Peoples Bank (LA) Ups Kasasa Cash To 4.01% APY

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Deal Summary: Kasasa Cash, 4.01% APY on qualifying balances up to $15k

Availability: Louisiana

Peoples Bank ended February by raising the rate on its Kasasa Cash to 4.01% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.31% APY, with non-qualifying balances earning 0.08% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.01*%-$15kPeoples Bank (New Roads, LA)Kasasa Cash
OTHER TIERS: 0.31% $15k+
Rates as of October 23, 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 you 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.

Peoples Bank added the Kasasa brand product line in mid-2015, with the Kasasa Cash initially offered 3.00% APY on qualifying balances up to $15k. This week’s rate increase is the first rate change in nearly four years.

Qualifying Requirements

  • Have at least 15 check card purchases
  • Be enrolled in and receive e-Statements
  • Be enrolled and log into online banking
  • Have at least one ACH debit or credit transaction

The Kasasa Cash has no minimum balance requirement, no monthly fees, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 per month (receipts must be presented for individual ATM fees of $5 or higher). There is also a limit of one Kasasa Cash account per Social Security number.

Kasasa Cash Back

Peoples Bank’s Kasasa Cash Back account receives 3% cash back on monthly purchases up to $300, which translates to a maximum cash back of $9 per month. If you plan on maintaining a small balance in a checking account, the Kasasa Cash Back can be an easy way to earn $9 a month. To earn $9 of interest each month in a Kasasa Cash account, a balance of approximately $2,700 would be required.

Kasasa Saver

Frankly, the Kasasa Saver rate (0.50% APY on qualify balances up to $15k) is very disappointing. Qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.03% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.50%-$15kPeoples Bank (New Roads, LA)Kasasa Saver
Rates as of October 23, 2019.

Availability

Headquartered in New Roads, Louisiana, Peoples Bank is a full-service community bank with a physical market area that includes Pointe Coupee and East Baton Rouge Parishes. A portion of the product line, including the Kasasa brand, is offered to all Louisiana residents.

The Kasasa Cash, Kasasa Cash Bank, and Kasasa Saver accounts can be opened online, or at any of four Louisiana branches located in Baton Rouge (2), Livonia, and New Roads.

Bank Overview

Peoples Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 10.78% (excellent) based on September 30, 2018 data. In the past year, Peoples Bank has increased its total non-brokered deposits by $23.3 million, an excellent annual growth rate of 11.32%. Please refer to our financial overview of Peoples Bank (FDIC Certificate # 23090) for more details.

Known simply as Peoples Bank, The Peoples Bank and Trust Company of Pointe Coupee Parish, Louisiana, was established in 1980 and is headquartered in New Roads, the parish seat of Pointe Coupee Parish. According to Wikipedia, "Le Poste de Pointe Coupée (The Pointe Coupee Post) is one of the oldest communities in the Mississippi River Valley, established by European colonists" in the 1720s. Currently the 50th largest bank in Louisiana, Peoples Bank serves the community along False River, an oxbow lake that was once the main channel of the Mississippi River in the area.

How the Kasasa Cash Account Compares

When compared to 56 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in Louisiana and have maximum qualifying balances of at least $15k, Peoples Bank’s Kasasa Cash APY currently ranks fourth.

Note: of the four RCAs listed above, only Peoples Bank’s Kasasa Cash account is available throughout the state.

The above rates are accurate as of 3/1/2019.

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: Baton Rouge checking accounts, reward checking accounts

Comments
Peoples Bank (LA) Adds 33-Month CD, 3.33% APY
Deal Summary: 33-month CD, 3.33% APY, $2.5k minimum deposit

Availability: Market area includes Pointe Coupee and East Baton Rouge Parishes, Louisiana.

Peoples Bank is currently featuring a 33-month CD that earns 3.33% APY. This limited-time offer requires a minimum opening deposit is $2.5k, with no stated balance cap.

The 33-month CD has the highest rate of all Peoples Bank's CDs: the 5-year CD currently earns 3.08% APY.

According to CSR, the Early Withdrawal Penalty is six months of interest, with partial withdrawals allowed.

Kasasa Cash

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Peoples Bank (LA) Has Competitive Kasasa Cash Account
Availability: Although primarily a community-oriented institution, Peoples Bank’s market area for the Kasasa Cash account is all of Louisiana.

Eight months ago, Peoples Bank debuted its new Kasasa Cash account, which earns 3.00% APY on qualifying balances up to $15k; qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.03% APY.

The minimum opening deposit for this fee-free account is $100.

Kasasa Cash Qualifying Requirements

The qualifying requirements to earn the stated APY are:

  • Have at least 15 check card purchases
  • Be enrolled in...

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