Arkansas-based Peoples Bank is currently offering a very competitive Kasasa Cash Checking account, which earns 5.12% APY on qualifying balances up to $15k. According to the bank's Kasasa page, balances over $15k earn between 5.12% APY to 0.89% APY, depending on balance in account. (My best estimate is that translates to an approximate 0.25% rate on the portion of the balance over $15k.) Non-qualifying balances earning 0.05% APY, which Peoples Bank refers to as the “base rate.”
The qualification requirements are fairly standard and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases per statement cycle.
- Be enrolled in and review eStatements.
- Be enrolled in and log into Online Banking.
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, and only requires a minimum $0.01 opening deposit. A free Master Card® debit card will be issued. Nationwide ATM fees will be reimbursed up $25 per month, if qualifications are met. There is a limit of one account per Social Security number.
The companion Kasasa Saver earns 1.00% APY on qualifying balances up to $50k. Qualifying balances above $50k earn between 1.00% APY to 0.50% APY, depending on the balance in the account. Like the Kasasa Cash, the Kasasa Saver earns 0.05% APY on non-qualifying balances.
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 Magnolia, Arkansas, Peoples Bank has a brick-and-mortar presence in Arkansas, but the Kasasa Cash Checking and Kasasa Savers accounts are available to the residents of Arkansas, Louisiana, and Texas through an online application.
Opening a Kasasa Cash Checking and/or a Kasasa Savers account can also be done on at of the three full-service Arkansas branches, which are located in Magnolia (2) and Waldo.
Peoples Bank has an overall heath grade of "B" at DepositAccounts.com, with a Texas Ratio of 13.50% (above average) based on September 30, 2019 data. Peoples Bank has an excellent capitalization level (11.33%), the resulting of holding $202.34 million with $22.92 million in equity. I normally include “Deposit Growth” in this overview, but in the past year, Peoples Bank’s total non-brokered deposits decreased by $23.3 million, giving the Bank an “F” in that category. Seeing an “F” usually produces a visceral reaction, but in this case, the “F” has a minor effect on the overall grade: the Texas Ratio and Capitalization Level carry more weight. Please refer to our financial overview of Peoples Bank (FDIC Certificate # 12351) for more details.
Peoples Bank is a locally-owned community bank, which was established in 1910. Descendants of the original founding members are still active in the Bank’s management. Peoples Bank is currently the 51st largest bank in Arkansas, with assets in excess of $202 million.
How the Kasasa Cash Checking Compares
Given that the Kasasa Cash Checking account is available in three states, I’ve chosen to compare it to nationally available accounts. Therefore, when compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $15k, Peoples Bank’s Kasasa Cash Checking APY currently ranks first.
The above rates are accurate as of 2/27/2020.
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.