In addition to a new website, Premier Bank of Arkansas (PBA) also has a new addition to its product line - Kasasa brand products. The Kasasa Cash currently earns 3.50% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The Monthly Qualification Requirements are easily met and do not include a direct deposit or ACH transaction.>
- At least 15 debit card purchases ($2 minimum)
- Be enrolled in and receive eStatements
- Be enrolled in and log into online banking at least once per month
The Kasasa Cash has no monthly maintenance fees or minimum balance requirements, but does require a minimum $100 opening deposit. Nationwide ATM fees up to $25 per month will be reimbursed, if the qualifying requirements are met. Unlimited checking writing is available and a free Mastercard® debit card will be issued following account opening. (Replacement debit card fee is $5.) There is a limit of one Kasasa Cash account per Social Security number.
When linked to a Kasasa Cash or Kasasa Cash Back account, PBA’s Kasasa Saver earns 1.00% APY on qualifying balances up to $25k; qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Earned rewards from a Kasasa Cash/Kasasa Cash Back account are automatically transferred to the Kasasa Saver each month. Like the Kasasa Cash account, the Kasasa Saver has no monthly maintenance fee or minimum balance requirement and can be opened with a $100 minimum deposit. There is a limit of one Kasasa Cash account per Social Security number.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (3.50% APY/$20k) and the Kasasa Saver (1.00% APY/$25k) is approximately $950 (2.11% APY/$45k).
Kasasa Cash Back
The Kasasa Cash Back account offered by PBA earns 4.00% cash back on debit card purchases, limited to the first $200 of monthly purchases. If you are planning on maintaining a balance under $2,800, 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 Marion, Arkansas, Premier Bank of Arkansas recently began offering Kasasa brand products, but I’m not certain what the market area is. The online application lists no geographic limitations, so I called the Bank, hoping the market area would be large. While everyone I spoke with was polite and tried to be helpful, no one had the definitive answer. The general consensus was the market area was probably northeast Arkansas, but it might be larger. Even though I don’t live in northeast Arkansas, I was encourage to apply online, because “the application might be accepted.”
Our lobbies are closed except by appointment due to the COVID-19 pandemic until further notice. All other functions, including drive-through, online banking, ATM remain open.
Premier Bank of Arkansas has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.54% (excellent) based on September 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $16.16 million, an excellent annual growth rate of 12.19%. Please refer to our financial overview of Premier Bank of Arkansas (FDIC Certificate # 34887) for more details.
Established in 1998, the Bank was originally known as First Community Bank of Eastern Arkansas. The Premier Bank of Arkansas rebrand happened less than two years ago. Currently the 63rd largest bank headquartered in Arkansas, Premier Bank of Arkansas has assets in excess of $175 million.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $20k and are available in northeast Arkansas, Premier Bank of Arkansas’ Kasasa Cash APY currently ranks first.
The above rates are accurate as of 1/8/2021.
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.