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

Update 6/14/20: Seems they are discontinuing this account, even for existing customers, according to an email that was sent out.

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