Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Trailhead Federal Credit Union3.00%-$10kKasasa Cash
Trailhead Federal Credit Union1.50%-$10kKasasa Saver
Trailhead Federal Credit Union0.05%--Kasasa Saver
Trailhead Federal Credit Union0.05%--Kasasa Cash
Accounts mentioned in this post. Rates as of April 16, 2014

New Reward Checking Account at Northwest Resource Credit Union in Oregon

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Trailhead Federal Credit Union

Northwest Resource Credit Union recently launched a reward checking and savings account. New reward checking accounts haven't been as common in the last year so it's nice to see a new one. These accounts are branded with the Kasasa name which ensures that they are free accounts with no monthly service fees. The reward checking is called Kasasa Cash, and the savings account is called Kasasa Saver. These accounts have the following rates and balance caps as of 4/26/2012 if monthly requirements are met:

Kasasa Cash

  • 3.00% APY for up to $15,000
  • 0.50% APY over $15,000
  • 0.05% APY for entire balance if requirements are not met
  • Nationwide ATM fee refunds

Kasasa Saver

  • 1.50% APY for up to $15,000
  • 0.50% APY over $15,000
  • 0.05% APY for entire balance if requirements are not met

Monthly Requirements

  • 10 debit card purchases
  • one direct deposit or ACH automatic debit
  • Receive monthly eStatements

Membership & Availability

Membership in the credit union is open to those who live, work, worship, or attend school in certain parts of Portland, Oregon. Please refer to the credit union's membership page for the full details. You can join the credit union and open these Kasasa accounts using the credit union's online application. The application link is located in the credit union's checking page.

The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 22.79% (average) based on December 2011 data. Please refer to our financial overview of Northwest Resource Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 644).

How This Reward Checking Account Compares

I'm afraid it's common for new reward checking accounts to have balance caps under $25K. Many have a $10K cap, so a $15K cap from Northwest Resource Credit Union is better than average. Another feature that helps is the Kasasa Saver Account which allows for another $15K to earn a higher rate. So for someone who has a $30K balance with $15K in the checking and $15K in the savings, the average APY would be 2.25%.

For reward checking accounts available nationwide, there are only three with rates of 3.00% or higher. Consumers Credit Union is currently offering a 4.09% APY for up to $10K. However, this is scheduled to fall to 3.09% for up to $5K in July. Lake Michigan Credit Union offers 3.00% APY for up to $15K and INOVA Federal Credit Union offers 3.00% APY for up to $20K. All of these credit unions make it easy for anyone to join via an association.

Overview of Reward Checking

If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.

To find the highest reward checking rates in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.

  Tags: checking account, Oregon, Trailhead Federal Credit Union

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