Dedicated to Deposits: Deals, Data, and Discussion

New Kasasa Accounts with a High-Yield Reward Checking at Tobyhanna FCU


Tobyhanna Federal Credit Union

A couple of weeks ago I mentioned one of the good deals at Tobyhanna Federal Credit Union. There are other deals that are noteworthy. Those are Kasasa accounts, and one of these accounts is a high-yield reward checking account, that’s called Kasasa Cash. There’s also a savings account called Kasasa Saver which links to the checking account, and there are two other reward checking accounts. One is Kasasa Cash Back which offers cash back on debit card purchases, and the other is Kasasa Tunes which offers refunds on iTunes and purchases.

Tobyhanna Federal Credit Union2.50%-$10kKasasa Cash
Tobyhanna Federal Credit Union0.50%-$10kKasasa Saver
Accounts mentioned in this post. Rates as of August 20, 2014

All three Kasasa checking accounts are free checking accounts with no minimum balance requirements. The below requirements are only needed to receive the monthly rewards. One common reward for all three accounts if the requirements are met is domestic ATM fee reimbursements of up to $20 per statement cycle.

Below is a summary of the bank’s Kasasa rates based on the credit union’s Kasasa page as of 6/13/2014:

Kasasa Cash rewards if monthly requirements are met:

  • 2.50% APY on balances up to $10,000
  • 0.20% interest rate on the portion of the balance over $10,000
  • 0.01% APY on entire balance if requirements are not met

Kasasa Cash Back rewards if monthly requirements are met:

  • 3.00% cash back on debit card purchases up to a total cash back of $6.00 per month

Kasasa Tunes rewards if monthly requirements are met:

  • $5 every month in iTunes or downloads
  • $10 in iTunes or downloads at sign up

Kasasa Saver rates if monthly requirements are met on one of the Kasasa checking accounts:

  • 0.50% APY on balances up to $10,000
  • 0.20% interest rate on the portion of the balance over $10,000
  • 0.01% APY on entire balance if requirements are not met

Monthly requirements to receive the above rewards:

  • 12 debit card purchases
  • Log into online banking
  • Receive eStatements

As mentioned above, these are free accounts with no monthly service fees and no minimum balance requirements. There's also no minimum deposit to open. There's a limit of one account per social security number.

As I mentioned last month, membership in TobyFCU is available to members of the American Consumer Council. The full details of TobyFCU’s membership qualifications are listed in the credit union’s How to Join page. Membership requires a minimum balance of $5 in the share savings account.

The credit union has an online application for membership and for opening several of the deposit products including the Kasasa accounts.

TobyFCU is headquartered in Scranton, Pennsylvania with branches in Scranton, Wilkes-Barre, Tobyhanna and East Stroudsburg.

TobyFCU has an overall health grade at of a B+ with a Texas ratio of 18.03% (above average) based on March 2014 data. Please refer to our financial overview of TobyFCU for more details. The credit union is federally insured by the NCUA (Charter # 9198).

How the Kasasa Cash Account Compares

There are a few credit unions with easy membership that offer higher rates for a $10K balance cap. One is Consumers Credit Union which offers up to 5.09% APY. However, this rate requires $1,000 in credit card purchases per month. Lower yields of 4.09% and 3.09% are also available with easier requirements. The next best deal is at Lake Michigan Credit Union which offers a reward checking account that pays 3.00% APY for balances up to $15K.

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: Tobyhanna Federal Credit Union, Pennsylvania, checking account

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