Hanscom FCU Adds Nationwide Kasasa Cash
Hanscom Federal Credit Union has just added Kasasa brand to its product line. The Kasasa Cash earns 2.50% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn 0.30% APY, with non-qualifying balances earning 0.01% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.50*% | - | $15k | Hanscom Federal Credit Union | Kasasa Cash Checking | |
| OTHER TIERS: 0.30% → $15k+ | |||||
Kasasa Cash Qualification Requirements
- At least 12 debit card purchases.
- Have at least 1 direct deposit (ACH) transaction post and settle.
- Be enrolled in and receive Online Statements.
The Kasasa Cash account has no minimum balance requirement or monthly service fees, and only requires a $1 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 per monthly qualification cycle. There is a limit of one Kasasa Cash account per Social Security number.
Kasasa Saver
The companion Kasasa Saver account earns 1.50% APY on qualifying balances up to $50k. Qualifying balances of $50k+ earn 0.30% APY, with non-qualifying balances earning 0.01% APY. Like the Kasasa Cash Checking, the Kasasa Saver can be opened with a $1 minimum deposit.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.50*% | - | $50k | Hanscom Federal Credit Union | Kasasa Saver | |
| OTHER TIERS: 0.30% → $50k+ | |||||
The Kasasa Saver account is only offered in conjunction with either the Kasasa Cash or Kasasa Cash Back account. In the event that you close your Kasasa Cash or Kasasa Cash Back account, we reserve the right to close your Kasasa Saver account.
48-month Certificate
About a year ago, I wrote about Hanscom FCU’s 48-month Certificate, which is currently earning 2.75% APY (25 bps higher than last April). The minimum opening deposit is $1k, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.75% | $1k | - | Hanscom Federal Credit Union | 48 Month CD w/ Premier Checking |
A Premier Checking (0.30% APY, no transactional activity requirement) account is required to open the 48-month Certificate. With the Kasasa Cash account now available, I had hoped it could be used instead of the Premier Checking when opening a 48-month Certificate. According to CSR and a CSR Supervisor, only a Premier Checking account qualifies.
According to the Checking Accounts page, the minimum balance requirement is an,
Average daily balance of $2,000 in checking or
$6,000 in all of your savings and loans with us.
If the minimum balance isn’t met, there is a $9.95 monthly fee, but the balance in the 48-month Certificate does count towards the $6k minimum.
As stated in the Disclosure for Personal Accounts booklet, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than one year: The penalty we may
impose will equal 180 days dividends on the amount withdrawn subject to penalty
CU Thrive
Hanscom FCU has been offering its CU Thrive automated savings program for about two years.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.00% | - | $6k | Hanscom Federal Credit Union | 12 Month CU Thrive - $500/mo. deposit max, does not renew |
While the rate is quite nice (3.00% APY), the limitations on the deposit amount ($6k max) restrict the earnings to about $90 a year. Even though it is promoted as a savings program, it’s more like a 12-month CD with a really small deposit cap.
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.
Availability
Headquartered at Hanscom ABF, Massachusetts, Hanscom Federal Credit Union’s field of membership (FOM) provides a way for almost anyone to join:
Easy Membership: Anyone who joins or is an active member in one of Hanscom FCU’s 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). The next to last option on the membership application reads, “I am a member of or will be joining a sponsoring member organization.”
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 qualify for membership.
Joining Hanscom FCU and/or opening a Kasasa Cash account can be done online or at any of 16 Massachusetts branches* located in Bedford (2), Beverly, Boston (5), Brockton, Burlington, Concord, Devens, Hanscom AFB, Jamaica Plain, Natick, and West Roxbury. Hanscom FCU also has a branch in McLean, Virginia, with restricted access.
*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.
Credit Union Overview
Hanscom Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.58% (excellent) based on December 31, 2017 data. In the past year, Hanscom FCU has increased its total non-brokered deposits by $77.05 million, an excellent annual growth rate of 7.37%. Please refer to our financial overview of Hanscom Federal Credit Union (NCUA Charter # 9095) for more details.
Hanscom Federal Credit Union was founded in 1953, with the original FOM comprised of 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) to become Massachusetts’s sixth largest credit. Hanscom FCU currently has over 81,000 members and assets in excess of $1.2 billion.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available nationwide and have maximum qualifying balances of at least $15k, Hanscom Federal Credit Union’s Kasasa Cash currently ranks fifth.
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.
How the Certificate Compares
When compared to the 167 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Hanscom Federal Credit Union's 48-month Certificate APY (promo rate) currently ranks second.
The above rates are accurate as of 4/8/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
