Priority Bank (AR) Offers Rewards Checking/Savings Accounts Statewide
Priority Bank began offering Kasasa brand products about four years ago. The Kasasa Cash’s initial 2.50% APY on qualifying balances up to $15k is still in effect. Qualifying balances greater than $15k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
The monthly qualification requirements are easily fulfilled and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases
- Maintain a valid email address on record at Priority Bank
- Be enrolled in and agree to receive eStatements
- Be enrolled in and log into online banking
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. Unlimited check writing is available and a free Mastercard® debit card will be issued after account opening. Unlimited nationwide ATM fees will be reimbursed each month, if qualifications are met. An ATM receipt must be presented for reimbursement of individual fees of $4.99 or higher. There is a limit of one account per Social Security number. A Kasasa Cash account is required to have a linked Kasasa Saver account.
The Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred into a linked Kasasa Saver account each statement cycle. The Kasasa Saver account has no minimum balance requirement or monthly service fee and requires a minimum $50 opening deposit. There is a limited of one Kasasa Saver account per Social Security number.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash Checking account (2.50% APY/$15k) and a Kasasa Saver account (1.00% APY/$25k) is approximately $625 (1.56% APY/$40k).
Kasasa Cash Back
The Kasasa Cash Back account offered by Priority Bank currently earns 2.00% cash back on debit card purchases, limited to the first $300 of monthly debit card purchases. If you are planning on maintaining a balance of less than $2,900, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $72 ($6 per month).
The Kasasa Brand
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 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 Fayetteville, Arkansas, Priority Bank offers its Kasasa Cash, Kasasa Cash Back, and Kasasa Saver accounts to all U.S. citizens/resident aliens (18 years or older) who live anywhere in Arkansas through an online application.
Opening a Kasasa Cash, Kasasa Cash Back, and/or Kasasa Saver account(s) can be done online or at of the three full-service Arkansas branches, located in Fayetteville, Ozark, and Prairie Grove. There is no mention of any COVID-related branch restrictions (temporary closings, appointments, etc.) on Priority Bank’s website.
Priority Bank has an overall heath grade of "B" at DepositAccounts.com, with a Texas Ratio of 21.61% (above average) based on December 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $8.32 million, an excellent annual growth rate of 14.45%. Please refer to our financial overview of Priority Bank (FDIC Certificate # 33818) for more details.
Priority Bank is a relatively young bank, having been established in 1993 as the River Valley Savings Bank. The Priority Bank rebrand happened less than three years later, as the Bank began to expand its market area. As the 74th largest bank headquartered in Arkansas, Priority Bank has assets in excess of $102 million.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available in Arkansas and have maximum qualifying balances of at least $15k, Priority Bank’s Kasasa Cash APY currently ranks fifth.
The above information and rates are accurate as of 5/15/2021.
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.