Many thanks to DA reader, Jack11, for his recent Forum post about the new rewards checking account (RCA) offered by Keesler Federal Credit Union (KFCU).
I think this might be new because I had not heard of it until I got an email about an hour ago.
KFCU's Kasasa Cash account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.40% APY, with non-qualifying balances earning 0.05% APY.
|3.00*%||-||$25||Keesler Federal Credit Union||Kasasa Cash|
|OTHER TIERS: 0.40% → $25k+|
There are two qualification cycle requirements:
- At least 12 debit card transactions.
- At least one Direct Deposit, ACH credit, or ACH payment instruction.
The Kasasa Cash account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit requirement. 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. If the Kasasa Cash account is closed, any rewards that have not been credited to your account will be forfeited.
Kasasa Saver Account
KFCU is also offering a Kasasa Saver account, as a companion account to the Kasasa Cash Checking account. Each month, earned cash checking rewards and ATM withdrawal fee refunds automatically sweep to this account. The Kasasa Saver account earns 1.00% APY on qualifying balances up to $150k; qualifying balances over $150k earn 0.40% APY, with non-qualifying balances earning 0.05% APY.
|1.00*%||-||$150k||Keesler Federal Credit Union||Kasasa Saver|
|OTHER TIERS: 0.40% → $150k+|
Headquartered in Biloxi, Mississippi, Keesler Federal Credit Union’s field of membership (FOM) has changed for the fourth time in two years. The easy membership through the American Cancer Society Cancer Action Network is now available only to residents of Alabama, Louisiana, and Mississippi.
In August 2018, KFCU added a 7-month Share Certificate Special earning 5.00% APY. That outstanding rate resulted in so many out-of-area inquiries, KFCU expanded its FOM, making almost all U.S. citizens and resident aliens eligible for membership. Sometime during late spring 2019, KCU placed geographic limitations on the ACS CAN option, effectively wiping out the nationwide availability. When I wrote about KFC’s Step Certificates in January 2020, the FOM once again included all U.S. citizens or resident aliens, regardless of residency status.
Limited Easy Membership – The fourth option on the Eligibility page of KFCU’s online membership application is “I am a member of the following association.” The first association listed is the (ACS CAN), a “nonprofit, nonpartisan advocacy affiliate of the American Cancer Society.”
I asked in a Live Chat if it was necessary to join ASC CAN first and then apply to KFCU, or was it possible to join both simultaneously. CSR replied,
You can go ahead and select the ACSCAN and submit your application. Once we
receive it, we will send you the [ACSCAN] form that will need to be filled out for that.
Residency – Individuals who live, work, worship, or attend school in the Mississippi counties of Forrest, Hancock, Harrison, or Pearl River, or select census tracts in the counties of Hinds or Jackson are eligible to join. Also qualifying for membership are those who live, work, worship, or attend school in select census tracts in St. Tammany or Orleans Parishes, Louisiana, or Mobile County, Alabama.
Employment – Employee and/or members of more than 300 SEGs (listed on the online application) are eligible for membership.
Military Relationship – Active or retired military who can use the services at Keesler Air Force Base or at Royal Air Force Bases in the UK qualify for membership.
Family Relationship – Immediate family members (spouse, parent, grandparent, sibling, child, grandchild, significant other) of a current KFCU member are welcome to apply.
Joining Keesler Federal Credit Union and/or opening a Kasasa Cash account can be done online. Surprisingly, almost all KFCU branch lobbies are open for walk-in transactions (such as joining and/or opening a Kasasa Cash account), but with some limitations.
Effective immediately, we are limiting the number of members in a branch at one time in accordance with CDC guidelines for social distancing.
There are a few exceptions: Biloxi-KAFB Triangle and Stennis Space Center branch locations are closed until further notice. Biloxi-KAFB Larcher, New Orleans Mid-City, and Metairie Lakeside have lobby service by appointment only.
A minimum deposit of $5.00 in a Primary Share account is required to establish membership.
In addition to participating in the CO-OP Shared Branch network, KFCU also offers its members access to the CO-OP ATM network.
Credit Union Overview
Keesler Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.29% (excellent) based on December 31, 2019 data. In the past year, KFCU has increased its total non-brokered deposits by $81.87 million, an excellent annual growth rate of 3.62%. Please refer to our financial overview of Keesler Federal Credit Union (NCUA Charter # 5561) for more details.
Chartered in 1947, Keesler Federal Credit Union was established by ten civil services employees at Keesler Field, the predecessor of Keesler AFB. At the end of the first year of operations, KFCU had approximately 270 members and $7k in assets. In its 73rd year of operation, KFCU is the largest credit union in Mississippi, with nearly 248,000 members and assets in excess of $3 billion.
How the Kasasa Cash Compares
Given KFCU’s multi-state FOM, a comparison to nationally available RCAs is appropriate. When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationally available and have maximum qualifying balances of at least $25k, Keesler Federal Credit Union’s Kansas Cash APY* currently ranks first along with The Bank of Denver's Kasasa Cash Checking.
The above rates are accurate as of 5/23/2020.
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.