Jolt Credit Union (MI) Adds Kasasa Brand

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Deal Summary: Kasasa Cash, 2.50% APY on qualifying balances up to $15k. Kasasa Saver, 1.50% APY on qualifying balances up to $50k.

Availability: 19 northern and mid-Michigan counties.

Jolt Credit Union (Jolt CU) recently added the Kasasa brand to its product line. The Kasasa Cash checking account earns 2.50% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.40% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%-$15kJolt Credit UnionKasasa Cash Checking
OTHER TIERS: 0.40% $15k+
Rates as of August 8, 2020.

The monthly qualification requirements are fairly standard:

  • At least 12 debit card purchases.
  • At least one direct deposit or ACH payment.
  • Be enrolled in agree to receive eStatements.

The Free Kasasa Cash account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed up to $25 per month, if qualifications are met. There is a limit of one account per Social Security number.

Kasasa Saver Account

Jolt CU’s Kasasa Saver account currently earns 1.50% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.40% APY, with non-qualifying balances earning 0.05% APY. The 1.50% APY and $50k balance cap on the Kasasa Saver account is noteworthy as an alternative to online savings accounts.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50*%-$50kJolt Credit UnionKasasa Saver
OTHER TIERS: 0.40% $50k+
Rates as of August 8, 2020.

The Kasasa Saver account is a companion account to the Kasasa Cash checking account. Earned interest on the Kasasa Cash account and ATM withdrawal fee reimbursements are automatically transferred to the Kasasa Saver account each month.

Annual Earnings of Combined Kasasa Cash/Saver Accounts

The maximum potential combined annual earnings of the Kasasa Cash (2.50% APY/$15k) and the Kasasa Saver (1.50% APY/$50k) is approximately $1,125 (1.73% APY/$65k).

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,

On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.

Ever wondered where the word “Kasasa” comes from? Its etymology is neither Greek nor Latin.

Put simply, we made it up.
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 Saginaw, Michigan, Jolt Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in any of the following 19 northern and mid-Michigan counties eligible to join.

    Arenac, Bay, Clare, Gladwin, Gratiot, Huron, Iosco, Isabella, Mecosta, Midland, Missaukee, Montcalm, Ogemaw, Osceola, Roscommon, Saginaw, Sanilac, Tuscola, or Wexford.

Relatives of current Jolt CU members are also welcome to apply.

Joining Jolt CU can be done online or at any of five full-service Michigan branches located in Bay City (2), Essexville, and Saginaw (2). While there is no online application for the Kasasa Cash account per se, there is an Online Checking Account Application, which is basically a Contact Me form.

A minimum $5 deposit in a Share Savings account establishes a Jolt CU membership.

Jolt CU participates in the CO-OP and Alliance One ATM networks.

Credit Union Overview

Jolt Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.91% (excellent) based on March 31, 2020 data. Jolt CU has an excellent capitalization level (12.30%), the result of holding assets of $351.38 million with $43.23 million in equity. Please refer to our financial overview of Jolt Credit Union (NCUA Charter # 68703) for more details.

Established in 1956 as Catholic Federal Credit Union, the Jolt rebrand occurred 14 months ago, when the credit union converted from a federally-chartered credit union to a state-chartered credit union. As stated in a May 2019 MLive.com article, the name and brand identity were changed to attract membership beyond the Catholic community.

“Jolt captures the essence and commitment to giving our members and community all we’ve got, every day and everywhere," said Alan Watson, president/CEO at Catholic Federal. "These are the benefits of membership our members have come to know and expect from us and our dedication to serving our membership remains as strong as ever.”

Jolt Credit Union is currently the 45th largest credit union in Michigan, with more than 26,000 members and assets in excess of $351 million.

How the Kasasa Cash 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, Jolt Credit Union’s Kansas Cash APY* currently ranks sixth.

Interest RateAccount NameCredit Union/Bank
3.30% APYVertical Checking ($20k max)Evansville Teachers Federal Credit Union
3.25% APYPanorama Checking ($15k max)Western Vista Federal Credit Union
3.04% APYKasasa Cash ($15k max)ELGA Credit Union
2.50% APYKansas Cash ($15k max)Jolt Credit Union

The above rates are accurate as of 7/24/2020.

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.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.

Related Pages: Flint checking accounts, reward checking accounts

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