Posted by Chuck on February 25, 2020
High-Yield APY Accounts

Published on February 25th, 2020 | by Chuck

511

[AR] Peoples Bank 5.12% APY Kasasa Checking On Balances Up To $15,000 (Rate Guaranteed For 6 Months)

Update 3/16/20: Now only available in Columbia County, AR. For existing members, see this comment. 

Update 3/4/20: Rate guaranteed until at least 9-1-20.

Update 2/25/20: Rate is guaranteed for 6 months from today, per the bank’s comment. Still only eligible for residents of Arkansas, Louisiana and Texas as of now.

Update 2/23/20: They added a limitation: “Only residents of Arkansas, Louisiana and Texas may open Kasasa Cash ® online” so it’s not available nationwide anymore (though you might be able to open it in-brach, regardless of where you live). Not clear if they’re processing the applications for those who’ve already applied. Also worth noting that they’ve said the rate will remain for a little longer, indicating they plan on changing it to an unknown rate down the line.

Offer at a glance

  • Interest Rate: 5.12% APY
  • Minimum Balance: None
  • Maximum Balance: $15,000
  • Availability: Nationwide AR, LA, TX
  • Direct deposit required: None
  • Additional requirements: 12 debit card transactions
  • Hard/soft pull: No credit pull
  • ChexSystems: No
  • Credit card funding: Yes, limit unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct Link to offer

  • Peoples Bank offers their Kasasa checking account with 5.12% APY on balances up to $15,000 when you meet the following requirements:
    • At least 12 debit card purchases
    • Be enrolled in and review eStatements
    • Be enrolled in and log into online banking

The Fine Print

  • 5.12% APY to 0.89% APY on balances over $15,000 depending on balance in account
  • 0.05% APY* if qualifications aren’t met
  • Refunds on ATM withdrawal fees, nationwide (up to $25 monthly)
  • Link to free Kasasa Saver® to build savings automatically
  • No minimum balance to earn rewards
  • $0.01 minimum deposit to open
  • The new qualification starts on the second Tuesday of the month, and ends the day before the second Tuesday of the month.

You can find the full details on this account in this PDF.

Avoiding Fees

There are no monthly maintenance fees.

Our Verdict

This is one of the best ‘requirement’ accounts available, the requirements are pretty easy, and the account appears to be available for anyone nationwide is available in Arkansas, Louisiana, and Texas.

Hat tip to reader David



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Mary Fowler

My posts are now making it through, so thanks for that. We are processing these new accounts in the order we received them, including out of footprint. We are of course concerned about those who only intend to “game” the account, and there is a clause about that in our disclosures. We serve a low- and moderate-income clientele, and it is high minority. We’ve not been able to attract any significant deposits with this offer in our area. We will accept an as-yet-unknown number of these accounts, but your common sense already tells you that if all we get is gamers, we won’t be able to continue the offer. We appreciate all the interest that has been shown in our offer, and we will see how it goes. Please check out our Facebook page to see who we are. Thank you very much. You can email me directly at mfowler@pbmag.com.

Chimpo Chitose
Chimpo Chitose

Very Racist…..can’t believe you aren’t getting action from the Hood. Who da Think it. These accounts r geared to Rich folks who get $1,000s lying around doing nothing not people who can’t pay cable bill. Did u know low income citizens probability of paying back loans is very small. Hence the great crash of 2008.

Dubya
Dubya

Save your weak troll game for Reddit

DingDingDang
DingDingDang

A Bank big on inclusion n diversity means low income people of color. You will go Broke chasing this crowd.
Tim Cook n Warren B go after non color denominated people who got Huge incomes or wealth or both.

Of course Cook n Buffet will take the last cents of the Downtrodden but it’s not their focus.

Dubya
Dubya

What? I don’t know why you’re triggered and I don’t care. I was referring to the fact that the employees from the bank came on here to help us out. She provided a little context about the bank and you dudebros couldn’t help yourself. Any opportunity to troll or in your case regale us with your cereal box level of economics knowledge. Pro-tip: nobody cares. I realize you have run out of people to tell because the people in your real life don’t care either but thats not our problem. We are here for high rates and bonuses. This person was helping us do that. So sit your ass in corner and stay out of the way.

