ELGA Credit Union’s (ELGA) Kasasa Cash account currently earns 2.02% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
While this Kasasa Cash account may not have the most impressive rate or balance cap, the companion Kasasa Saver (just introduced in April) currently earns 1.35% APY on balances up to $100k, as long as the Kasasa Cash monthly requirements are met.
Kasasa Cash Qualifying Requirements
- Have at least ten debit card purchases.
- Enroll in and receive eStatements.
- Enroll in and log into online banking.
- Have at least one ACH or Direct Deposit.
The Kasasa Cash account has no monthly service fee or minimum balance requirement; in addition, there is no minimum opening deposit requirement. 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.
The Kasasa Saver account links to the Kasasa Cash account, with automatic transfer of Kasasa Cash earnings on a monthly basis. Qualifying balances earn 1.35% APY up to $100k, with qualifying balances of $100k+ earning 0.25% APY; non-qualifying balances earn 0.05% APY.
|1.35*%||-||$100k||ELGA Credit Union||Kasasa Saver|
|OTHER TIERS: 0.25% → $100k+|
Like the Kasasa Cash, the Kasasa Saver no monthly service, no minimum balance requirement, or minimum opening deposit requirement.
Headquartered in Burton, Michigan, ELGA Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, volunteer, or attend school in the Michigan counties of Genesee, Lapeer, Livingston, Oakland, Saginaw, and Shiawassee 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 “Who Can Join” page.
As I was reading through the list of the various ways to join ELGA, the last line caught my eye.
Any person making a $25.00 donation to the Salvation Army Bed and Bread Program.
Unfortunately, the next line reads, “this option not available for online account opening.” So, while this easy membership requirement excludes out-of-state applicants, residents of nearby counties have a fairly easy route to membership.
Joining ELGA and opening Kasasa Cash and/or Kasasa Saver accounts can be done online, or in person at any of nine Michigan branches, located in Burton, Clio, Davison (2), Fenton, Flint, Flushing, Lapeer, and Saginaw.
ELGA Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.49% (excellent), based on March 31, 2017 data. In the past year, ELGA has increased its total non-brokered deposits by $68.91 million, an excellent annual growth rate of 17.75%. Please refer to our financial overview of ELGA Credit Union (NCUA Charter # 61797) for more details.
Founded in 1968, ELGA Credit Union is currently Michigan’s 22nd largest credit union, with more than 68,400 members and assets in excess of $543 million. In April, ELGA assumed the assets, shares, and loans of the NCUA liquidated Valley State Credit Union, in addition to giving VSCU’s 2,715 members a new home.
How the Kasasa Cash Compares
When compared to the 38 High Yield RCAs tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $15k, ELGA Credit Union’s Kasasa Cash APY currently ranks eighth.
The above rates are accurate as of 7/5/2017.