Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Xcel Credit Union2.01%-$15kKasasa Cash
Xcel Credit Union0.03%--Kasasa Cash
Accounts mentioned in this post. Rates as of July 19, 2014

New High-Yield Kasasa Accounts at XCEL Federal Credit Union

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Xcel Credit Union

XCEL Federal Credit Union just recently started to offer a high-interest reward checking and savings account called Kasasa Cash and Kasasa Saver. The rates and balance caps are not the best, but it’s always nice to see another institution offering these accounts. In addition to these high-yield accounts, XCEL is also offering Kasasa Cash Back and Kasasa Tunes. These accounts provide rewards based on debit card usage without any dependence on the account balance. So they can be a good choice for those who anticipate maintaining a small balance. For those who can maintain large balances ($10K to $15K), the Kasasa Cash and Saver accounts are the best deals. Below is a summary of the rates and features of these two accounts as of 10/01/2013:

The following are the Kasasa Cash account rates and ATM fee refund policy if certain monthly requirements are met:

  • 2.01% APY on balances up to $15,000
  • 0.30% rate on portion of balance over $15,000
  • 0.03% APY on entire balance if requirements are not met
  • Domestic ATM fees will be reimbursed up to $20 for each statement cycle

Kasasa Saver account requires that the member have the Kasasa Cash account. If certain monthly requirements are met, the Kasasa Saver has the following rates:

  • 0.90% APY on balances up to $15,000
  • 0.30% rate on portion of balance over $15,000
  • 0.03% APY on entire balance if requirements are not met

Monthly requirements to qualify for the above rates include:

  • 12 debit card purchases
  • receive e-statements

All of these Kasasa accounts are free accounts with no monthly service fees and no minimum balance requirements. There’s a limit of one account per social security number. More details about these accounts are available at this Kasasa page.

Credit Union Membership

In addition to several select employee groups, credit union membership is also open to members of the American Consumer Council (ACC). Anyone can join the ACC. We have some more details in our XCEL Federal Credit Union overview section.

Credit Union Overview

XCEL Federal Credit Union branches are located in Jersey City and Old Bridge, New Jersey. There's also a branch in New York City. The credit union is part of the shared branch network, CU Service Centers and the CO-OP ATM network.

The credit union has an overall health score at DepositAccounts.com of C+ with a Texas Ratio of 20.37% (average) based on June 2013 data. Please refer to our financial overview of XCEL Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 16218).

How This Reward Checking Compares

As I mentioned above, XCEL’s reward checking rate and balance cap are not the best. For accounts available nationwide, the the best yield for a $15K balance cap is 3%. This is available at Lake Michigan Credit Union. INOVA Federal Credit Union also has a 3% APY, but this applies to balances up to $20K. These rates are accurate as of 10/01/2013.

To find other reward checking accounts that are available nationwide or in your state, please refer to our high-interest reward checking account table.

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


  Tags: Xcel Credit Union, New Jersey, New York, checking account, savings account

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