Gulf Coast Federal Credit Union (TX) Has New Rewards Checking Account
DA has recently started tracking the Kasasa brand products offered by Gulf Coast Federal Credit Union (GCFCU). According to CSR, the Kasasa Cash Checking, Kasasa Cash Back, and Kasasa Saver accounts were added to the product line toward the beginning of the year.
The Kasasa Cash Checking's initial 3.00% APY on qualifying balances up to $15k is still in effect. Qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.00*% | - | $15k | Gulf Coast Federal Credit Union | Kasasa Cash Checking | |
| OTHER TIERS: 0.61% → $15k+ | |||||
The monthly qualification requirements include,
- At least 12 debit card transactions
- At least one direct deposit, ACH credit, or ACH payment transaction
- Be enrolled in and agree to receive e-Statements
The Kasasa Cash Checking account has no minimum balance requirement, no monthly service fee, but does require a $25 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month, if qualifying requirements are met. Unlimited checking writing is available and a free debit card will be issued following account opening. There is a limit of one account per Social Security number and a Kasasa Cash Checking account may not be used as a commercial account. A Kasasa Cash Checking is required to have a linked Kasasa Saver account.
Kasasa Saver Account
GCFCU also offers a Kasasa Saver account, as a companion account to Kasasa Cash Checking and Kasasa Cash Back accounts. Earned rewards automatically sweep to this account each month. The Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.00*% | - | $50k | Gulf Coast Federal Credit Union | Kasasa Saver | |
| OTHER TIERS: 0.50% → $50k+ | |||||
Like the Kasasa Cash Checking account, the Kasasa Saver has no monthly service charge or minimum balance requirement, but the minimum opening deposit is a low $5. There is a limit of one Kasasa Saver account per Social Security number and it may not be used for commercial purposes.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash Checking account (3.00% APY/$15k) and a Kasasa Saver account (1.00% APY/$50k) is approximately $950 (1.46% APY/$65k), which is a very competitive APY for a good sized balance in a rewards checking/saver combo.
Kasasa Cash Back
GCFCU’s Kasasa Cash Back account earns 3.00% cash back on up to $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,600, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account, as the maximum annual earnings for the Kasasa Cash Back account is $108 ($9 per month).
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 Corpus Christi, Texas, Gulf Coast Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Texas counties of Jim Wells, Nueces, and San Patricio eligible to join.
Immediate family members of current GCFCU members also qualify for membership, regardless of where they live or work.
Joining GCFCU and/or opening a Kasasa brand product must be done at any of four Texas branches located in Alice, Corpus Christi (2), and Portland.
Simply bring in $7.50 to anyone of our convenient branch locations. $5.00 must stay in the share account (savings) at all times to keep the account open and the $2.50 is a one-time membership fee.
I asked CSR if GCFCU had any plans for adding an online membership application and/or an online Kasasa product application. She stated the online membership application is “in the works,” but she wasn’t certain if the Kasasa products would be included in that application.
Credit Union Overview
Gulf Coast Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.14% (excellent) based on March 31, 2021 data. In the past year, GCFCU has increased its total non-brokered deposits by $34.47 million, an excellent annual growth rate of 19.52%. Please refer to our financial overview of Gulf Coast Federal Credit Union (NCUA Charter # 4060) for more details.
Founded in 1940, Gulf Coast Federal Credit Union “transitioned from numerous core groups and now proudly has a community charter.” At the beginning of the year, GCFCU unveiled its in-house Interaction Center, “a full-service department created to provide a new level of service for members who prefer speaking to a live, local representative or conducting transactions without visiting a branch.” With nearly 16,000 members and assets in excess of $267 million, GCFCU is the 82nd largest credit headquartered in Texas.
How the Kasasa Cash 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, Gulf Coast Federal Credit Union’s Kansas Cash Checking APY currently ranks third.
The above rates are accurate as of 7/15/2021.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
