Farmers Bank & Trust (FB&T) recently added a Kasasa Cash account to its product line, replacing its True Rewards Checking account. The Kasasa Cash earns 2.01% APY on qualifying balances up to $25k, with qualifying balances over $25k earning 0.40% APY. Non-qualifying balances earn 0.05% APY.
Kasasa Cash Qualification Requirements
- At least 10 VISA® Debit Card purchases.
- At least one Direct Deposit or one ACH auto debit/credit.
- Be enrolled in and receive eStatements.
The Kasasa Cash has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed. Three Kasasa Cash accounts are allowed per household. Following six consecutive months of non-qualification, the Kasasa Cash account will convert to a Farmers Checking account (non-reward).
Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or service fee, but does require a $25 minimum opening deposit. Qualifying balances up to $100k earn 0.50% APY; qualifying balances over $100k AND non-qualifying balances both earn 0.05% APY. There is a limit of six fee-free withdrawals per month, with a $4 fee per each additional withdrawal.
Headquartered in Magnolia, Arkansas, Farmers Band & Trust’s market area is primarily Arkansas. Although the online application states, "Thank you for choosing FB&T. We welcome all residents of the United States to apply," according to CSR, “In order to open an account with Farmer's Bank and Trust you would need to live in states that are contiguous to Arkansas.”
In case your U.S. geography skills aren’t what they used to be, the contiguous states are Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, and Texas.
Opening a Kasasa Cash checking account can be done online, or at any of the 19 Arkansas branches located in Blevins, Camden (4), Haskell, Hope (3), Lewisville, Magnolia (4), Malvern (2), Taylor, and Texarkana (2). The Bank also has three Texas branches – New Boston and Texarkana (2).
Farmers Bank & Trust (FDIC Certificate # 1291) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 15.05% (above average) based on March 31, 2016 data. In the past year, FB&T has increased its total deposits by $17.88 million, an above average annual growth rate of 1.62%. Please refer to our financial overview of Farmers Bank & Trust for more details.
Farmers Bank & Trust is an independent community bank that was established in 1906 with approximately $75k in assets. In the past nine years, FB&T has expanded its operation, purchasing Southern State Bank (central Arkansas), opening a branch and mortgage department in Texarkana (TX), and acquired 1st Bank (six branches along the I-30 corridor). Farmers Bank & Trust is currently the 7th largest bank in Arkansas, with assets in excess of $1.2 billion.
How the Kasasa Cash Compares
When compared to the 25 High Yield Reward Checking Accounts (RCA) tracked by DepositAccounts.com, which are available to Arkansas residents and have maximum qualifying balances of at least $25k, Farmers Bank & Trust’s Kasasa Cash APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|2.50% APY||Cash Rewards High Interest Checking (up to $25k)||Mid Illini Credit Union|
|2.25% APY||Kasasa Cash (up to $25k)||Main Street Bank (MI)|
|2.01% APY||Kasasa Cash (up to $25k)||Farmers Bank & Trust|
The above rates are accurate as of 8/23/2016.