Dover Federal Credit Union Adds Kasasa Cash, 3.25% APY Up To $30k
Dover Federal Credit Union (Dover Federal) has added the Kasasa brand to its product line and is currently offering a Kasasa Cash account that earns 3.25% APY on qualifying balances up to $30k. Qualifying balances over $30k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.25*% | - | $30k | Dover Federal Credit Union | Kasasa Cash | |
| OTHER TIERS: 0.25% → $30k+ | |||||
Qualifying Requirements
- At least 12 debit card purchases
- Be enrolled in and agree to receive eStatements
- Be enrolled in and log into online banking
The Kasasa Cash account has no minimum opening deposit requirement and no monthly service fee. Nationwide ATM fees will be reimbursed up $25 per month. There is a limit of one Kasasa Cash account per Social Security number.
Kasasa Saver
Dover Federal is also offering a companion Kasasa Saver account, earning 2.00% APY on qualifying balances up to $20k. If qualifications on the Kasasa Cash account are not met, any Kasasa Saver balance will earn 0.05% APY.
Availability
Headquartered in Dover, Delaware's capital, Dover Federal Credit Union’s field of membership (FOM) provides a way for almost every U.S. citizen or resident alien to join.
Easy Membership: Individuals who join the Friends of Bombay Hook, a non-profit working in conjunction with Bombay Hook National Wildlife Refuge, qualify for membership in Dover Federal. There are several levels of membership, with an individual membership costing $15.
Note: Out-of-state individuals must join Friends of Bombay Hook (FBH) BEFORE applying to Dover Federal, as you will need to provide proof of FBH membership (membership card). Delaware residents can join FBH and Dover Federal simultaneously, using the Credit Union’s online application.
Military and Uniformed Services: Military personnel of the U.S. Government with duty locations in Delaware, and civilian employees of the U.S. Government working in Kent or Sussex Counties are eligible to join. Other qualifying military relationships are listed on the Become a Memberpage.
Employment: Employees of Bayhealth and Dover Downs (all locations), and employees/members of more than 400 Dover Federal Business Partners qualify for membership.
Family Relationship: Immediate family or household members of eligible individuals also qualify for membership.
Complete details on membership eligibility can be found on the Become a Member page.
Joining Dover Federal can be done online, or in person at any eight Delaware branches located in Dover (3), Dover Air Force Base, Middletown, Milford, New Castle, and Smyrna.
As part of your Dover Federal membership you need to maintain a $5 Primary Share.
The Kasasa Cash account is a new product and has not yet been added to the online application. Opening a Kasasa Cash account can be done either in-branch or over the phone (888.818.3328).
Credit Union Overview
Dover Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 9.97% (excellent), based on December 31, 2018 data. Dover Federal has an average capitalization level (9.27%), the result of holding $454.06 million in assets with $42.1 million in equity. Please refer to our financial overview of Dover Federal Credit Union (NCUA Charter # 12443) for more details.
Dover Federal Credit Union was first chartered in 1958 by a group of Air Force and civilian workers at Dover Air Force Base. Currently Delaware’s second largest credit union, Dover FCU has more than 40,400 members and is actively courting new members. In November 2018, Dover Federal’s Community Relations Officer and the Middletown Branch Manager visited Everett Meredith Middle School.
Providing financial literacy to the entire 8th grade class, a total of 306 students, Ms. Yocum and Ms. Seaser led an extensive workshop which covered information about banking, budgeting, saving, credit, and financial planning. The workshop also included a variety of interactive activities and discussions highlighting the importance of determining differences between “wants” and “needs” to assist in better developing a budget in which impulse purchases could be avoided and necessities could be obtained.
How Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $30k, Dover Federal Credit Union’s Kasasa Cash APY currently ranks second.
The above rates are accurate as of 5/16/2019.
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.
Do you get the membership card immediately, or do they mail you?