First Peoples Bank Offers Rewards Checking/Savings in AL and GA

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Deal Summary: Kasasa Cash Checking, 2.50% APY on qualifying balances up to $10k. Kasasa Saver, 1.00% APY on qualifying balances up to $20k.

Availability: Alabama and Georgia

Georgia-based First Peoples Bank began offering the Kasasa brand product line in early 2020. The Kasasa Cash Checking’s initial 2.50% APY on qualifying balances up to $10k is still in effect. Qualifying balances greater than $10k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%-$10kFirst Peoples BankKasasa Cash Checking
OTHER TIERS: 0.25% $10k+
Rates as of June 23, 2021.

The monthly qualification requirements are easily met and do not include a direct deposit or ACH transaction.

  • At least 12 debit card purchases
  • Be enrolled in and agree to receive eStatements

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 debit card will be issued after account opening. Unlimited nationwide ATM fees up to a monthly aggregate of $25 will be reimbursed, if qualifications are met. Free access to Zelle is also available. There is a limit of one account per Social Security number and may not be used for commercial purposes. A Kasasa Cash Checking/Kasasa Cash Back account is required to have a linked Kasasa Saver account.

Kasasa Saver

The Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $20k. Qualifying balances over $10k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$20kFirst Peoples BankKasasa Saver
OTHER TIERS: 0.25% $20k+
Rates as of June 23, 2021.

Kasasa Cash Checking/Kasasa Cash Back earned rewards are automatically transferred into a linked Kasasa Saver account each statement cycle. The Kasasa Saver account has no minimum balance requirement or monthly service fee and requires a minimum $100 opening deposit. There is a limited of one Kasasa Saver account per Social Security number and a Kasasa Saver may not be used as a commercial account.

Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash Checking account (2.50% APY/$10k) and the Kasasa Saver account (1.00% APY/$20k) is approximately $450 (1.50% APY/$30k).

Kasasa Cash Back

First Peoples’ Kasasa Cash Back account currently earns 4.00% cash back on debit card purchases, limited to $300 of monthly purchases. If you are planning on maintaining a balance of less than $5,800, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account, as the maximum annual earnings for the Kasasa Cash Back account is $144 ($12 per month). FYI – this is one of the largest Cash Back amounts I’ve seen offered.

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

Headquartered in Pine Mountain, Georgia, First Peoples Bank has a brick-and-mortar presence in Harris and Meriwether Counties in west Central Georgia. As stated on the online application, “We are only accepting applicants from the State of Georgia and Alabama.”

Opening a Kasasa Cash Checking, Kasasa Cash Back, and/or Kasasa Saver account(s) can be done online, or at of three Georgia branches, located in Greenville, Hamilton, and Pine Mountain. There is no mention of any COVID-related branch limitations (reduced hours, temporary closures, etc.) on First Peoples Bank’s website.

Bank Overview

First Peoples Bank has an overall heath grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.49% (excellent) based on December 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $48.22 million, an excellent annual growth rate of 30.11%. Please refer to our financial overview of First Peoples Bank (FDIC Certificate # 33010) for more details.

After more than two years of planning and organizing by several members of the Harris County business community, First Peoples Bank’s Pine Mountain branch opened its doors in July 1990. Seven years later, a branch was opened in nearby Hamilton. The Greenville Banking Company, the oldest (1887) continuously chartered bank in Georgia, was acquired in 2015. First Peoples Bank is currently the 77th largest bank headquartered in Georgia, with assets in excess of $229 million.

How the Kasasa Cash Checking Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within both Alabama and Georgia and have maximum qualifying balances of at least $10k, First Peoples Bank’s Kasasa Cash Checking APY currently ranks sixth.

Interest RateAccount NameCredit Union/Bank
4.09% APYRewards Checking ($10k max)Consumer Credit Union (IL)
3.30% APYVertical Checking ($20k max)Evansville Teachers Federal Credit Union
3.01% APYVIP Checking Platinum Tier ($15k max)Market USA Federal Credit Union
3.00% APYMax Checking ($15k max)Lake Michigan Credit Union
2.53% APYPanorama Checking ($15k max)Western Vista Federal Credit Union
2.50% APYKasasa Cash Checking ($10k max)First Peoples Bank

The above information and rates are accurate as of 5/31/2021.

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.

Related Pages: Columbus checking accounts, Atlanta checking accounts, reward checking accounts

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