First Pryority Bank’s new rewards checking account, Kasasa Cash Checking, earns 3.00% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
As stated on the Kasasa Cash Checking landing page, the qualifying requirements are as follows:
- Have at least 12 debit card purchases.
- Have at least one direct deposit, ACH payment, or Bill Pay transaction.
- Enrolled in and log into online banking.
- Receive eStatements.
The Kasasas Cash Checking has no monthly maintenance fees or minimum balance requirement. Unlimited check writing (no per check charge) is available and a free Visa® debit card will be issued. The Kasasa Cash Checking is available only as a personal account and can be opened with a minimum $100 deposit. There is a limit of one account per Social Security number. Nationwide ATM fees will be refunded up to $25 per month, if the qualifying requirements are met.
As I’ve noted in recent blog posts, more and more banks/credit unions are including their “expectations” as to how rewards checking accounts are to be used. The Kasasa Cash Checking landing page has a total of five paragraphs in the fine print under the heading Purpose and Expected Use of Account. Here are just a couple:
This account is intended to be the accountholder's primary checking account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.
Commensurate with the spending activities identified above, we expect the account's debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account's rewards and thus will be deemed inappropriate transactions and will not count toward earning the account's rewards.
The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY. Like the Kasasa Cash Checking, the Kasasa Saver account has no monthly maintenance fees or minimum balance requirements, and can be opened with a $100 minimum deposit.
Headquartered in Pryor, Oklahoma, First Pryority Bank has added the Kasasa brand to its product line. The Kasasa Cash Checking and Kasasa Saver accounts can be opened by all Oklahoma residents, who are US citizens or resident aliens possessing a valid Social Security number.
First Pryority Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.03% (excellent), based on December 31, 2018 data. In the past year, First Pryority has increased its total non-brokered deposits by $24.18 million, an excellent annual growth rate of 19.26%. Please refer to our financial overview of First Pryority Bank (FDIC Certificate # 4185) for more details.
When I first saw “Pryority” in the Bank’s name I did a mental eye-roll, but the (mis)spelling isn’t as egregious as I thought: the original name was the First National Bank of Pryor Creek. Established in 1900 by Pryor Creek local cattleman and businessman, W.A. Graham, the Bank has been a “home-grown community bank” for nearly 120 years. Not much changed in the first hundred years, but in 2000 the Bank rebranded as First Pryority Bank. (That was about the time when banks were focusing on developing unforgettable domain names.) Two years later, the Tulsa branch opened with a unique feature – a post office within the Bank.
How the Kasasa Cash Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $25k and are available in Oklahoma, First Pryority Bank’s Kasasa Cash Checking APY currently ranks fifhth.
The above rates are accurate as of 5/31/2019.
To look for the best Reward Checking Account rates, both nationwide and in your state, please refer to our High Yield Reward Checking Account Rates Table page.