Dedicated to Deposits: Deals, Data, and Discussion

3.00% Rewards Checking Account at Seasons FCU in Connecticut - Local Only

POSTED ON BY

Update 10/15/09: The top rate has fallen to 3.00% APY.

Seasons Federal Credit Union is offering a reward checking account called Kasasa Cash. The account offers the following rates if certain monthly requirements are met:
  • 3.00% APY on balances up to $25,000
  • 0.75% APY on the portion of the balance over $25,000
  • 0.05% base rate if qualifications are not met
  • ATM fee refunds nationwide up to $25 per cycle
The monthly requirements include:
  • 10 debit card purchases
  • 1 direct deposit or ACH auto debit
  • Access account online and receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • $5 minimum opening deposit
  • No minimum balance requirement
  • No monthly service charge
In addition to the Kasasa Cash account, they offer the Kasasa Saver account which will earn 1.75% APY for up to $10,000 if the above requirements are met. This can allow you to earn a competitive rate on money over $25,000 without having to meet additional debit card usage requirements. Unfortunately, the $10,000 cap is low. Balances over $10,000 earn only 0.75% APY, and if you don't meet the Kasasa Cash requirements, the rate on the entire balance falls to 0.05%.

On the credit unions Kasasa Cash page, there's a link to an online application at Kasasa.com which allows those qualified to become members, open accounts and fund the accounts electronically.

Membership is open to anyone who lives, works, worships, attends school, or volunteers in Middlesex County and several towns. Please refer to the credit union's Membership Eligibility Page for the full details. Membership requires a minimum balance of $5 in the share savings account.

Branches are located in the Connecticut cities of Middletown, Cromwell and Meriden. The credit union is federally insured by the NCUA (Charter # 854).

Other Reward Checking Accounts

In this May post I described these new Kasasa Cash accounts and the Kasasa.com website. It's a new way of marketing reward checking accounts. In addition they've come up with some new types of accounts such as the Kasasa Saver.

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
10/01/09: Cash: 3.00% APY up to $25K; 0.75% over; 0.05% base/ Saver: 1.75% up to $10K; 0.75% over; 0.05% base
06/03/09: Cash: 4.25% APY up to $25K; 1.01% over; 0.15% base/ Saver: 3.01% up to $10K; 1.01% over; 0.15% base

  Tags: checking account, reward checking account, Connecticut

Related Posts

Comments
Comment #1 by Blogging Banks (anonymous) posted on
Blogging Banks
My only problem with rewards checking accounts is that the interest rate could get cut at any moment, without any warning. Thus I prefer the relative safety of a fixed term Certificate of Deposit, even though it could be earning as low as 3% APY. For example my rewards checking was yielding 6% in December 2008, 5% in January 2009, 4% in february and 3% since March..

1