Chief Financial Credit Union Kasasa Cash Has High Rate On Small Balances

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Deal Summary: Kasasa Cash, 5.00% APY on qualifying balances up to $5k. Kasasa Savings, 1.00% APY on qualifying balances up to $50k.

Availability: Greater Detroit metropolitan area.

While the $5k balance cap on Chief Financial Credit Union’s (Chief Financial) Kasasa Cash (5.00% APY) is a deal breaker for some, it’s certainly appealing to those who are looking for a good rate available on a small balance. The downside of the $5k balance cap is also offset by the Kasasa Saver’s 1.00% APY/$50k balance cap combination (see below). Kasasa Cash qualifying balances over $5k earn 0.39% APY, with non-qualify balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.00*%-$5kChief Financial Credit UnionFree Kasasa Cash Checking
OTHER TIERS: 0.39% $5k+
Rates as of September 23, 2021.

The monthly qualification requirements are easily met and do not include a direct deposit or ACH transaction,

  • At least 12 debit card purchases
  • Be enrolled in and log into online banking
  • Be enrolled in and agree receive eStatements

The Kasasa Cash account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit. Unlimited check writing is available and a free Mastercard® debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per month (max $4.99 per single transaction), if qualification requirements are met. There is a limit of one Kasasa Cash account per Social Security number. A Kasasa Cash/Kasasa Cash Back account is required to have a Kasasa Saver Account.

Kasasa Saver

The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.39% APY, with non-qualifying balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$50kChief Financial Credit UnionFree Kasasa Saver
OTHER TIERS: 0.39% $50k+
Rates as of September 23, 2021.

Kasasa Cash/Kasasa Cash Back earned rewards are automatically transferred to the linked Kasasa Saver account each month. The Kasasa Saver has no minimum balance requirement, no monthly service fee, and no minimum opening deposit requirement. There is a limit of one Kasasa Saver account per Social Security number.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash (5.00% APY/$5k) and the Kasasa Saver (1.00% APY/$50k) is approximately $750 (1.36% APY/$55k).

Kasasa Cash Back

Chief Financial’s Kasasa Cash Back account earns 2.00% cash back on debit card purchases, limited to the first $400 in monthly PIN-based debit card purchases. If you are planning on maintaining a balance of less than $1,900, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $96 ($8 per month).

The Kasasa Brand

For those not familiar with the Kasasa brand, Kasasa Cash is a type of Reward Checking Account (RCA) developed by the Texas company, Kasasa, Ltd. According to the Kasasa website,

Kasasa: the free checking account that rewards each month for doing things you already do.

By performing certain actions valuable to your bank or credit union, like using your debit card or online banking, your institution makes more money, which they share with you in the form of rewards.

In case you were wondering, “Kasasa” is just a made-up word.

In a world where real-life people are too often taken for granted as account numbers,
we didn’t want to be the next [INSERT GENERIC NAME] checking account.

Availability

Headquartered in Rochester Hills, Michigan, Chief Financial Credit Union doesn’t list its field of membership (FOM) anywhere on its website. In a Live Chat, CSR stated that anyone who lives, works, worships, or attends school in the greater Detroit metropolitan area is eligible to for membership. (The Detroit Statistical Metropolitan Area contains approximately 52% of the state’s population.)

Joining Chief Financial and/or opening a Kasasa brand product can be done online. Chief Financial’s branches in Birmingham and Rochester Hills are open by appointment only for full-service transactions. (Appointments can be scheduled by calling 248.253.7900.) The two branches in Dearborn and Pontiac currently offer drive-through service only.

To establish a membership with Chief Financial Credit Union you must open
and maintain a Regular Savings account with a minimum balance of $5.00.

Chief Financial participates in both the CO-OP Shared Branch network and the Xtend Shared Branch network, providing members with access to more than 5,200 shared branches across the country.

Credit Union Overview

Chief Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.14% (excellent) based on September 30, 2020 data. In the past year, Chief Financial has increased its total non-brokered deposits by $17.06 million, an excellent annual growth rate of 13.95%. Please refer to our financial overview of Chief Financial Credit Union (NCUA Charter # 4271) for more details.

Chartered in 1941, Chief Financial Credit Union is currently the 74th largest credit union headquartered in Michigan, with nearly 27,000 members and assets in excess of $177 million. Committed to inspiring creative philanthropy, Chief Financial is the official credit union for Leader Dogs for the Blind.

Since moving its headquarters to Rochester Hills, just a mile north of the Leader Dogs for the Blind facility, Chief Financial Credit Union has become the official financial institution for the organization. In addition, Chief Financial offers members a 'Leader Dog Visa' which automatically donates a percentage of all monthly purchases with the visa to Leader Dogs for the Blind.

"Our partnership with Chief Financial Credit Union goes beyond the funds they provide to help us serve our clients. Chief's promotions also inform people of the services we provide to people who are blind throughout the U.S. and right here in Southeast Michigan. Our goal is to 'Make people unstoppable' and Chief supports that goal for our clients and their clients," said Dani Landolt, Leader Dog Chief Marketing Officer.

How Kasasa Cash Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $5k, Chief Financial Credit Union’s Kasasa Cash APY currently shares the top spot with Dort Financial Credit Union’s Boost Checking APY.

The above information and rates are accurate as of 2/25/2021.

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.

Related Pages: Detroit checking accounts, reward checking accounts

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