More than two years ago, KALSEE Credit Union (KALSEE) began promoting a new Kasasa Cash checking account. That account is still available and continues to earn 3.00% APY on qualifying balances up to $25k. This week, KALSEE took the unusual step of adding a second Rewards Checking Account: the Kasasa Cash+ account, which earns 4.25% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.35% APY, with non-qualifying balances not earning any interest.
Kasasa Cash+ Qualification Requirements
- At least 24 debit card purchases (twice the number required for Kasasa Cash account).
- Direct deposit(s) totaling at least $1k per month.
- Be enrolled in and agree to receive eStatements.
- Be enrolled and log into It’s Me 247 online or mobile banking.
The Kasasa Cash+ checking account has no minimum balance requirement or monthly service fee. Nationwide ATM fees will be reimbursed up to $25 per month if qualifications are met, with individual fees of $5.00 or greater requiring a receipt for reimbursement. There is a limit of one account per Social Security number.
KALSEE also added a companion Kasasa Saver account in January 2017 that still earns 1.00% APY, but the qualifying balance cap has been raised from $25k to $50k. Qualifying balances over $50k earn 1.50% APY (not a typo), with non-qualify balances not earning any interest. Like the Kasasa Cash+ account, the Kasasa Saver account has no minimum balance requirement or monthly service fee, and is limited to one account per Social Security number.
Thanks to DA reader, Ally6770, for the Forum post about this new high-rate Rewards Checking Account.
Headquartered in Kalamazoo in southwest Michigan, KALSEE Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, or attend school in the Michigan counties of Allegan, Barry, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, or Van Buren eligible for membership.
Immediate family members of the above mentioned individuals are also eligible for KALSEE membership, regardless of where they live.
If you receive a retirement annuity, pension, social security, or similar retirement payment from private or government sources, and live in, or belong to a retirement organization located in Kalamazoo County or an adjacent county, you are eligible to join.
Joining KALSEE and/or opening a CD can be done at any of five Michigan branches located in Kalamazoo (3), Portage, and Springfield. While there is an “Open an Account” button on a number of pages on KALSEE's website, the link isn’t working. I’ll update the status of the online application when I have more information.
Your initial deposit of $1.00 opens your savings
account, and is your share in the credit union.
KALSEE participates in both the CO-OP Share Branching and the Xtend Shared Branching networks.
Shared Branching Outlets are located across the United States and in countries across the world: Puerto Rico, Japan, South Korea, Italy and Germany. Be sure to look for the CO-OP Shared Branch (CU Service Center) or Xtend Shared Branch logo as you travel, or find a shared branch location near you, wherever you go.
Credit Union Overview
KALSEE Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.39% (excellent) based on December 31, 2018 data. In the past year, KALSEE has increased its total non-brokered deposits by $3.33 million, an above average annual growth rate of 2.18%. Please refer to our financial overview of KALSEE Credit Union (NCUA Charter # 61219) for more details.
KALSEE Credit Union was established in 1954 as the Lift Line Credit Union for the benefit of National Water Lift employees. In its 63-year history, KALSEE (an acronym for Kalamazoo South East Employees) has had three names, has merged with nine other local credit unions, and has expanded its charter three times. KALSEE currently has more than 23,000 members, with assets in excess of $186 million.
How the Kasasa Cash+ Compares
When compared to 66 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $25k, KALSEE Credit Union’s Kasasa Cash+ APY currently ranks first.
The above rates are accurate as of 5/14/2019.
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.