EVB (VA) Changes Rewards Checking To Kasasa Cash Checking

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Availability: Market area is Eastern Virginia.

Earlier this month, EVB’s Rewards Checking account became a Kasasa Cash Checking account that earns 2.25% APY on qualifying balances up to $15K; qualifying balances over $15K earn 0.25% APY. If the monthly qualifications are not met, all balances earn 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25*%-$15kEVBKasasa Cash Checking
Accounts mentioned in this post. Rates as of August 23, 2016.

Monthly Qualifications

  • At least one Direct Deposit or ACH post and settle
  • At least 15 PIN or signature debit card transaction post and settle
  • Enrolled in and receive e-Statements
  • Enrolled in and log into online banking

Kasasa Cash Checking Summary

  • $100 minimum opening deposit
  • No minimum balance requirement
  • No monthly service fee
  • Nationwide ATM fee refunds, up to $25 monthly

Complete details on the Kasasa Cash Checking can be found on EVB’s Personal Checking page.

EVB’s Rewards Checking/Kasasa Cash Rate History

I first wrote about EVB’s Rewards Checking account in early 2008, when rates and balance caps were higher. As you can see in the table below, the Rewards Checking’s APYs and balance caps steadily dropped over seven years, until it was restructured into a Kasasa Cash Checking account.

Availability

Headquartered in Tappahannock, EVB’s market area covers Eastern Virginia, including the Northern Neck and the Virginia Peninsula.

Opening an account with EVB requires an in-person visit to any of 24 Virginia branches, located in Ashland, Burgess, Callaco, Colonial Heights, Courtland, Deltaville, Gloucester, Hampton, Hartfield, Heathsville, Kilmarnock, King William, Mechanicsville (2), Newport News, Quinton, Richmond, Surry, Tappahannock (2), Urbanna, Waverly, and Williamsburg.

Bank Overview

EVB has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.80% (excellent) based on March 31, 2015 data. In the past year, EVB has increased its total deposits by $102.87 Million, an excellent annual growth rate of 11.9%. Please refer to our financial overview of EVB for more details.

Originally established in 1910 as the Southside Bank, EVB (FDIC Certificate # 11584) is an independent community bank that has been serving Eastern Virginia for more than 100 years. A portion of the Bank’s Mission Statement reads, "enriching the health and vitality of the communities we serve," and EVB has lived up to that pledge by its past support of more than 60 local non-profits. Named "Best Bank" by the readers of Pleasant Living magazine (the voice of Virginia’s Northern Neck and Middle Peninsula), EVB has acquired three Virginia banks in the past 9 years and currently holds assets in excess of $1.1 Billion.

How the Kasasa Cash Compares

When compared to the 48 other rewards-type checking accounts tracked by DepositAccounts.com that are available to Virginia residents, EVB’s Kasasa Cash Checking currently ranks 8th.

The above rates are accurate as of 8/26/2015.

To search for other reward checking accounts, please refer to the Reward Checking Accounts section of DepositAccounts.com.

Comments
High-Yield Reward Checking Account at a Virginia Bank (EVB)

Update 11/20/10: The rate cap has fallen to $15K. Refer to the bottom of the post for the rate history.

EVB Bank is offering a reward checking account that pays 3.01% APY on balances up to $15,000 (0.75% for above) and refunds ATM fees if the following monthly requirements are met:

  • 10 debit card transactions (non-ATM's)
  • one direct deposit or ACH auto debit
  • Access online banking


If these are not met, the rate falls to 0.05%. The minimum initial deposit is $100. There are no minimum balance requirements and no monthly service charges.


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