High-Yield Reward Checking and Savings Account at Double Eleven Credit Union in Parts of Indiana


Double Eleven Credit Union is the only institution that I know of which has a reward checking with rates and a balance cap that relate to its name. As you will see, it's unfortunate that the name isn't Double 99. The credit offers both a reward checking account and a companion savings account under the Kasasa brand. These accounts have the following rates and features if certain monthly requirements are met (as of 11/16/2010):

Kasasa Cash (reward checking):

  • 4.11% APY on balances up to $11,000
  • 1.11% APY on portion of balance over $11,000
  • 0.11% base rate if requirements are not met
  • Worldwide ATM fee refunds up to $20 per cycle

Kasasa Saver (companion savings account):

  • 1.51% APY on balances up to $51,000
  • 0.11% APY on portion of the balance over $51,000.
  • 0.11% base rate if requirements are not met

The following are the Kasasa Cash monthly requirements to qualify for the above rates for both the Kasasa Cash and Kasasa Saver accounts:

  • 11 debit card purchases
  • 1 recurring direct deposit or ACH automatic payment
  • Receive eStatements

Both accounts are free with no monthly service charge and no minimum balance requirement.

How Do These Compare to Others?

The $11K balance cap is below average. If they had the name Double 99, perhaps this would have been $99K. However, they may have required 99 debit card purchases per month for that case.

Even with the $11K balance cap, the 4.11% APY is above average. The 1.51% APY on the Saver account is nice for those who want to deposit more than $11K. This yield is higher than what you can get at any no-cap internet savings account.

Credit Union Membership Eligibility

Credit union membership is open to those who live or work in any of the following Indiana counties: Hancock, Shelby and parts of Marion. Please refer to the credit union's membership page for the full details.

The credit union is located in Indianapolis,

The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 5.64% (excellent) based on June 2010 data. It's a small credit union with $30.65 million in deposits. Please refer to our financial overview of Double 11 Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 61606).

Other High-APY Reward Checking Accounts

To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.

Edit: Corrected Saver balance cap based on info from CU rep

51hh   |     |   Comment #1
It is so funny ("Double Eleven"):D

Actually there are so many "elevens" (much more than "double" eleven) that make my head spin (4.11%, 1.11%, 0.11%, 11 debit transactions, etc. ...):D

I am walking away with my own eleven (i.e., two feet).  :D
Anonymous   |     |   Comment #2
FYI----"Double Eleven" comes from the origianl membership qualifications.  Double Eleven used to be for member of the Ford UAW 1111 employees and their families!  Due to the plants unfortunate decline in production Double Eleven credit union has opened its' doors to everyone!