Dirigo Federal Credit Union (ME) Offers Competitive Kasasa Cash/Saver

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Deal Summary: Kasasa Cash, 2.00% APY on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $50k.

Availability: Residents of two western Maine counties.

Dirigo Federal Credit Union (Dirigo FCU) began offering Kasasa brand products almost four years ago. The Kasasa Cash’s initial 2.00% APY on qualifying balances up to $25k was raised to 2.50% APY in February 2019, but dropped back to 2.00% APY in February 2020. Qualifying balances over $5k earn 0.299% APY, with non-qualify balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$25kDirigo Federal Credit UnionKasasa Cash
OTHER TIERS: 0.29% $25k+
Rates as of September 23, 2021.

The monthly qualification requirements include,

  • At least 12 debit card purchases
  • At least one ACH transaction (deposit, withdrawal, or bill pay)
  • Be enrolled in and agree to receive e-Statements
  • Be enrolled in and log into online banking

The Kasasa Cash account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit requirement. Unlimited nationwide ATM fees will be reimbursed up to a total of $25 per month ($4.99 maximum per each transaction), if the qualification requirements are met. An ATM receipt must be presented for reimbursements of individual ATM withdrawal fees of $5.00 or higher. Unlimited checking writing is available and a free debit card will be issued following account opening. There is a limit of one Kasasa Cash account per Social Security number and may not be used for commercial purposes.

The Kasasa Cash Disclosure begins with four paragraphs describing the “Purpose and Expected Use of Account” including,

This account is intended to be the account holder’s primary checking account in which payroll transactions and day-to-day spending activities including, but not limited to, grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.

Dirigo Federal Credit Union reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Account holders who persist in making debit card transactions in a calculated and limited fashion to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether.

Kasasa Saver

Dirigo FCU’s Kasasa Saver account earns 1.00% APY on qualifying balances up to $50k. Qualifying balances over $25k earn 0.299% APY, with non-qualify balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$50kDirigo Federal Credit UnionKasasa Saver
OTHER TIERS: 0.29% $50k+
Rates as of September 23, 2021.

Earned rewards and ATM reimbursements from a Kasasa Cash/Kasasa Cash Back account are automatically transferred to the linked Kasasa Saver every month. The Kasasa Saver has no minimum balance requirement, no monthly service fee, and no minimum deposit requirement. There is a limit of one Kasasa Saver account per Social Security number and may not be used as a commercial account.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash (2.00% APY/$25k) and the Kasasa Saver (1.00% APY/$50k) is approximately $1,000 (1.33% APY/$75k).

Kasasa Cash Back

Dirigo FCU’s Kasasa Cash Back account earns 2.00% cash back on debit card purchases, limited to the first $400 of monthly purchases. If you are planning on maintaining a balance of less than $4,800, 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 Lewiston, Maine, Dirigo Federal Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in the Maine counties of Androscoggin or Oxford, or live in the town of New Gloucester (Cumberland County), eligible for membership.

Immediate family members of a Dirigo FCU member in good standing also qualify for membership.

Joining Dirigo FCU and/or opening a Kasasa Cash, Kasasa Cash Back, and/or Kasasa Saver can be done online, or at any of the four Maine branches, located in Auburn, Lewiston, Mechanic Falls, and South Paris. There is no mention of any COVID-related branch restrictions (limited hours, appointments, etc.) on Dirigo FCU’s website.

Opening a Share Account with a minimum $25 balance is required to establishing a new membership.

Dirigo FCU participates in the CO-OP Shared Branch and ATM networks, as well as in SURF, the largest surcharge-free ATM network in Maine.

Credit Union Overview

Dirigo Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.77% (excellent) based on September 30, 2020 data. In the past year, Dirigo FCU has increased its total non-brokered deposits by $39.85 million, an excellent annual growth rate of 18.23%. Please refer to our financial overview of Dirigo Federal Credit Union (NCUA Charter # 11144) for more details.

Founded in 1956, Dirigo Federal Credit Union was originally known as the Rainbow Federal Credit Union, with the Dirigo rebrand occurring sometime within the last two years. “Dirigo” is Latin for “I direct,” which is the motto of Maine, referring by analogy to the North Star that appears on the Maine state seal. Dirigo Federal Credit Union is currently the 11th largest credit union headquartered in Maine, with nearly 23,000 members and assets in excess of $297 million.

How the 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 $25k, Dirigo Federal Credit Union’s Kasasa Cash APY currently ranks third.

The above information and rates are accurate as of 2/17/2021.

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: Portland checking accounts, reward checking accounts

Comments
5.38% 15-Month CD at a Maine CU
Rainbow FCU is offering a 5.38% APY 15-month CD. The minimum deposit is $1K. The credit union also has some decent yields on their standard certifcates including a 5.48% APY 5-year CD. The Jumbo 5-year CD has an APY of 5.75%. The minimum for the Jumbo CDs is $90K.

The credit union's field of membership includes residents of Androscoggin and Oxford Counties, and the town of New Gloucester. Membership requires a $25 minimum balance in a savings account.

The credit union is NCUA insured and has insurance through ESI which provides $250K...



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