Bank of Little Rock (AR) Kasasa Products Still Available Statewide
In the fall of 2019, Bank of Little Rock replaced its Kasasa Cash account with the “NEW Kasasa Cash” account, which earned 3.00% APY on qualifying balances up to $25k. While “NEW” has been dropped from the account’s name, the initial 3.00% APY is still in effect. Qualifying balances greater than $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Even though the “NEW” Kasasa Cash has been available for more than 19 months, existing Kasasa Cash accounts did not automatically convert to the “NEW” Kasasa Cash account. The responsibility to initiate a conversion lays with the customer, so it is possible there are still those who have the older version of the Kasasa Cash.
If you are a current Bank of Little Rock Kasasa Cash accountholder and would like to switch to the "NEW Kasasa Cash" please contact any branch and they will be happy to assist you with the change.
The monthly qualification requirements are typical:
- At least 15 debit card purchases
- At least one direct deposit, ACH credit, or ACH payment
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. Unlimited check writing is available and a free Mastercard debit card will be issued following account opening. Nationwide ATM fees will be reimbursed up $25 per month (maximum $4.99 per transaction), if qualifications are met. (An ATM receipt must be presented for reimbursement of individual fees of $5 or more.) There is a limit of one account per Social Security number.
Kasasa Saver
Bank of Little Rock’s Kasasa Saver is unique, in that there are two different Kasasa Saver accounts. As stated on the Kasasa Saver page,
Please note that we offer two types of Kasasa Saver accounts: one for those with free Kasasa Cash checking and another one for those with free Kasasa Cash Back checking. Rates and caps differ, as well as qualification specifics.
A Kasasa Saver linked to a Kasasa Cash account earns 1.00% APY on qualifying balances up to $50k, which is a generous balance cap. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
A Kasasa Saver linked to a Kasasa Cash Back account earns 1.00% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.00% | - | $20k | Bank of Little Rock | Kasasa Cash Back with Saver | |
| 1.00*% | - | $50k | Bank of Little Rock | Kasasa Cash with Saver | |
| OTHER TIERS: 0.25% → $50k+ | |||||
Like the Kasasa Cash account, the Kasasa Saver account has no minimum balance requirement or monthly service fee and requires a minimum $100 opening deposit. Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred into a linked Kasasa Saver account each statement cycle.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential maximum combined annual earnings of a Kasasa Cash Checking account (3.00% APY/$25k) and a Kasasa Saver account (1.00% APY/$50k) is approximately $1,250 (1.67% APY/$75k), which is an unusually high rate for such a large balance.
Kasasa Cash Back
The Kasasa Cash Back account offered by Bank of Little Rock currently earns 3.00% cash back on debit card purchases, limited to the first $250 of monthly debit card purchases. If you are planning on maintaining a balance of less than $3,000, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $90 ($7.50 per month).
The Kasasa Brand
For those not familiar with the Kasasa brand, Kasasa Cash is a type of Reward Checking Account (RCA) developed by the Texas company, Kasasa, Ltd. According to the Kasasa website,
Kasasa: the free checking account that rewards each month for doing things you already do.
By performing certain actions valuable to your bank or credit union, like using your debit card or online banking, your institution makes more money, which they share with you in the form of rewards.
In case you were wondering, “Kasasa” is just a made-up word.
In a world where real-life people are too often taken for granted as account numbers,
we didn’t want to be the next [INSERT GENERIC NAME] checking account.
Availability
With all of its branches located in Little Rock, Arkansas, the aptly named Bank of Little Rock offers its Kasasa Cash, Kasasa Cash Back, and Kasasa Saver accounts to all U.S. citizens/resident aliens (18 years or older) who live anywhere in Arkansas through an online application.
Opening a Kasasa Cash, Kasasa Cash Back, and/or Kasasa Saver account can be done online or at of the five full-service Arkansas branches, which are located throughout Little Rock. There is no mention of any COVID-related branch restrictions (temporary closings, appointments, etc.) on Bank of Little Rock’s website.
Bank Overview
Bank of Little Rock has an overall heath grade of "B+" at DepositAccounts.com, with a Texas Ratio of 15.53% (above average) based on December 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $49.5 million, an excellent annual growth rate of 28.76%. Please refer to our financial overview of Bank of Little Rock (FDIC Certificate # 91280) for more details.
The original Hallmark Loan and Investment Company was founded in 1927 and was not FDIC insured for the first 60 years. Following the establishment of FDIC insurance in 1987, the Bank rebranded as Bank of Little Rock in 1989 as it expanded its services to become a full-service, commercial bank. Currently the 46th largest bank headquartered in Arkansas, Bank of Little Rock has assets in excess of $253 million and nearly 11,000 customer accounts.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available in Arkansas and have maximum qualifying balances of at least $25k, Bank of Little Rock’s Kasasa Cash APY currently ranks second. (Note: when I wrote about this RCA in September 2019, its APY only ranked sixth.)
The above rates are accurate as of 4/24/2021.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
