Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Hope Credit Union3.01%-$10kKasasa Cash
Hope Credit Union1.01%-$10kKasasa Saver
Hope Credit Union0.10%--Kasasa Saver
Hope Credit Union0.10%--Kasasa Cash
Accounts mentioned in this post. Rates as of April 19, 2014

New High-Yield Reward Checking and Savings Accounts at Hope Credit Union

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In the last couple of weeks I've noticed a few new reward checking accounts. This one at Hope Credit Union is one of those new ones. It's nice that institutions are still launching new reward checking accounts. However, there's one downside. Most of these new ones have balance caps of $10,000, and that includes Hope Credit Union. Nevertheless, it has some features that make it noteworthy. In addition to the checking account, there's also a companion savings account. These accounts are under the Kasasa brand name. The checking is called Kasasa Cash and the savings is called Kasasa Saver. The basic features of these two accounts as of 5/11/2011 include:

Kasasa Cash

  • 3.51% APY paid on the portion of the balance below $10,000
  • 0.75% APY paid on the portion of the balance above $10,000
  • 0.10% base rate if requirements are not met
  • All accounts automatically qualify for the first cycle
  • Reimburses up to $20 in ATM fees nationwide per month

Kasasa Saver

  • 1.51% APY paid on the portion of the balance below $10,000
  • 0.75% APY paid on the portion of the balance above $10,000
  • 0.10% base rate if requirements are not met
  • All accounts automatically qualify for the first cycle

Monthly Requirements

  • 12 check card purchases
  • 1 Automatic Payment or Direct Deposit
  • Sign in to your online banking account
  • Receive your monthly account statement electronically

Both accounts are free with no monthly fees and no minimum balance requirements.

Membership and Account Application

According to the Hope Credit Union's membership page:

It's open to everyone.

And it's only $10 for life!

As a community development credit union, HOPE membership is not limited to any particular group or geography.
[...]
$5 of your $10 lifetime membership fee goes to the Hope Enterprise Corporation, a 501(c)(3) non-profit, and is tax deductible.

So this is another credit union with easy membership. However, the online application for the Kasasa accounts is currently limited to residents of Arkansas, Louisiana, Mississippi, and Tennessee.

Hope Credit Union has its headquarters in Jackson, Mississippi. It has $136 million in asets and 25,266 members. The credit union is federally insured by the NCUA (Charter # 24829).

How It Compares to the Best Reward Checking Accounts

For those who don't expect to maintain balances over $10K, the $10K balance cap may not be a major downside. The current rate is above average for reward checking. However, there are two institutions with nationally available reward checking that offer at least 4.00% APY on balances of $10K and $15K. If you want at least a $25K balance cap, the best rate is only 3.01% APY for a nationwide reward checking account. To compare reward checking accounts based on interest rates and balance caps, you can use our reward checking rate table. Refer to this post for details on how to use the rate tables.

  Tags: Hope Credit Union, reward checking account, checking account, savings account, Arkansas, Mississippi, Louisiana, Tennessee

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