Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Members Exchange Credit Union3.25%-$10kKasasa Cash
Members Exchange Credit Union1.00%-$10kkasasa Saver
Members Exchange Credit Union0.05%--Kasasa Cash
Members Exchange Credit Union0.05%--kasasa Saver
Accounts mentioned in this post. Rates as of July 21, 2014

Competitive Reward Checking at Members Exchange Credit Union in MS

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Members Exchange Credit Union

High-yield reward checking accounts are the only deposit account in today’s world with a rate over 3%. Not all have rates over 3%, but the best ones still do. You can’t even get 3% rates today with 7-year CDs. However, unlike CDs, the reward checking accounts require work, and there are limitations. The main limitation is the balance that qualifies for the high rate, the balance cap. A few years ago, a $25K balance cap was most common. The $10K balance cap is now more common, especially for reward checking accounts that have recently been launched. One example of this is at Members Exchange Credit Union in Mississippi. It has recently launched a reward checking account called Kasasa Cash. There’s also a linked savings account called Kasasa Saver. Below is a summary of the rates, features and requirements of these accounts as listed in the credit union’s Kasasa pages as of 5/6/2013:

Kasasa Cash rates if monthly requirements are met:

  • 3.25% APY for balances up to $10,000
  • 0.25% APY for portion of balance over $10,000
  • 0.05% APY on entire balance if requirement are not met
  • Nationwide ATM fee refunds (up to $25 per monthly qualification cycle)

Kasasa Saver rates if monthly requirements are met:

  • 1.00% APY for balances up to $10,000
  • 0.25% APY for portion of balance over $10,000
  • 0.05% APY on entire balance if requirements are not met

Monthly requirements to qualify for the above rates and ATM fee refunds:

  • 10 debit card purchases
  • 1 ACH debit or bill pay transaction
  • Access online banking
  • Receive monthly e-statement

Both accounts are free with no monthly service fees regardless of meeting the monthly requirements. There’s a minimum opening balance of $50, but there is no minimum balance requirements to avoid a fee or to qualify for the interest rate.

Credit Union Membership Eligibility

Credit union membership is open to persons who live, work, worship, or attend school in Hinds, Madison, Rankin, Simpson and Copiah Counties Mississippi. Please refer to the credit union’s How to Join page for more details. Membership requires maintaining a $1 minimum balance in the share savings account.

Credit Union Overview

Member Exchange Credit Union branches are located in the suburbs of Jackson, MS in the cities of Ridgeland, Pearl and Clinton.

According to the credit union’s history page:

Originally chartered solely for the employees of Presto Manufacturing Company, our cooperative financial institution has grown to include over 600 member companies spanning central and northern Mississippi.

The credit union’s charter was changed in 2006 which expanded the field of membership to include residents of several counties as described above.

The credit union is small with $79 million in assets and 35 employees. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 6.29% (excellent) based on December 2012 data. Please refer to our financial overview of Member Exchange Credit Union for more details. The credit union is federally insured by the NCUA (charter # 60598).

How This Reward Checking Compares

There are a few all-access credit unions that still offer 3% or higher with balance caps of at least $10K. The highest rate is 4.00% APY for balances up to $10K at Great Lakes Credit Union. The highest for a $15K balance cap is 3.25% APY at Belvoir Federal Credit Union. These rates are accurate as of 5/6/2013.

Other Reward Checking Accounts

To find reward checking accounts available in your state, please refer to our reward checking table. You can also use the table to find reward checking accounts available nationwide. Refer to this post to learn how to use the table.

To learn more about reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.

  Tags: Members Exchange Credit Union, checking account, Mississippi

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