ELGA Credit Union (MI) Now Offers Kasasa Products Statewide
In the last year, ELGA Credit Union (ELGA) raised the rate on its Kasasa Cash account from 2.02% APY to 3.04% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn 0.25% APY, with non-qualifying balances earning 0.01% APY.
The monthly qualifying requirements remain unchanged and include,
- Have at least ten debit card purchases.
- Have at least one ACH or Direct Deposit.
- Enroll in and receive eStatements.
- Enroll in and log into online banking.
The Kasasa Cash account has no monthly service fee or minimum balance requirement; in addition, there is no minimum opening deposit requirement. Unlimited check writing is available and a free Visa debit card will be issued following account opening. Nationwide ATM fees will be reimbursed up to $20 ($5 per single transaction) per month, if the qualifying requirements are met. Individual ATM fees of $5.01 or higher require a receipt for reimbursement, submitted within 60 calendar days of the transaction. There is a limit of one account per taxpayer ID.
Kasasa Saver
The Kasasa Saver account links to the Kasasa Cash account, with automatic transfer of Kasasa Cash earnings on a monthly basis. Qualifying balances earn 0.55% APY up to $250k, with qualifying balances of $250k+ earning 0.25% APY; non-qualifying balances earn 0.01% APY.
The Kasasa Saver APY has not fared as well as the Kasasa Cash APY: while earning 1.50% APY ($250k) for about 20 months, 95 bps were lost in three rate decreases during the past year.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.55*% | - | $250k | ELGA Credit Union | Kasasa Saver | |
| OTHER TIERS: 0.25% → $250k+ | |||||
Like the Kasasa Cash, the Kasasa Saver has no monthly service, no minimum balance requirement, or minimum opening deposit requirement.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (3.04% APY/$15k) and the Kasasa Saver (0.55% APY/$250k) is approximately $1,831 (0.69% APY/$265k). If a $50k balance is maintained in the Kasasa Saver, the combined annual earnings is approximately $731 (1.12% APY/$65k).
Kasasa Cash Back
ELGA offers a Kasasa Cash Back account that earns 2.00% cash back on the first $500 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,900, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $120 ($10 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 Burton, Michigan, ELGA Credit Union’s field of membership (FOM) has expanded within the last year. All US citizens/resident aliens who live, work, worship, volunteer, or attend school anywhere in Michigan are now eligible to join.
Employees and retirees of several companies and organizations (including State of Michigan government agencies) also qualify for membership.
Immediate family members of current ELGA members are also eligible. Complete membership details are available on the “Join the ELGA Family” page.
Joining ELGA and/or opening a Kasasa brand account can be done online, or in person at any of 13 Michigan branches, located in Burton, Clio, Davison (2), Fenton, Flint (2), Flushing, Goodrich, Holly, Lapeer, Linden, and Saginaw.
If you join ELGA through the online application, an upload of both the front and back of a valid government ID is required. A credit or debit card, or a US checking account is required to fund an account online. The Membership Share account,
is your key to enjoying all of ELGA Credit Union’s many products and services. The first $5.00 of your deposits is designated as your membership share of ELGA and opens the door to financial independence. Please note that an additional $5.00 Membership Fee will be assessed to all brand-new membership requests.
ELGA participates in the CO-OP Shared Branching and ATM Networks. ELGA members can,
Use the Co-Op ATM Finder page to find a Fee-Free ATM or Shared Branch close to you. Nearly 30,000 ATMs and 5,000 Shared Branches Nationwide.
Credit Overview
ELGA Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.92% (excellent), based on December 31, 2020 data. In the past year, ELGA has increased its total non-brokered deposits by $264.75 million, an excellent annual growth rate of 44.31%. Please refer to our financial overview of ELGA Credit Union (NCUA Charter # 61797) for more details.
ELGA Credit Union was founded in 1951 as the Flint Division Consumers Power Company Federal Credit Union for the benefit of Consumers Energy employees. The ELGA name, which incorporates the first two letters of “ELectric” and “GAs”, was selected in 1959 following a contest to rename the Credit Union. Currently Michigan’s 19th largest credit union, ELGA has more than 78,000 members and assets in excess of $1 billion.
How the Kasasa Cash Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to all Michigan residents and have maximum qualifying balances of at least $15k, ELGA Credit Union’s Kasasa Cash APY currently ranks fourth.
The above information and rates are accurate as of 3/24/2021.
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.
