Malvern Bank (PA) Unveils Kasasa Cash, 3.00% APY Up To $25k

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Deal Summary: Kasasa Cash, 3.00% APY on qualifying balances up to $25k, $100 minimum opening deposit.

Availability: Market area includes Chester, Delaware, and Montgomery Counties, Pennsylvania.

Malvern Bank has introduced a new rewards checking account (RCA), the Kasasa Cash account, which earns 3.00% APY on qualifying balances up to $25k. Qualifying balances above $25k earn 0.50% APY, with non-qualifying balances earning 0.05% APY. The minimum opening deposit is $100.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$25kMalvern Bank (PA)Kasasa Cash Checking
OTHER TIERS: 0.50% $25k+
Rates as of September 19, 2019.

Malvern Bank previously offered another RCA (Reward Plus Checking) that was discontinued in 2011. All existing Reward Plus Checking accounts were automatically converted to Premier Rewards Checking accounts, an interest-bearing account earning dividends based on balance levels. At this time, the highest rate offered on a Premier Rewards Checking account is 0.80% APY on balances of $100k+. The new Kasasa Cash account is the first RCA in the Bank's product line in eight years.

Kasasa Cash Qualification Requirements

  • At least 12 debit card purchases.
  • At least one ACH payment or ACH credit.
  • Be enrolled in and receive eStatements.

The Kasasa Cash account has no minimum balance requirement or monthly service fee. Nationwide ATM fees will be reimbursed up to an aggregate total of $25 per month, if qualifications are met. Kasasa Cash accounts automatically qualify for the first monthly statement period. There is a limit of one account per tax identification number.

Kasasa Saver

Malvern Bank is offering a Kasasa Saver account, which earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.50% APY, with non-qualify balances earning 0.05% APY. Like the Kasasa Cash account, the Kasasa Saver account has no minimum balance requirement or monthly service fee, requires a $100 minimum opening deposit, and is limited to one account per tax identification number.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$100kMalvern Bank (PA)Kasasa Saver
OTHER TIERS: 0.50% $100k+
Rates as of September 19, 2019.

Kasasa Cash

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 Malvern, Pennsylvania, Malvern Bank’s market area includes the southeast Pennsylvania counties of Chester, Delaware, and Montgomery.

Opening a Kasasa Cash account can be done at any of the seven Pennsylvania branches located in Berwyn, Downington, Glen Mills, Malvern, Paoli, Pottstown, and Villanova. While some of the Bank’s product line can be opened online, the Kasasa Cash account isn’t one of them.

For more information about the Kasasa Cash account, you can contact Malvern Bank by phone (610.644.9400) or by email ([email protected]).

Bank Overview

Malvern Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.94% (excellent), based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $59.79 million, an excellent annual growth rate of 8.74%. Please refer to our financial overview of Kish Bank (FDIC Certificate # 27861) for more details.

Malvern Bank is currently Pennsylvania’s 40th largest bank, with assets in excess of $1.12 billion and nearly 80,000 customer accounts. Founded in 1887, the Bank was known as the Duffryn Mawr Building Association for almost 70 years. After three name changes and three organizational changes, the Bank was rebranded as Malvern Bank, National Association in February 2018.

How Kasasa Cash Compares

When compared to 69 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in the Bank’s market area and have maximum qualifying balances of at least $25k, Malvern Bank’s Kasasa Cash APY currently ranks third.

The above rates are accurate as of 5/14/2019.

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: New York checking accounts, Philadelphia checking accounts, reward checking accounts

Comments
Competitive Long-Term CD Rates at Malvern Federal Savings in PA - Local Only

Many readers may remember Malvern Federal Savings Bank for its reward checking account. The reward checking account used to be very competitive back in 2009, and for a while it was available nationwide. After a lot of rate cuts, the bank discontinued the reward checking account last June. I don't see any good checking or savings account deals. However, the bank does have some good long-term CD deals. The three best deals include a 3.00% APY 7-year CD, a 2.50% APY 5-year CD and a special 1.89% APY 37-month CD....

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High-Yield Reward Checking Account at a Pennsylvania Bank (Malvern Federal Savings)

Update 5/2/2011: The Reward Plus Checking account is being discontinued effective June 1, 2011.

Malvern Federal Savings Bank has a reward checking account that pays 1.00% APY on balances up to $35,000 (0.51% for above) and refunds ATM fees worldwide (up to $25 per cycle) if the following monthly requirements are met:

  • 10 debit card point of sales transactions
  • one direct deposit or ACH debit
  • access online banking


If these are not met, the rate falls to 0.10%. The minimum opening deposit is $200. There are no monthly service charges or minimum balance requirements.

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