Alabama-based Family Savings Credit Union (Family Savings) has been offering its rewards checking account, NGAGE Checking, for about two years. The NGAGE Checking’s initial 2.50% APY on qualifying balances up to $15k is still in effect. Qualifying balances greater than $15k earn 0.50% APY (an usually high second-tier rate), with non-qualifying balances earning 0.05% APY.
|2.50*%||-||$15k||Family Savings Credit Union||NGAGE Checking|
|OTHER TIERS: 0.50% → $15k+|
The monthly qualification requirements include,
- At least 12 debit card purchases
- At least one ACH electronic deposit or payment
- Be enrolled in eDocuments
- Have a valid email address on file
A NGAGE Checking account can be opened with a $25 minimum deposit. There is no minimum balance requirement or monthly service fee, but if the “member does not have an eDocument election, FSCU reserves the right to convert the NGAGE Checking account to a Freedom Checking account which may carry a recurring $3.00 per month account maintenance fee.” A free Visa debit card will be issued following account opening. Unlimited check writing is available; members age 50 or older receive one box of free standard checks. Unlimited nationwide ATM fees will be reimbursed monthly, if the qualifying requirements are met; an ATM receipt is required for reimbursement of individual ATM fees of $5 or higher. There is a limit of one NGAGE Checking account per Social Security number.
Opening an NGAGE Checking account automatically opens a companion NGAGE Saving account. Qualifying balances earn 1.25% APY up to $15k, with qualifying balances over $15k earning 0.50% (again, an unusually high second-tier rate), non-qualifying balances earn 0.05% APY.
The NGAGE Saving account has no monthly service fee or minimum balance requirement, and can be opened with a $5 minimum deposit.
Annual Earnings of Combined NGAGE Checking/Saving Accounts
The potential combined annual earnings of the NGAGE Checking (2.50% APY/$15k) and the NGAGE Saving (1.25% APY/$15k) is approximately $562 (1.875% APY/$30k).
Excess Share Insurance
In addition to NCUA insurance, Family Savings offers Excess Share Insurance.
First, NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000, but accounts may be structured in different ways — such as joint, payable-on-death or IRA accounts — to achieve federal coverage of more than $250,000.
Second, accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $750,000 by ESI. For example, if a member has a regular savings (share) account, checking (share draft) account and certificate of deposit (share certificate) that together add up to $1,000,000, then $250,000 is insured by NCUA and the remaining $750,000 is insured by ESI
Headquartered in Gadsden, Alabama, Family Savings Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, attend school, or regularly conduct business in the Alabama counties of Blount, Calhoun, Cherokee, Cleburne, DeKalb, Etowah, Jackson, Madison, Marshall, or St. Clair, eligible for membership.
Individuals who live or work in the Georgia counties of Bartow, Catoosa, Chattooga, Dade, Floyd, Gordon, Haralson, Paulding, Polk, or Walker also qualify for membership.
Given the number of counties included in the FOM, it’s a bit surprising that Family Savings does not have an online membership application. Joining Family Savings and/or opening an NGAGE Checking account can be done at any of the five Alabama branches located in Albertville, Anniston, Gadsden, Rainbow City, and Scottsboro, or the five Georgia branches located in Calhoun, Cartersville (2), Hiram, and Rockmart. As stated on the What’s New page,
All branch lobbies are OPEN. Members are still encouraged to utilize eservices such as mobile banking, online banking, remote check deposit and transactions by phone.
Our drive-thru's have discontinued offering full-service transactions including CO-OP Shared Branching.
A $5 minimum deposit in a Regular Share Savings account establishes a Family Savings membership.
Family Savings participates in both the CO-OP Shared Branch and ATM networks.
Credit Union Overview
Family Savings Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.70% (excellent), based on December 31, 2020 data. In the past year, Family Savings has increased its total non-brokered deposits by $130.78 million, an excellent annual growth rate of 34.73%. Please refer to our financial overview of Family Savings Credit Union (NCUA Charter # 68628) for more details.
Established in 1951, Family Services Credit Union’s founding members were seven Goodyear Tire and Rubber employees at the Gadsden plant, who each deposited $5.25. The original FOM only included employees at the Goodyear Gadsden plant. Over the course of several years, the FOM expanded to include other Goodyear plants and warehouses in Alabama and Georgia, and finally to include ten Alabama and ten Georgia counties. Family Services is currently the twelfth largest credit union headquartered in Alabama, with more than 65,000 members and assets in excess of $572 million.
How NGAGE Checking Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $15k, Family Savings Credit Union’s NGAGE Checking APY currently ranks fifth.
The above information and rates are accurate as of 5/22/2021.
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.