A few months ago, Carroll Bank and Trust (CB&T) introduced its new Kasasa Cash account that earns 3.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.01% APY.
Kasasa Cash Checking Qualification Requirements
- At least 12 debit card purchases.
- At least one ACH transaction, debit or credit.
- Be enrolled in and receive eStatements.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 monthly (and/or $4.99 per transaction).
CB&T also added a Kasasa Saver account, which earns 0.75% APY on qualifying balances up to $15k. Qualifying balances over $50k earn 0.25% APY, with non-qualify balances earning 0.01% APY. Like the Kasasa Cash account, the Kasasa Saver account has no minimum balance requirement or monthly service fee, and requires a $100 minimum opening deposit.
Headquartered in Huntingdon, Tennessee, Carroll Bank and Trust’s market area includes Benton, Carroll, and Gibson Counties in northwest Tennessee.
Opening a Kasasa Cash or a Kasasa Savings account must be done at the eight Tennessee branches located in Bradford, Camden, Huntingdon (2), McKenzie, McLemoresville, Milan, and Paris.
CB&T’s online banking platform is currently limited to account management and bill payment services.
Carroll Bank and Trust (FDIC Certificate # 2380) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.00% (excellent) based on June 30, 2016 data. In the past year, CB&T has increased its total deposits by 4.98 million, an above average annual growth rate of 2.15%. Please refer to our financial overview of Carroll Bank and Trust for more details.
Established in 1907 as the Bank of McLemoresville, the Bank’s name remained unchanged until 1987 when the Carroll Bank and Trust name came into being. The 2008 acquisition of The Bank of Bradford extended CB&T's footprint into Gibson County. Carroll Bank and Trust is currently Tennessee’s 72nd largest bank, with assets in excess of $268 million.
How the Kasasa Cash Compares
When compared to the 37 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available with the Bank’s market area and have maximum qualifying balances of at least $15k, Carroll Bank and Trust’s Kasasa Cash APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking (up to $20k)||Consumers Credit Union|
|4.00% APY||Extreme Checking (up to $15k)||Blue Federal Credit Union|
|3.00% APY||Kasasa Cash (up to $15k)||Carroll Bank and Trust|
The above rates are accurate as of 11/4/2016.