U.S. household debt is at an all-time high of $17.3 trillion. Consumers are also concerned about their savings and retirement. According to a Bankrate survey, nearly half of adults have less savings or no savings compared with a year ago. Another Bankrate survey found that more than half (56%) of surveyed workers feel they are lagging in saving for retirement and 37% of that group feel they are “significantly behind.”  

Banks know this and are looking for ways to differentiate, especially against large, national banks who hold nearly 70% of total assets. In recent years, convenience and digital banking have been primary factors for consumers’ decisions. Community banks have since caught up to those expectations. Today, it’s now a battle for deposits based on the best interest rates.  

A New Approach to Traditional Banking  

In a bold move to reshape the landscape of traditional banking, First Arkansas Bank & Trust (FAB&T) recently introduced its Prime Checking account, aiming to revolutionize the way customers approach everyday banking.  

Notably, FAB&T’s checking account features a balance cap of $100,000 compared to the industry average of only $30,000, more than tripling other limits. This will allow our customers to earn more interest on their accounts without the restrictions set on comparable products like CDs. 

To earn the 4.75% APY, customers only need to meet straightforward requirements each statement cycle, including making at least 12 debit card purchases that post and clear; having at least one direct deposit, ACH automatic payment, or online bill pay post and clear; and receiving electronic statements.