You're watching...
Kasasa CEO Gabe Krajicek: Consumers want an alternative to mega banks in order to get great rewards.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
All right with interest rates hovering near zero in stocks climbing toward all time high -- your cash in the bank may seem like a bad idea but.
There may be an alternative -- -- -- case up to 4% interest.
Joining -- manage -- -- -- gave -- hit CEO of his socks up welcome sounds to good to be true coming up just checking account.
Well it's a fantastic account it is not too good to be true and guess also was -- out of a lot of research that we did that.
That showed that all things being equal consumers would rather bank at a community financial institution -- community bank -- credit unions.
But they don't really know that there are great accounts out there at those institutions so we created because Oster brand and the -- -- accounts.
To let consumers know if you seek a saucer that means that you're gonna get great rewards like great high rate interest accounts.
-- in -- real clear -- software plus service is mega banks are retail banks so I'm just an average -- going into my corner branch.
I can Africa sauce I hear they offer -- 34% checking account can night apply for this is that is how it works it is isn't as simple as this.
It not exactly we do not serve the mega banks in fact has -- is designed to give an alternative to the mega banks for consumers -- -- get great service great rewards at a community institution.
So the consumer wants these accounts thing go to -- -- dot com KS ASA dot com put in their zip code and find an account near them.
Okay let's go over the conditions you have to getting.
You have to log on to online banking to basically do all of your banking all of -- checkbook balancing -- and you lose your debit card ten times what timeframe for that latter condition.
One month.
Well the first -- is you don't have to do that stuff if you don't do those things the account is still free there's no minimum balance there's no penalty if you don't do those things.
But if you do those things we call on the qualification criteria.
And you do them over the course of a month then you get free ATMs nationwide and you get a great interest rate.
Okay.
Is there -- cap on the amount of money that can earn the maximum interest rates and how does that -- gets it.
Typically there isn't it there is a cap on how much -- the high rate of interest in each bank -- credit union sets that capped by their own discretion.
All you really to designer and a range of five to 50000 dollar that's quite wide -- question -- -- -- asking to find out what I would be eligible for.
Well everybody's eligible for the account if they go to the sauce -- -- they can just find would account.
Has the right cap for them most consumers about 75% -- have balances less than 5000 dollars.
So having a cap you know that 50000 dollars through as a huge net.
And allows average everyday consumers to get the same kind of interest rates that here four were only available to Americans.
Wealthiest consumers how much interest have you guys that paid out so far but its program.
-- less for years within about 67 million dollars which I'm pretty proud enough on free account with no minimum balance that's that's pretty -- Gay -- -- -- that three of 4% checking accounts these days check it out thanks there.
Thank you so.