Joanna
Joanna

He, with his alternates like Chimpo Chitose, Abu, and other names, is just a troll trying to annoy people. He was trolling the Tab Bank forum until he made everybody unsubscribe from updates and now he moved here for a better audience.

Abu Abu Abu
Abu Abu Abu

Pointing out stupidity is not Trolling.

Abu Abu Abu
Abu Abu Abu

You can’t laugh at a CEO who offers 5 %…what can u laugh at.

Serious. A $500,000 CEO may not realize a $2,000 deposit might jeopardize Welfare benefits….lol.

PC has cost the world it’s sense of humor.

If you want to gain deposits offer Toasters.

These KASASA acct r silly. Hence the limitations on deposit accts.

Griff
Griff

It’s not political correctness, it’s just that nobody finds you funny

Huh
Huh

Chimpo Chitose That makes no sense…

Chimpo Chitose
Chimpo Chitose

If u don’t want gaming the system debit minimum should be $10 or so.

Chimpo Chitose
Chimpo Chitose

Catering to low income will bankrupt you….lol.

Anon
Anon

Mary, with all due respect, if you’ve been unable to attract deposits from low/middle class, I don’t think you will be able to do it with an increased interest rate. I believe nearly every out-of-state application accepted will be a gamer and it won’t bode well for your organization. Northpointe Bank ran a similar promo, and similarly had a high-ranking member of their team commenting on here. They dropped their rate soon after.

COBOLCODERUSEALLCAPS
COBOLCODERUSEALLCAPS

Northpointe was pretty decent actually. They lasted for a year with a $10,000 maximum.

Dubya
Dubya

True. If you are low income and only have a few hundred to park in an account it honestly makes not difference if you get 1% or 5%. What are we talking about $40 a year. Not worth moving. The low income product of choice is credit cards. (Ask Cap1). This bank does not offer any.

vc
vc

i think that they’re just trying to get deposits and happened to luck out w the doc crowd who probably has the large deposits that this bank wants. just not worth it to me to switch for a possible rate decrease in 6 months, all the while, having my transactions under a microscope bc the banks doesn’t want “gaming”.

vc
vc

” We serve a low- and moderate-income clientele, and it is high minority. We’ve not been able to attract any significant deposits with this offer in our area.” yikes. it sounds like you’re saying that your clients are minorities who aren’t bringing in large deposits, so you’re seeking doc clients with this offer. is that what you meant?

honey dew
honey dew

Mary Fowler Is it possible to make ATM deposits with cash into my People’s account, if we don’t have Peoples Bank ATMs in our area? Can I use other banks ATM? I happened to have some cash now. I never used ATMs for cash deposits before just heard that it’s possible. I can also just deposit this cash into my local bank and then make bank to bank transfer to my Kasasa, so it’s ok if it is not possible.

Mary Fowler

honey dew No, it’s not possible. Sorry!

honey dew
honey dew

Mary Fowler Thanks! It’s fine.

I have another question: can we have checks? And is it possible to order checks for my Kasasa account from the third party provider? I tried to order checks on checkgallery.com and the order wasn’t confirmed with the Peoples Bank. May be you have a policy not to allow checks from the third parties?

honey dew
honey dew

Mary Fowler actually they ask me to send them my recent PB statement to confirm my name and address. Can I do that?

David
David

It’s hillarious the bank is accusing others of “gaming” the system, when the whole purpose of a bank is to “game” the system and make as much money as possible in the process.

Mike
Mike

I guess we will get one month of solid interest. I noticed at the end of February how they were actively courting us. Now, they realize we are unprofitable long term.

Steve
Steve

Are debit card transactions do able online (like Amazon gift cards)? Or, do you have to go in person to merchants and select Debit?

Danno
Danno

Well, it looks like part of the opening process is contact from a rep, so that would be a great time to ask.

Jonathan Baird

They are doable online.

