Kasasa Changes the Face of Local Banking

First Utah Bank asks consumers, “Do you Kasasa?” as it becomes the first financial institution in Utah to launch the country’s most innovative financial products.

Kasasa is a new brand of free checking and savings accounts that pays consumers to use their account with what interests them most—high interest and automatic savings. These accounts, combined with the personal service that only community financial institutions can deliver, are offering Utah residents a better checking account option than the megabank experience.

“We are pleased to be the first in Utah to offer these unique products,” said Amy Foulks, senior vice president at First Utah Bank. “Kasasa delivers what research shows people really want but believe they can’t have—great financial products with the personal service of a community based financial institution.”

First Utah Bank is offering two Kasasa financial products, including Kasasa Cash and Kasasa Saver. All Kasasa products are free, reward-based accounts, with no minimum balance to earn rewards, no monthly service fee, online banking and nationwide ATM fee refunds.

• Kasasa Cash - A free checking account that earns high interest for every month the account holder qualifies.
• Kasasa Saver - A free, high interest saver account linked to a Kasasa Cash checking account. The interest and ATM fee refunds earned in the Kasasa Cash account are automatically deposited into the Kasasa Saver account when the account holders qualify. The balance in the Kasasa Saver account also earns a high rate of interest.  

To receive the Kasasa account benefits, each monthly qualification cycle account holders are asked to do a few simple things like, receive an eStatement, access online banking, use a debit card a minimum number of times, and have an electronic ACH payment post to and clear their account. If an account holder does not meet the qualifications in a given month, First Utah Bank will alert the individual, who will be eligible the following month to earn the benefits. There is no monthly service fee charged if the qualifications are not met, in fact, the account still earns a base interest rate.

“Extensive research has shown us that consumers would prefer to do business with community financial institutions, but feel they would lose access to products,” continued Foulks. “Kasasa is opening people’s eyes to a new banking model where no sacrifices are necessary. It’s a win-win because account holders get innovative products and personalized service.”

Kasasa is being introduced with an aggressive, highly engaging marketing campaign. It comes to life through a fresh mix of eye-popping advertising, the likes of which exceed the typical megabank’s high-budget programs. The broadcast media features America’s top slam poets www.kasasa.com/news-and-media/advertising riffing lyrical threads around the theme of “Do you Kasasa?”

Kasasa is distributed to First Utah Bank from BancVue, the leading provider of innovative products, dynamic marketing, and data-driven consulting solutions to community financial institutions nationwide to help them win the war against the megabanks.

For more information on Kasasa accounts, consumers can visit www.firstutahbank.org or www.kasasa.com/firstutahbank.
(4.13.12)