About 2 ½ years ago, Centric Federal Credit Union (Centric FCU) dropped the Kasasa brand product line and began offering a proprietary version of rewards checking/saving accounts. At the time, the Earn Better (checking) and Save Better (savings) accounts were quite aptly named, because the APYs and qualifying balance caps were larger than those offered on the Kasasa brand accounts. The initial APYs lasted before about ten months before they were substantially decreased.
The Earn Better account current earns 2.25% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.15% APY, with non-qualifying balances earning 0.05% APY.
The qualifying requirements have remained unchanged and include,
- Have at least 12 debit card transactions
- Have at least one direct deposit or ACH credit
- Be enrolled in eStatements
The Earn Better account has no monthly service fee or minimum balance requirement, but does require a minimum $25 opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month (up to $4.99 per single transaction), if the qualifying requirements are met.
Save Better Account
The Save Better account earns 1.01% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.15% APY, with non-qualifying balances earning 0.05% APY.
Like the Earn Better account, the Save Better account has no monthly service fee or minimum balance requirement, but does require a minimum $25 opening deposit. Rewards earned in an Earn Better/Spend Better accounts automatically transfer to the Save Better account at the end of monthly cycle.
Annual Earnings of Combined Earn Better/Save Better Accounts
The potential combined annual earnings of an Earn Better account (2.25% APY/$20k) and a Save Better account (1.01% APY/$50k) is approximately $955 (1.36% APY/$70k), which is quite a competitive APY for a large sized balance in a rewards checking/saver combo.
Centric FCU’s Spend Better account currently earns 2.00% cash back on up to $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,200, the Spend Better account would probably be a better deal than the Earn Better account, as the maximum annual earnings for the Spend Better account is $72 ($6 per month).
Headquartered in West Monroe in northern Louisiana, Centric Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in Ouachita or Lincoln Parishes eligible for membership.
In addition, any business or other legal entity in Ouachita and Lincoln Parishes also qualify for membership.
As stated on the Become a Member page,
To qualify for membership by worshiping or studying in Ouachita or Lincoln Parish, the individual must physically be in the community. Virtual options do not qualify for membership.
You can become a Member of Centric simply by depositing $5 in a
Centric savings account and paying a one-time membership fee of $3.
Centric FCU participates in the CO-OP Shared Branch network, offering its members access to 3,500 credit unions with more than 5,000 branches, and nearly 30,000 surcharge-free ATMs nationwide.
For your convenience, there are over 150 branches in Louisiana and over 5,000 nationwide. Anywhere you see the Co-Op logo, you can complete transactions just as if you were at Centric.
Credit Union Overview
Centric Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 10.35% (excellent) based on June 30, 2021 data. In the past year, Centric FCU has increased its total deposits by $25.12 million, an excellent annual growth rate of 12.24%. Please refer to our financial overview of Central Federal Credit Union (NCUA Charter # 1982) for more details.
Founded in 1937 as the Forest Kraft Federal Credit Union, Centric Federal Credit Union is currently the 16th largest credit union headquartered in Louisiana, with more than 32,000 members and assets in excess of $270 million. The original FOM included the employees of the Brown Paper Mill, which was established in 1932 as the first American Kraft paper mill. The merger with Glenwood Federal Credit Union, an expansion into Lincoln Parish, and the change to a community charter resulted in the Centric Federal Credit Union rebrand in 2008.
How the Earn Better Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the FOM and have maximum qualifying balances of at least $20k, Centric Federal Credit Union’s Earn Better Checking APY currently ranks third.
The above information and rates are accurate as of 11/13/2021.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.