After a brief rate drop of about two weeks, Frankenmuth Credit Union's (Frankenmuth CU) Kasasa Cash (2.50% APY on qualifying balances up to $10k) and Kasasa Savings (1.25% APY on qualifying balances up to $100k) accounts have returned to their previous competitive levels.
|2.50*%||-||$10k||Frankenmuth Credit Union||Kasasa Cash|
|OTHER TIERS: 0.14% → $10k+|
|1.25*%||-||$100k||Frankenmuth Credit Union||Kasasa Saver|
|OTHER TIERS: 0.15% → $100k+|
Frankenmuth CU's Kasasa Cash account currently earns 2.50% APY on qualifying balances up to $10k; balances over $10k earn 0.14% APY, with any non-qualifying balances earning 0.01% APY. The Kasasa Cash account can be opened with a $15 minimum deposit and will earn the stated APY if the following requirements met:
- Complete at least 15 monthly Debit Card transactions
- Complete at least one ACH debit withdrawal
- Be enrolled in and receive e-Statements
The Kasasa Savings account (automatically linked to Kasasa Cash account) currently earns 1.25% APY on qualifying balances up to $100k; balances over $10k earn 0.15% APY, with any non-qualifying balances earning 0.03% APY. The Kasasa Cash account has no monthly service fee and does not require a minimum balance to earn rewards. There is no minimum deposit to open.
Since I last wrote about Frankenmuth Credit Union, the field of membership has expanded to included "anyone who lives, works, worships or was educated in the state of Michigan."
When I read "was educated," I assumed it was a typo; I was wrong. According to an extremely helpful CSR, anyone who attended any school (elementary, high school, university, etc.) in Michigan at any time is eligible for membership.
In addition, relatives of a current Frankenmuth CU member also qualify for membership.
Applying for membership can be done online or at any branch office. The online process is described this way:
Frankenmuth Credit Union will accept requests for membership electronically.
By requesting membership, you will receive a call from one of our Member Service
Representatives to verify that you qualify for membership. An application can be
mailed to you, but the information must be returned in person to one of our branch
locations or the information can be sent to you electronically for verification.
Opening a Kasasa Cash account at Frankenmuth CU can be done online or at any of 16 Michigan branches located in Birch Run (2), Cass City, Elkton, Essexville, Frankenmuth (2), Freeland, Millington, Otisville, Reese (2), Rockford, Saginaw (2), and Vassar (1).
Frankenmuth CU has become a member of the Xtend Shared Branching network, which gives members access to hundreds of credit union locations in Alabama, Florida, Illinois, Indiana, Michigan, Minnesota, Missouri, New York, Ohio, and South Dakota.
Credit Union Overview
Frankenmuth Credit Union (NCUA Charter # 61755) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 10.41% (excellent) based on December 31, 2015 data. In the past year, Frankenmuth CU has increased its total deposits by $56.44 Million, an excellent annual growth rate of 19.04%. Please refer to our financial overview of Frankenmuth Credit Union for more details.
Frankenmuth Credit Union was founded in 1964 by employees of Carling Brewery, with only the brewers and millers of Carling Brewery, Zeilinger Beverage, Geyer's Brewery, and Star of the West Milling, eligible for membership.
It wasn't uncommon in those early days when someone wanted a loan, if the
credit union didn't have enough in savings, for staff from the credit union to
walk around the brewery asking for additional deposits. People helping people!
With its change to a community charter in 1969, Frankenmuth CU began to grow and today has almost 33,000 members and assets in excess of $410 Million. In addition to the 16 full-service branches, this community-oriented credit union sponsors "Baby" Credit Unions in four local high schools, with services specifically for students and school staff. Frankenmuth Credit Union was named Credit Union of the Year for 2013 by the Michigan Credit Union League & Affliliates.
How the Kasasa Cash Account Compares
When compared to the 46 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available to Michigan residents, Frankenmuth Credit Union’s Kasasa Cash APY currently ranks in the top eight, with only three of those have qualifying balances greater than $20k. The following is a sampling of those eight accounts.
The above rates are accurate as of 3/16/2016.
To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our new Rates Map page.