California-based ECCU (formerly known as Evangelical Christian Credit Union) has recently added the Kasasa brand to its product line. The Free Kasasa Cash Checking currently earns 3.00% APY on qualifying balances up to a generous $35k. Qualifying balances over $35k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|3.00*%||-||$35k||ECCU||Free Kasasa Cash Checking|
|OTHER TIERS: 0.25% → $35k+|
The monthly qualification cycle requirements include,
- At least 12 debit card purchases.
- Be enrolled in online statements.
- Be enrolled in and log into online banking.
The Free Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month, if qualifications are met. Paper statements are not available.
Free Kasasa Saver Account
ECCU is also offering a Free Kasasa Saver account as a companion account to the Free Kasasa Cash Checking account. Each month, earned cash checking rewards and ATM withdrawal fee refunds will sweep to this account. The Free Kasasa Saver account earns 1.00% APY on qualifying balances up to $100k. Like the Free Kasasa Cash Checking account, Free Kasasa Saver qualifying balances over $35k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The Kasasa Brand
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.
Headquartered in Brea, California, ECCU’s field of membership (FOM) has no geographic boundaries or Select Employee Groups, but the nationally available FOM can’t be described as an “easy membership requirement.” If you are not an immediate family member of a current ECCU member or ECCU employee, you can qualify for membership by agreeing to ECCU’s “statement of faith.” You must also be "directly affiliated with a qualified evangelical Christian organization." Once you select "I agree to ECCU's Statement of Faith" in the online application, two text boxes appear which asks you to enter the name and city of your Evangelical organization/church.
Joining ECCU and/or opening a Free Kasasa Cash Checking account can be done online or at the sole branch location in Brea, California. While ECCU’s website states “the well-being of our members, staff, ministries and missionaries is our top priority,” the branch lobby has not been closed.
Membership in ECCU is free and no membership share account is required to establish membership.
ECCU participates in the CO-OP Shared Branch and ATM networks, as well as the STAR ATM network.
Credit Union Overview
ECCU has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.00% (excellent) based on December 31, 2019 data. ECCU has increased its total non-brokered deposits by $20.38 million, and excellent annual growth rate of 3.72%. an above average capitalization level (9.57% APY), the result of holding $715.9 million in assets with $68.54 million in equity. Please refer to our financial overview of ECCU (NCUA Charter # 63837) for more details.
Founded in 1964 as the Conservative Baptist Credit Union, the credit union re-branded as the Evangelical Christian Credit Union, following the 1984 merger with the Association of Christian Schools International Credit Union. ECCU is currently the 68the largest credit union in California, with assets in excess of $715 million and more than 14,300 members.
How the Free Kasasa Cash Checking Compares
As you can imagine, there aren’t many nationally available rewards checking accounts that have maximum qualifying balances of at least $35k. When compared to those few High Yield Rewards Checking Accounts tracked by DepositAccounts.com, ECCU’s Free Kansas Cash Checking APY currently ranks first.*
The above rates are accurate as of 4/6/2020.
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.
*We are continually working to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.