Jonathan Baird

Selecting debit is not necessary.

LaHossBoss
LaHossBoss

I can’t wait to hear DPs if this is a SP or HP. I want to sign up for this!

Jeremy
Jeremy

You could call them to ask if it’s SP or HP then report back to us 🙂

LaHossBoss
LaHossBoss

I suppose I could……😅 but do the bank tellers really know?

Matt
Matt

Just applied.So far no HP alerts. However, it was pending so for all I know they haven’t run anything yet. I’ll keep you updated.

Matt
Matt

For what it’s worth, no HPs. They asked for a copy of my SS and DL over the weekend, but haven’t proceed it yet. I’m out of the area, but applied on the 21st.

Matt
Matt

They emailed all the esign documents over this morning. They were nice and pretty easy process. Actually really needed this to park some money until the rate eventually drops.

honey dew
honey dew

Congrats! 🙂

Jonathan Baird

I can try to get an answer for your question, but I don’t know the acronyms here!

Ryan Goldstein

DP: data point
SP: soft pull (doesn’t add an inquiry to credit report, which can decrease credit score)
HP: hard pull (inquiry added to credit report)

Mary Fowler

No credit report is pulled; no hard pull nor soft pull.

Abu Abu Abu
Abu Abu Abu

People don’t live for your Credit score. You handle 💰 prudently your score will be fine.

LakeMich87
LakeMich87

It says in the fine print *Interest rate accurate as of July 10, 2019. I might follow up and see if this rate is still 5.12%.

LaHossBoss
LaHossBoss

I just confirmed it is 😀

LaHossBoss
LaHossBoss

On the website there is also a Platinum Checking that “Offers their highest interest rate” and they buy back debit cards and checks from other banks for $10….ok, might be worth a call if it can beat 5.12%

LaHossBoss
LaHossBoss

Ok So I called and they stated they do not pull your credit at all,not HP or SP and they do not use Chex. Shoot I should have asked about current interest rate. I noticed the 2019 dating on it as well. The Kasasa acct still qualifies for the one time turn in your debit card/checks credit of $10, but it has to be in person. Sorry for all the posts on this one.

LaHossBoss
LaHossBoss

Ok last post, I swear! I just got off the phone with them again and it is *still* 5.12%!

LaHossBoss
LaHossBoss

So I got to the end of the app and it wanted me to check to agree that I agree to authorize them to pull my credit file and they may ask me questions to verify it…..that sounds like a HP to me….I spoke to a new account officer. Maybe that is in-branch openings? I’m holding off until I see DPs on this one.

J
J

Hard pulls dont matter, boss

LaHossBoss
LaHossBoss

To me they matter, J

Danno
Danno

I answered those questions but have yet to get the buzzes of death from my phone notifying me 15 times that my report was accessed. But I agree, it’s likely a hard pull based on what they asked.

Yo
Yo

You’re saying the Platinum Checking is also 5.12%? So same rate + they buy back one debit card from another bank for switching?

Jonathan Baird

Platinum is not 5.12% APY

AS
AS

Did they mention anything about having requirements such as the 12 transactions for the Platinum checking account as well?

LaHossBoss
LaHossBoss

The platinum checking is 0.04%, not sure why they said it was the highest, but there were no requirements to maintain it when I asked.

AS
AS

Ah ok thanks!

Mary Fowler

Platinum Checking is 0.40% APY.
Min. bal. to avoid monthly charge if $2500.

Mary Fowler

The rate stated above isn’t correct. It is 0.40% APY.

Ferris
Ferris

This bank has only 3 locations. Given that it has hit the DoC board, the chances of them cancelling this are EXTREMELY HIGH. It appears there is also a possibility of a Hard Pull. This will just end up like Northpointe did.

Matt
Matt

I feel like these often drop to 3% in a year (looking at you Redneck Bank).

Ferris
Ferris

Redneck is only 2.25% and they have a lot more assets than Peoples Bank. It’s likely that Peoples would lower to 1.50% or cancel the program altogether. Kasasa is extremely expensive for FI’s to run on, speaking from someone in the industry who has sat through a sales presentation.

