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New Reward Checking Account at Sycamore Bank in Memphis Metro Area

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Sycamore Bank

Earlier this month I reported on BancVue's latest campaign in promoting Kasasa. In its free gas promotion, it highlighted several banks and credit unions offering Kasasa accounts. Some of these were banks that have just have recently launched Kasasa accounts. One of these is Sycamore Bank which has a Kasasa Cash account and a Kasasa Saver account. Like most new Kasasa accounts, the balance cap is a little disappointing. Nevertheless, the interest rate is high enough to make it noteworthy. Below are the rates, features and requirements of these accounts as of 8/30/2012:

Kasasa Cash:

Interest rates and ATM refunds if monthly qualifications are met:

  • 3.01% APY on balances up to $15,000
  • 0.42% interest rate on portion of balance over $15,000
  • 0.10% APY if qualifications are not met
  • Nationwide ATM fee refunds up to $20

Kasasa Saver:

Interest rates if Kasasa Cash qualifications are met:

  • 1.01% APY on balances up to $15,000
  • 0.44% interest rate on portion of balance over $15,000
  • 0.10% APY if qualifications are not met

Monthly qualifications:

  • 12 debit card purchases
  • Receive paperless e-statements
  • Access Kasasa 360 money management tools at least once during the monthly qualification cycle when available

The accounts are free with no monthly service charge and no minimum balance regardless of whether the monthly requirements are met.

Note that there is no direct deposit requirement. That appears to have been replaced by a requirement that is new for reward checking accounts. It's accessing Kasasa 360 money management tools. I did a short review of Kasasa 360 in March. From what I can tell, it's similar to Mint.com which can be used track all types of financial accounts from other institutions. This could be an easy qualification if they don't require that you have a certain number of other institutions that are tracked.

Availability

There's an online application link in the bank's Kasasa Cash page. The first page of the application states that you must reside in the bank's market area to be able to open an account. You have to enter your zip code which is checked to ensure it's in the bank's market area.

Sycamore Bank branches are located in northern Mississippi which is just south of Memphis, Tennessee. Zip codes from the Memphis area were accepted by the online application.

Bank Overview

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 23.68% (average) based on March 2012 data. Please refer to our financial overview of Sycamore Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 11423).

How This Reward Checking Account Compares

If you live in Tennessee, you can get a slightly higher rate with the same balance cap at First State Bank. Its reward checking account pays 3.10% APY for balances up to $15K, and anyone in TN can apply online.

There are only two reward checking accounts that are nationally available with at least a 3.00% APY. Consumers Credit Union pays 3.09% APY for balances up to $5K, and Lake Michigan Credit Union pays 3.00% APY for balances up to $15K.

These rates are accurate as of 8/30/2012.

Searching for Reward Checking Accounts

To find Kasasa Cash accounts and other reward checking accounts in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.

If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.


  Tags: Sycamore Bank, Tennessee, Mississippi, checking account, savings account

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Comments
Comment #1 by niniss posted on
niniss
I just opened this account at sycamore bank, and so far i'm not impressed, to say the least.  Applied the account on the Aug 14th after a phone call on the 13th.  Got the paperwork a couple of days later and i returned the signed signiture card with a check right away.  From there, things just aren't going as i expected.  The initial ACH  of minimum deposit never happened until Aug 23 (after my 2 email inquiries).  When i was finally able to view my account online, i saw they changed my check deposit date from 23rd to 24th, and the ACH from 27th to 28th.  Even though the depsoit confirmation (they mailed me the deposit slip) clearly has a stamp of Aug 23, 10:57am.   I emailed the person who handled my application again with the request of correcting the posting date, but instead of correcting it, she just told me that i shouldn't worry as the first month is automatically qualified to get the high interest.  I don't know where she got the idea that asking for correcting the posting date = concern over meeting the requirements.  I can only guessing that maybe she didn't read my email carefully?!      

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