At the beginning of the month, Hanscom Federal Credit Union (Hanscom FCU) raised the rate on its CU Thrive automated savings program to 5.00% APY. Deposits can only be made by monthly deposits of up to $500. With a 12-month term, the maximum deposit is $6k.
CU Thrive was added to the product line more than five years ago, with an initial 3.00% APY. The rate was raised to 5.00% APY in November 2018 and remained in effect until February 2020. Within two months, the rate dropped to 2.00% APY, where it remained until last week.
According to the fine print on the CU Thrive landing page,
No minimum balance requirements apply to this account.
Rates for a CU Thrive Account are fixed for the full term (12 months) with a maximum contribution amount of $500 per month.
You may schedule transfers up to $500.00 (minimum $5.00) each month from a Hanscom FCU checking account.
This account will not automatically renew at maturity.
There can only be one CU Thrive account open per membership.
The CU Thrive account is subject to an Early Withdrawal Penalty (EWP). As stated in the Disclosure for Personal Accounts booklet, the EWP reads as follows:
If your account has an original maturity of one year or less: The penalty we may
impose will equal 90 days dividends on the amount withdrawn subject to penalty
While the rate is excellent, the limitations on the additional deposit amounts ($500 per month) restrict the maximum earnings to somewhere between $139 and $165, depending on when the monthly $500 contribution is made. For example, if the $500 deposit occurs consistently at the end of the month, the earnings would be approximately $139; depositing $500 at the beginning of the month would result in total earnings of around $165. A good middle point estimate of maximum earnings would be $150 (based on ($6000/2)*0.05 = $150).
Kasasa Cash Back
The Hanscom FCU Kasasa Cash Back account currently earns 5.00% cash back on up to $200 in monthly debit card purchases, with maximum annual earnings of $120 ($10 per month).
Opening both a CU Thrive account and a Kasasa Cash Back account could yield annual earnings of approximately $270, which is an excellent return on a relatively small deposit amount. Earning $270 in an online savings account, with the current top rate of 0.60% APY, would require approximately $45k on deposit for a year.
Other Kasasa Products
Hascom FCU’s Kasasa Cash Checking currently earns 1.00% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn 0.10% APY, with non-qualifying balances earning 0.01% APY.
The monthly qualification requirements include,
- At least 12 debit or credit card purchases
- At least one ACH Credit/Debit deposit
- Be enrolled in and receive Online Statements
The companion Kasasa Saver account earns 1.00% APY on qualifying balances up to $50k. Qualifying balances of $50k+ earn 0.10% APY, with non-qualifying balances earning 0.01% APY.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash Checking account (1.00% APY/$15k) and a Kasasa Saver account (1.00% APY/$50k) is approximately $650 (1.00% APY/$65k), which is a competitive APY for a moderate-sized balance in a rewards checking/saver combo.
Funding an Account
As stated in the FAQs, there are a variety of ways to fund an account:
- You can mail the deposit.
- Easy Deposit service, which allows you to scan checks directly to your online banking account while logged in.
- You can come into one of our branch locations.
- You can request a wire from your other financial institution.
- You can visit a CO-OP Shared Branch to make a deposit.
- You can transfer funds electronically from another financial institution using out free “Transfer Money” service.
Headquartered at Hanscom ABF, Massachusetts, Hanscom Federal Credit Union’s field of membership (FOM) allows almost any U.S. citizen or resident alien to join:
Easy Membership: The next to last option on the membership application reads, “I am a member of or will be joining a sponsoring member organization.”
Anyone who joins or is an active member in one of three sponsoring member organizations qualifies for Hanscom FCU membership: Nashua River Watershed Association ($35 fee), Air Force Association, Paul Revere Chapter ($20 intro rate fee), or the Burlington Players (Massachusetts).
Military Relationship: All active duty and retired military members are eligible to join.
Government Employment: All active and retired Federal Government employees in Massachusetts qualify for membership.
Select Employee Groups: Employees of more than 250 Select Employee Groups are eligible to join. A complete list is available on the first page of the online application.
Relationship: Immediate family members (spouse, child, sibling, parent, grandparent, grandchild, including step- and adoptive relationships) of current members are welcome to apply.
Joining Hanscom FCU and/or opening a CU Thrive account (or any other account) can be done online or at any of 20 Massachusetts branches* located in Bedford (2), Beverly, Boston (6), Brockton, Burlington, Cambridge, Concord, Devens, Hanscom AFB, Jamaica Plain, Littleton, Natick, North Billerica, and West Roxbury. Hanscom FCU also has a restricted-access branch in McLean, Virginia.
Due to state or local requirements, visitors must wear face coverings in our branches. Thank you for your cooperation.
*Note: More than half of the branches are located in Federal Government buildings and have restricted access.
Visitors must have a valid picture ID and are required to submit to a security screening process.
Opening a Primary Share Savings account with a $25 minimum deposit establishes a Hanscom FCU membership.
Hanscom FCU participates in both the CO-OP Shared Branch network and ATM network, giving members access to “thousands of CO-OP Shared Branches around the country and overseas.”
Credit Union Overview
Hanscom Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.15% (excellent) based on June 30, 2021 data. In the past year, Hanscom FCU has increased its total non-brokered deposits by $123.59 million, an excellent annual growth rate of 8.61%. Please refer to our financial overview of Hanscom Federal Credit Union (NCUA Charter # 9095) for more details.
Founded in 1953, Hanscom Federal Credit Union’s original FOM was exclusive to the employees of the Air Force Research Lab in Cambridge, Massachusetts. In addition to organic growth and FOM expansion, Hanscom FCU merged with Milestone FCU (2006), North Shore Manufacturers Federal Credit Union (2013), and Touchstone Federal Credit Union (2017). Currently Massachusetts’s fifth largest credit, Hanscom FCU has more than 91,000 members and assets in excess of $1.7 billion.
The above information and rates are accurate as of 10/7/2021.