SamL
SamL

We need your crystal ball on TAB bank. (You called it on Orion.)

Ferris
Ferris

TAB is a bit tougher to decipher as they have a Holding company. 6-9 months ago, I said they would keep the rate and Orion would soon drop. If I was an Exec at TAB, I would drop the rate very soon. The Fed is projected to drop rates once this year and a lot of other FI’s have also dropped their rates. Their deposits have increased significantly in the last 15 months and loans have fallen. They no longer need the excess liquidity, and it looks like they are involved in selling/buy loans as well. If I worked there, I would either drop the rate to 2% in the late Spring or lower it to 3% now and 2% in the summer. They are struggling as a bank right now with extraordinarily high delinquency and charge-off in a time of economic expansion, almost exclusively in the Commerical loan department. If I was a board member, I would be trying to sell the company once there was a sign of a turnaround.

SamL
SamL

Thanks for the insight. Very interesting.

joe
joe

Sounds about right, they already pulled their app page so i guess its only a matter of time…

Danno
Danno

Pshh, forget the interest, I’m in it for the snappy duffel:

“Tell-A-Friend about Peoples Bank and you’ll both get a FREE Protégé Duffel!”

Danno
Danno

Application submitted. Some info:

-I had to answer the standard “the questions” regarding credit history, so probably a hard pull. More to come there.
-There was an option to fund $1-100 with a DEBIT card, but who knows if a CC would have worked. I opted to just do ACH, since $100 in MS is pointless. But it’s an option maybe.
-The initial ACH fund was also limited to $100. I was hoping to plop the whole $15,000 from Orion in one fell swoop. No dice there.
-“You will be contacted within 1-2 business days by a Peoples Bank representative who will let you know if any additional documentation or information is required.” I am assuming this is probably going to be a bit of a hassle, simply due to the smaller size of the bank. But, again, I’ll keep you fine people abreast.

Marty
Marty

Danno, you beat me to the punch – I thought I’d be the guinea pig on this one. I got the same results you got through the application process – ‘you will be contacted…” If I’m approved, I’m going to move $15,000 from Orion and keep it open as a backup b/c I can’t picture this bank keeping the interest rate at over 5% for very long. It would mean doing 23 debit transactions in total but since there is no minimum requirement, they will be pretty easy to meet.

Danno
Danno

I agree 100% on it not lasting, I’m honestly going to be a bit surprised if they open all of these incoming applications at all. Ferris mentioned the same, and he (or she?) is pretty legit with these calls thus far. But yeah, I’m keeping 15k in Orion and maintaining that anyway for the same reasons. I figure I only need to get three months of interest out of the account for it to make up for the hard pull that I’m pretty sure is forthcoming.

Mike B
Mike B

$100 in MS is pointless? But that’s 200 whole pennies you’re missing out on!

Danno
Danno

Or a SINGLE 1933 Lincoln Wheat penny in average condition! Just a little numismatic joke for the other coin nerds in the audience.

http://cointrackers.com/coins/13562/1933-wheat-penny/

arizonapv
arizonapv

Any suggestions regarding how to unload some of these coins? Coin dealers? Certainly not eBay? Danno

Danno
Danno

I’ve never tried eBay but I’ve heard that it isn’t as bad as many people say as long as you play it smart from the seller side. I haven’t sold many coins (apart from bullion, which is simpler), but those that I have sold were to local coin/collectable shops. The only hang-up there is that you’ll kind of have to accept that they hold most of the cards, so you will almost never get full value. It’s that same thing that gets said often in Pawn Stars, when he tells sellers that they can get full value as soon as they put up their own store, pay employees, etc. I’ve heard that setting up a table at a large coin convention is a great way to get reasonable value, but I’ve only been on the buyer side of those transactions. In all honestly, most of the coins I have are just because I like to have them and show them off. The history is the main benefit for me. I’ll leave figuring out how to unload them to whoever has to deal with my estate someday haha

SamL
SamL

Very tempting but my cash is mostly tied up for a few months, so I’d have to wait. This is quite a small bank, so going nationwide, they could get swamped, and it becomes unsustainable.

