Priority Bank (AR) Offers Rewards Checking/Savings Accounts Statewide

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Deal Summary: Kasasa Cash, 2.50% APY up to $15k; Kasasa Saver, 1.00% APY up to $25k.

Availability: Arkansas

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%-$15kPriority BankKasasa Cash
OTHER TIERS: 0.25% $15k+
Rates as of June 14, 2021.

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.

Kasasa Saver

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$25kPriority BankKasasa Saver
OTHER TIERS: 0.25% $25k+
Rates as of June 14, 2021.

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.

Availability

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.

Bank Overview

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.

Interest RateAccount NameCredit Union/Bank
3.30% APYVertical Checking ($20k max)Evansville Teachers Federal Credit Union
3.01% APYKasasa Cash ($25k max)United Bank (AR)
3.00% APYMax Checking ($15k max)Lake Michigan Credit Union
2.53% APYPanorama Checking ($15k max)Western Vista Federal Credit Union
2.50% APYKasasa Cash ($15k max)Priority Bank

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.

Related Pages: Ft. Smith savings accounts, savings accounts, reward checking accounts

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