earn a maximum of $8 cash back per Monthly Qualification Cycle.
- ATM Fee Reimbursements: Similar to Kasasa Cash Plus, receive ATM withdrawal fee reimbursements up to $25 per Monthly Qualification Cycle (maximum $4.99 per single transaction) for fees incurred within your Kasasa Cash Back account.
Kasasa Saver Plus Rewards:
- High Interest on Savings: Earn 2.00% APY on average daily balances up to $50,000 in your Kasasa Saver Plus account. For balances over $50,000, earn 1.00% interest rate on the portion exceeding $50,000, with an APY range from 2.00% to 1.33%.
Important Note: ATM fee reimbursements apply only to Kasasa Cash Plus and Kasasa Cash Back accounts. Kasasa Saver Plus ATM transaction fees are not reimbursed.
What Happens When Qualifications Are Not Met?
If you don’t meet the qualifications for your Kasasa account in a given Monthly Qualification Cycle, you won’t receive the maximum rewards. Here’s what to expect:
- Kasasa Cash Plus: The entire average daily balance earns a lower interest rate of 0.05% APY. ATM withdrawal fees are not reimbursed.
- Kasasa Cash Back: You will not receive cash back on debit card purchases, and ATM withdrawal fees are not reimbursed.
- Kasasa Saver Plus: The entire average daily balance earns a lower interest rate of 0.05% APY.
Interest for Kasasa Cash Plus and Kasasa Saver Plus accounts is credited on the last day of the current statement cycle. Cash back payments and ATM withdrawal fee reimbursements for Kasasa Cash Back accounts are credited to the linked Kasasa Saver Plus account on the last day of the current statement cycle.
Linking Kasasa Accounts to Kasasa Saver Plus
For Kasasa Cash Plus or Kasasa Cash Back accounts linked to a Kasasa Saver Plus account, there are additional points to consider:
Kasasa Cash Plus Linked to Kasasa Saver Plus:
- Interest earned in Kasasa Cash Plus, along with ATM withdrawal fee reimbursements, is automatically transferred to the Kasasa Saver Plus account within one day. This automatic transfer means the interest in Kasasa Cash Plus does not compound. Be aware that this transfer could potentially cause an overdraft in your Kasasa Cash Plus account if the balance is lower than the transferred amount.
Kasasa Cash Back Linked to Kasasa Saver Plus:
- Cash back payments and ATM withdrawal fee reimbursements earned in your Kasasa Cash Back account are credited to your Kasasa Saver Plus account on the last day of the current statement cycle.
Additional Information about Pioneer Bank Kasasa Accounts
- Minimum Deposit: Kasasa Cash Plus and Kasasa Cash Back require a minimum of $1 to open. Kasasa Saver Plus requires a $50 minimum deposit.
- Account Limits: Limit of one checking and savings account per social security number.
- Monthly Fees: There are no recurring monthly maintenance charges or fees to open or close these accounts.
- Linked Savings Account: A Kasasa Cash Plus or Kasasa Cash Back account is required to have a Kasasa Saver Plus account, and a linked Kasasa Saver Plus account is necessary for automatic savings.
- E-Statements and Online Banking: Enrollment in online banking and e-statements, along with maintaining a valid email address with Pioneer Bank, are required for all Kasasa accounts.
- Direct Deposit for Kasasa Cash Back: Annual direct deposit is a condition of Kasasa Cash Back accounts.
Important Disclaimers:
- APY (Annual Percentage Yield) is accurate as of November 14, 2024, and is based on assumed balances and a 31-day statement cycle. Rates, rewards, and bonuses are variable and may change.
- No minimum balance is required to earn rewards. Rewards less than a penny cannot be distributed. Fees may reduce earnings.
- Account approval, conditions, qualifications, limits, timeframes, enrollments, and other requirements apply.
- Qualifications, rates, rewards, fees, account specifics, and restrictions may vary.
For complete details, including current Monthly Qualification Cycle dates, reward calculations, processing limitations, and enrollment instructions, please contact a Pioneer Bank service representative or visit www.bankwithpioneer.com. While this article focuses on Pioneer Bank’s Kasasa accounts, for information regarding Pioneer Bank Loan Rates and other lending services, please visit their website or contact them directly.
