About three years ago, Iowa-based Community 1st Credit Union (C1st) began offering Kasasa branch products. By the fall of 2019, C1st was promoting its own rewards checking account, C1st Cash Checking, which was essentially the previously offered Kasasa Cash with a new name. The C1st Cash Checking has been earning 3.00% APY on qualifying balances up to $15k since it was unveiled. Qualifying balances over $15k earn 0.15% APY, with non-qualify balances earning 0.03% APY.
|3.00*%||-||$15k||Community 1st Credit Union (IA)||C1st Cash Checking|
|OTHER TIERS: 0.15% → $15k+|
The monthly qualification requirements have remained the same and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases
- Access digital banking at least once per statement cycle
- Receive monthly eStatements
The C1st Cash Checking account has no minimum balance requirement or monthly service fee, and no minimum opening deposit requirement. Unlimited check writing is available and a free Visa debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed each month, if qualification requirements are met. There is a limit of one C1st Cash Checking account per Social Security number.
The C1st Saver currently earns 0.50% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualify balances earning 0.03% APY.
|0.50*%||-||$15k||Community 1st Credit Union (IA)||C1st Saver|
|OTHER TIERS: 0.25% → $15k+|
C1st Cash Checking and C1st Cash Back earned rewards are automatically transferred to a linked C1st Saver account each month. Like the C1st Cash Checking account, the C1st Saver has no minimum balance requirement or monthly service fee, and no minimum opening deposit requirement. There is a limit of one C1st Saver account per Social Security number.
Annual Earnings of Combined C1st Cash Checking/C1st Saver Accounts
The potential combined annual earnings of a C1st Cash Checking account (3.00% APY/$15k) and a C1st Saver account (0.50% APY/$15k) is approximately $525 (1.75% APY/$30k).
C1st Cash Back
The C1st Cash Back account earns 3.00% cash back on debit card purchases, limited to the first $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,600, the C1st Cash Back account would probably be a better deal than the C1st Cash Checking account, as the maximum annual earnings for the C1st Cash Back account is $108 ($9 per month).
Headquartered in Ottumwa, Iowa, Community 1st Credit Union’s field of membership (FOM) is residency based, with individuals who live or work in any of 57 southern Iowa counties or eight northeastern Missouri counties eligible to join.
A complete listing of those counties can be found on the Who Can Join page.
Joining C1st and/or opening a C1st Cash Checking account can be done online, or at any of the 17 Iowa branches located in Albia, Bloomfield, Cedar Rapids, Centerville, Chariton, Fairfield, Grinnell, Indianola, Knoxville, Mount Pleasant, Oskaloosa, Ottumwa (4), Pella, and Washington. The vast majority of C1st lobbies and drive-thrus are open during regular business hours. The Covid Announcement page provides updates concerning any temporary closures or adjusted business hours.
A Regular Share Savings account must be opened with a $5 minimum deposit to establish a new C1st membership.
Credit Union Overview
Community 1st Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.96% (excellent), based on December 31, 2020 data. In the past year, C1st increased its total non-brokered deposits by $147.66 million, an excellent annual growth rate of 24.08%. Please refer to our financial overview of Community 1st Credit Union (NCUA Certificate # 68510) for more details.
Community 1st Credit Union was originally chartered in 1936 as the Dain Employees Federal Credit Union. (Dain Manufacturing Company was the oldest and largest exclusive hay tool manufacturing concern in existence.) The Credit Union’s name was changed to Deere Employees Federal Credit Union in 1948, as Dain Manufacturing had become part of the John Deere family of businesses. In 1988, the "Employees" part of the name was dropped and "Community" added, when membership was opened community-wide. In 2006,
Deere Community Federal Credit Union changed their name to Community 1st Credit Union to reflect the field of membership they served, the growth into many different communities and to send the message that membership is open to all of the community.
Community 1st Credit Union is currently the sixth largest credit union in Iowa, with nearly 60,000 members and assets in excess of $845 million.
How the C1st Cash Checking Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the FOM and have maximum qualifying balances of at least $15k, Community 1st Credit Union’s C1st Cash Checking APY ranks third.
The above information and rates are accurate as of 4/23/2021.
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.