The second anniversary for Peoples Bank and Trust’s (PBT) Kasasa brand product line is next month. The Kasasa Cash’s initial 2.25% APY on qualifying balances up to $20k has remained unchanged. Qualifying balances over $20k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
|2.25*%||-||$20k||Peoples Bank and Trust Company||Kasasa Cash|
|OTHER TIERS: 0.25% → $20k+|
The monthly qualification requirements include,
- At least 15 debit card purchases
- At least one direct deposit or ACH payment
- Be enrolled in and receive eStatements
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Unlimited check writing is available and a free debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per month (maximum $4.99 per individual transaction), if qualification requirements are met. New accounts will automatically qualify during the first statement cycle. There is a limit of one Kasasa Cash account per Social Security number and may not be used as a commercial account.
The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
|1.00*%||-||$50k||Peoples Bank and Trust Company||Kasasa Saver|
|OTHER TIERS: 0.25% → $50k+|
Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and requires $100 minimum opening deposit. There is a limit of one Kasasa Saver account per Social Security number.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (2.25% APY/$20k) and the Kasasa Saver (1.00% APY/$50k) is approximately $950 (1.36% APY/$70k).
Kasasa Cash Back
PBT offers a Kasasa Cash Back account that earns 4.00% cash back on debit card purchases, limited to the first $200 in monthly debit card purchases. If you are planning on maintaining a balance of less than $4,300, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $96 ($8 per month).
The Kasasa Brand
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 McPherson, Kansas, Peoples Bank and Trust’s market area is Central Kansas and currently has a brick-and-mortar presence in Kansas counties of McPherson, Reno, and Rice. According to PBT’s home page, four new branches in Barton, Ness, and Rush Counties will open their doors for business on February 22, 2021.
According to CSR, any Kansas resident who can come to a branch location is welcome to apply. It would be prudent to confirm eligibility through a phone call before driving a long distance to a PBT branch.
PBT does not have an online application for its Kasasa brand products. Opening a Kasasa Cash, Kasasa Cash Back, or Kasasa Saver account can be done at any of 13 Kansas branches located in Hutchinson (3), Inman, Lindsborg, Little River, Lyons, McPherson (3), Nickerson, South Hutchinson, and Yoder. The new branches opening on February 22 are located in Ellinwood, Great Bend, Ness City, and Otis.
Peoples Bank and Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.59% (excellent) based on December 31, 2020 data. In the past year, PBT has increased its total non-brokered deposits by $100.02 million, an excellent annual growth rate of 20.48%. Please refer to our financial overview of Peoples Bank and Trust (FDIC Certificate # 1365) for more details.
When Peoples State Bank opened its doors in 1898, Francis Allen Vaniman fulfilled his long-held dream of owning his own bank. While Mr. Vaniman has been gone since 1949, the bank (now known as Peoples Bank and Trust) is still located on the original site in downtown McPherson, Kansas. In 1998, PBT acquired Nickerson State Bank and The Farmers State Bank (Yoder, Kansas), with The Lyons State Bank acquired in 2019. Peoples Bank and Trust is currently the 23rd largest bank headquartered in Kansas, with assets in excess of $738 million and more than 27,000 customer accounts.
How the Kasasa Cash Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to Central Kansas residents and have maximum qualifying balances of at least $20k, Peoples Bank and Trust’s Kasasa Cash APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|3.30% APY||Vertical Checking ($20k max)||Evansville Teachers Federal Credit Union|
|3.00% APY||Free Kasasa Cash Checking ($20k max)||First Bank (KS)|
|2.25% APY||Kasasa Cash ($20k max)||Peoples Bank and Trust|
The above information and rates are accurate as of 2/13/2021.
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.