SouthPoint Bank (AL) Offers Competitive Kasasa Cash
SouthPoint Bank’s Kasasa Cash account has just marked its 1-year anniversary, and is now available nationally through an online application. (A cautionary note: it is not uncommon for small banks to change the availability status of “nationally available” accounts and products, if the demand exceeds the bank’s ability to process a sudden influx of new accounts.)
The Kasasa Cash’s initial rate of 2.10% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.03% APY.
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Be enrolled in and receive eStatements.
- Be enrolled and log into Online Banking.
The Kasasa Cash account has no minimum balance requirement or monthly service fees. It requires a minimum of $100 to open and there is a limit of one account per Social Security Number. All domestic ATM fees (and foreign ATM fees up to $10) will be reimbursed on the last day of the monthly statement cycle, with an ATM receipt required for reimbursement of individual fees of $5 or greater.
Kasasa Saver
The companion Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.03% APY.
- Kasasa Cash rewards and ATM fee refunds automatically deposited.
- No monthly service fees.
- No minimum balance requirement.
- $25 minimum opening deposit.
Availability
Headquartered in Birmingham, Alabama, Southpoint Bank’s Kasasa Cash and Kasasa Saver accounts are currently being offered nationwide via online application.
Opening a Kasasa Cash account and/or a Kasasa Saver account can be done online, or at any of the four Alabama branches located in Birmingham, Gardendale, Trussville, and Wilsonville.
According to SouthPoint Bank's online application,
All applicants must be at least 18 years of age and must be U.S. citizens to apply. Minors,
resident aliens and non-resident aliens may apply by contacting the financial institution.
Bank Overview
SouthPoint Bank (FDIC Certificate # 58088) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 11.38% (above average) based on March 31, 2016 data. In the past year, SouthPoint Bank has increased its total deposits by $15.54 million, an excellent annual growth rate of 8.84%. Please refer to our financial overview of SouthPoint Bank for more details.
SouthPoint Bank is in its eleventh year of operation, having been established in October 2005. SouthPoint Bank was the brain-child of Steve Smith, a long-time employee of Charlotte-based Wachovia Corporation. Wachovia purchased SouthTrust Bank in 2004, and Smith recruited other former South Trust Bank employees to help in his quest to open a bank. When SouthPoint Bank opened its doors, nine of out the 14 employees were former SouthTrust Bank employees. In its relatively short history, SouthPoint Bank is grown to become Alabama’s 44th largest bank, with assets in excess of $238 million.
How the Kasasa Cash Compares
When compared to the 18 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to residents nationwide and have maximum qualifying balances of at least $25k, SouthPoint Bank’s Kasasa Cash APY currently ranks third.
The above rates are accurate as of 7/27/2016.
To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our Rates Map page.
