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.
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.
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.
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.
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]).
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.