Fitzsimons (CO) Has Top Rate Kasasa Cash Checking

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Deal Summary: Kasasa Cash Checking, 3.00% APY on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $100k.

Availability: Residents of three metro Denver counties.

It’s been nearly 15 years since I wrote about the former Fitzsimons Federal Credit Union. Obviously, the Credit Union has evolved since 2005, but last eight months have produced major changes.

  • Field of membership expansion, more than tripling the number of eligible individuals,
  • Rebranded as Fitzsimons,
  • New website,
  • New online application, and
  • Kasasa brand added to product line

Added in March, the Kasasa Cash Checking account and Kasasa Saver account (when combined) give Fitzsimons members the ability to earn a high rate (higher than online savings account rates) on a relatively large balance. The Kasasa Cash Checking account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$25kFitzsimons Credit UnionKasasa Cash Checking
OTHER TIERS: 0.25% $25k+
Rates as of October 29, 2020.

The Monthly Qualification Requirements include,

  • At least 15 PIN-based/signature debit card purchases
  • At least one direct deposit, ACH credit, or ACH payment transaction
  • Be enrolled in eStatements

The Kasasa Cash Checking has no monthly maintenance fees, minimum balance requirements, or minimum opening deposit. Unlimited nationwide ATM fees will be automatically reimbursed up to $25 per monthly cycle, if the qualifying requirements are met. There is a limit of one Kasasa Cash Checking account per Social Security number and may not be used for commercial purposes. Kasasa Cash Checking accounts are required to have a Kasasa Saver account.

Kasasa Saver Account

Fitzsimons’ Kasasa Saver account earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$100kFitzsimons Credit UnionKasasa Saver
OTHER TIERS: 0.25% $100k+
Rates as of October 29, 2020.

Earned rewards from the Kasasa Cash Checking account and ATM fee reimbursements are automatically transferred to a linked Kasasa Saver each month. Like the Kasasa Cash Checking account, the Kasasa Saver has no monthly maintenance fee, minimum balance requirement, or minimum deposit and is limited to one account per Social Security number.

Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash Checking (3.00% APY/$25k) and the Kasasa Saver (1.00% APY/$100k) is approximately $1,750 (1.40% APY/$125k).

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 Aurora, Colorado, Fitzsimons’ field of membership (FOM) officially expanded ten days ago, with individuals who live, work, worship, or attend school in the Colorado counties of Adams, Arapahoe, or Denver now eligible to join. Membership was previously limited to the residents of five communities in the Denver metro area.

Joining Fitzsimons and/or opening a Kasasa Cash Checking account can be done online, or at either of two Colorado branches, both located in Aurora. Other than safety tips offered by the CDC, Fitzsimons’ COVID-19 page doesn’t list any limitations on in-branch access or transactions.

Establishing a new Fitzsimons membership requires opening a Share Savings account ($5 minimum deposit) and paying a one-time $5 new account fee.

Fitzsimons participates in both the CO-OP Shared Branch and ATM networks, giving members access to 5,500 shared branch locations and more than 30,000 surcharge-free ATMs across the country.

Credit Union Overview

Fitzsimons has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.94% (excellent), based on June 30, 2020 data. In the past year, Fitzsimons increased its total non-brokered deposit by $14.45 million, an excellent annual growth rate of 9.27%. Please refer to our financial overview of Fitzsimons (NCUA Charter # 10572) for more details.

Established in 1955 as the Fitzsimons Army Hospital Federal Credit Union (FAHFCU), there were 15 founding members and assets totaling only $360. For 40 years, FAHFCU provided financial services primarily for active service members, local veterans, and the healthcare workers of Fitzsimons Army Hospital and National Jewish Health. The U.S. Army announced in 1995 that Fitzsimons Army Medical Center would be closing, prompting the adoption of a community charter that was limited to Aurora, Colorado. As of September 29, 2020, the FOM expanded to include three Denver metro area counties. Fitzsimons is currently the 19th largest credit union headquartered in Colorado, with nearly 20,000 members and assets in excess of $205 million.

How the Kasasa Cash Checking Compares

When compared to 77 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $25k, Fitzsimons’ Kasasa Cash Checking APY currently shares the top spot with Horizons North Credit Union’s Kasasa Cash APY.

Interest RateAccount NameCredit Union/Bank
3.00% APYKasasa Cash Checking (up to $25k)Fitzsimons
2.50% APYKasasa Cash (up to $25k)The Bank of Denver
2.25% APYAdvantage Checking (up to $25k)Presidential Bank (MD)

The above rates are accurate as of 10/8/2020.

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.

Related Pages: Denver checking accounts, reward checking accounts

Comments
$75 Bonus for Checking Account at Colorado CU
Fitzsimons Community Federal Credit Union is offering $75 bonus dividend to members who open a new checking account in December. For a change, a bonus doesn't seem to require direct deposit. The only requirement is that you perform at least 6 transactions during the first 60 days. The transactions can include debit card transactions. The rules also states that you must return this coupon to receive the bonus. I assume the coupon would be a copy of the webpage.

The rules don't specify which type of checking account qualifies so I...

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