Dan
Dan

Is citizenship required?

Marty
Marty

Okay, I’ll be the guinea pig on this one. I just applied, and received this message: “Thank you. We are currently verifying your information. Here’s what to expect next: (1) You will receive a confirmation email that we have received your application. (2) You will be contacted within an additional 1-2 business days by a bank representative who will let you know if any additional documentation or information is required. (3) Once your application is successfully verified and we have received all necessary documentation we will process your opening deposit.”

My credit reports are frozen, so that should get an answer one way or the other whether they need to do a hard or soft pull. Plus, I live in Pennsylvania and the 3 branches are in Arkansas, so that should clear up if it is nationwide or not.

charlie

Ditto. I hopped on to hopefully get in before the swarm. From CA and reports are not frozen but no alert on a HP after 20 minutes after application.

tribesman55
tribesman55

This is gonna get canned and the rate dropped now that it has hit Doc lol

Gr8ful
Gr8ful

Spoke with an agent on phone before applying.
She said they have had an “amazing” response to this and that she is not aware of when the bank will discontinue this rate.
After applying, she said, one of her colleagues from “a” branch will contact me to finalize the account opening process.
Once account is approved, all relevant documents will be mailed to me. This includes the debit card.
I must agree to have estatemnts and must login on the app/online for the apy, along with the debit card usage requirements.
Application process was very painless.
Asked the same questions any bank would have asked me if I was applying for a credit card.
All my reports are frozen, so, let’s wait and see what happens.
Funding is required between $1-$100. I opted for $100 using debit card.
Will call them back shortly and update here as to what happens next.

Gr8ful
Gr8ful

EDIT # 1
Just got off the phone with a lady who opens these accounts. One would think there would be more individuals who handle the requests but apparently not.
All that is needed is a copy of driver’s license to prove identity and the account will be opened.
As for the question of HP or SP, she said they are in the process of figuring that out themselves.
I said okay and hung up.

LC
LC

banks dont ask those verification questions when you apply for a credit card.. only when applying for a deposit account

Arley
Arley

Teaser rate to get a bunch of people to join their bank in hopes they will stay.

William St. Clair
William St. Clair

If they lower the rate, doc c readers will pull their money out faster than they can blink.

Frank

I’ll pass since their system is going to be overrun with requests. Opened Orion during the frenzy and they had to replace their debit card creator because of all the new account requests — and that was “only” a 4% account when rates were higher.

Not only will this be dead as soon as someone runs the numbers next month, odds are your account won’t even be fully setup because they can’t print debit cards quick enough.

Ferris
Ferris

Orion had about 5 times as much deposits as Peoples does when they started their 4%. The Fed rate was 2.5% and it lasted about 15 months. Currently the Fed rate is 1.75% and theirs is 5%, the demand is a lot higher, but the spread is much worse for the bank. If they have someone competent in the CFO role, I would be amazed if this wasn’t changed by the end of May.

Chimpo Chitose
Chimpo Chitose

In other words these officers are Incompetent to the highest degree

Lol.

Offering outrageous Free money must cost them a ton.

arizonapv
arizonapv

oops posted in wrong place

Ferris
Ferris

It’s not that they are incompetent, it’s that they don’t understand how people can “game” the system for an offer that is too good relative to competition. Discover didn’t understand the risk they took when they offered 10% cashback on Apple Pay transactions 5-6 years ago. If Discover didn’t understand the risk, it’s hard to blame an FI that has 3 locations in small town Arkansas where your cousins can become your wife.

Youngestofallthebuck
Youngestofallthebuck

Ferris
Really? You went from sounding intelligent to a stereotypical douche in a single sentence. Congrats

Chris
Chris

I work for a bank who also use Kasasa. Using google pay/zelle to send money back and forth will count as debit card transaction. Wondering if its the same for this bank…

arihalli
arihalli

5.12% interest rate? If something sounds too good to be true, it probably is…..

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