In February 2016, Citizens Bank & Trust (CB&T) added a Kasasa Cash account to its product line, which earns 3.00% APY on qualifying balances up to $15k, with qualifying balances over $15k earning a 0.15% interest rate on the portion of balance over $15,000. Non-qualifying balances earn 0.05% APY.
Kasasa Cash Qualification Requirements
- At least 10 debit card purchases.
- At least one ACH, Direct Deposit, or bill pay transaction.
- Be enrolled in and receive eStatements.
The Kasasa Cash has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $10 per month, with a receipt required for individual ATM fees of $4.99 or higher. There is a limit of one accounts per Social Security number.
Headquartered in Guntersville, Alabama, Citizens Band & Trust’s primary market area is North Alabama but “is currently only accepting online applications from residents in the Alabama counties of St Clair, Marshall, Madison, Limestone and Lauderdale, Jackson, DeKalb, Etowah, Blount, Cullman, Morgan, Lawrence, and Colbert, and in the Tennessee counties of Lawrence, Giles, and Lincoln” for its Kasasa Cash account.
Citizens Bank & Trust (FDIC Certificate # 57483) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 10.83% (excellent) based on June 30, 2016 data. In the past year, CB&T has increased its total deposits by $20.07 million, an excellent annual growth rate of 6.53%. Please refer to our financial overview of Citizens Bank & Trust for more details.
Citizens Bank & Trust is one of the newest locally-owned banks in Alabama, having been established in 2003 with an initial market area of Marshall County. The Bank has grown in 13 years to become Alabama’s 25th largest bank, with assets in excess of $393 million. In 2014, Citizens Bank & Trust was listed in the top 200 public-traded community banks in American Banker Magazine.
How the Kasasa Cash Compares
When compared to the 34 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to North Alabama residents and have maximum qualifying balances of at least $15k, Citizens Bank & Trust’s Kasasa Cash APY currently ranks second.
The above rates are accurate as of 9/10/2016.