Peoples Bank's Kasasa Cash checking account currently earns 3.50% APY on qualifying balances up to $20k. Qualifying balances above $20k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. Kasasa-brand products were introduced into Peoples Bank’s product line in late December 2019.
With no direct deposit required, the statement cycle qualifications consist of,
- At least 12 debit card purchases.
- Be enrolled in and agree to receive eStatements.
- Be enrolled in and log into online banking.
The Kasasa Cash checking account has no monthly service fee or minimum balance requirement, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to an aggregate total of $25 per statement cycle, if qualifications are met. There is a limit of one account per Social Security number. If the account is closed before rewards are credited, those rewards will be forfeited.
Kasasa Saver Account
A Kasasa Saver account is offered as a companion account to the Kasasa Cash account, with earned cash checking rewards automatically transferred to the Kasasa Saver account every month. The Kasasa Saver can be opened with a $50 minimum deposit. The Kasasa Saver account earns 1.00% APY on qualifying balances up to $20k; qualifying balances over $20k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The Kasasa Brand
On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.
Ever wondered where the word “Kasasa” comes from? Its etymology is not Greek or Latin.
Put simply, we made it up.
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 Indianola, Iowa, Peoples Bank offers its Kasasa Cash checking account to U.S. citizens and resident aliens who live in 12 south central Iowa counties or two northern Missouri counties.
Iowa counties: Appanoose, Clarke, Dallas, Jasper, Lucas, Madison, Mahaska, Marion, Monroe, Polk, Warren, and Wayne.
Missouri counties: Mercer and Putnam.
Peoples Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.80% (excellent) based on December 31, 2019 data. In the past year, Farmers Bank has increased its total non-brokered deposits by $17.22 million, an excellent annual growth rate of 6.72%. Please refer to our financial overview of Farmers Bank (FDIC Certificate # 34973) for more details.
Founded in 1998, Peoples Bank is a locally-owned community bank that primarily services three south central Iowa counties. Peoples Bank has grown in 22 years to become Iowa’s 67th largest bank, with assets in excess of $326 million.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com available within the market area with qualifying balances of at least $20k, Peoples Bank’s Kasasa Cash APY* currently ranks first.
The above rates are accurate as of 6/26/2020.
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.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process all the changes quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.