Keesler Federal Credit Union Rewards Checking Offers Top Rate
Keesler Federal Credit Union (KFCU) began offering very competitive Kasasa brand products in May 2020. The Kasasa Cash account's initial 3.00% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.40% APY (an unusually high rate for a second-tier APY), with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.00*% | - | $25 | Keesler Federal Credit Union | Kasasa Cash | |
| OTHER TIERS: 0.40% → $25k+ | |||||
The qualification requirements have remained the same and include,
- At least 12 debit card transactions
- At least one direct deposit, ACH credit, or ACH payment transaction
The Kasasa Cash account has no minimum balance requirement, no monthly service fee, but does require a $25 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month, if qualifying requirements are met. Unlimited checking writing is available and a free debit card will be issued following account opening. There is a limit of one account per Social Security number and a Kasasa Cash account may not be used as a commercial account. If the Kasasa Cash account is closed, any rewards that have not been credited to your account will be forfeited. A Kasasa Cash is required to have a linked Kasasa Saver account.
Kasasa Saver Account
KFCU also offers a Kasasa Saver account, as a companion account to Kasasa Cash and Kasasa Cash Back accounts. Earned rewards and ATM fee reimbursements automatically sweep to this account each month. The Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $150k; qualifying balances over $150k earn 0.40% APY (an unusually high rate for second-tier APY), with non-qualifying balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.00*% | - | $150k | Keesler Federal Credit Union | Kasasa Saver | |
| OTHER TIERS: 0.40% → $150k+ | |||||
Like the Kasasa Cash account, the Kasasa Saver has no monthly service charge or minimum balance requirement, and can be opened with a $25 minimum deposit. There is a limit of one Kasasa Saver account per Social Security number and it may not be used for commercial purposes. If a Kasasa Saver account is closed, any rewards that have not been credited to your account will be forfeited.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash account (3.00% APY/$25k) and a Kasasa Saver account (1.00% APY/$150k) is approximately $2,250 (1.28% APY/$175k). Maintaining a $50k balance in a Kasasa Saver would generate annual earnings of approximately $1,250 (1.67% APY/$75k). These are excellent APYs for such large balances in a rewards checking/saver combo.
Kasasa Cash Back
KFCU’s Kasasa Cash Back account earns 3.00% cash back on up to $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,600, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account, as the maximum annual earnings for the Kasasa Cash Back account is $108 ($9 per month).
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,
Kasasa: the free checking account that rewards each month for doing things you already do.
By performing certain actions valuable to your bank or credit union, like using your debit card or online banking, your institution makes more money, which they share with you in the form of rewards.
In case you were wondering, “Kasasa” is just a made-up word.
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 Biloxi, Mississippi, Keesler Federal Credit Union’s field of membership (FOM) has changed four times in as many years. The easy membership requirement (EMR) through the American Cancer Society Cancer Action Network (ACS CAN) is now available only to residents of Alabama, Louisiana, and Mississippi.
A Short History of Recent FOM Changes – In August 2018, KFCU added a 7-month Share Certificate Special earning 5.00% APY. With so many out-of-area inquiries about that great rate, KFCU decided to expand 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 KFCU’s Step Certificates in January 2020, the FOM once again included all U.S. citizens or resident aliens, regardless of residency status. By early May 2020, the limited EMR was back and has been in effect since that time.
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 ACS CAN, a “nonprofit, nonpartisan advocacy affiliate of the American Cancer Society.”
The online application does not specify if it’s necessary to join ASC CAN first and then apply to KFCU, or if it’s possible to join both simultaneously. In a Live Chat, CSR stated,
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 Copiah, Hinds, Holmes, Jackson, Lincoln, Madison, Rankin, Simpson, Warren, or Yazoo are eligible to join. Also qualifying for membership are those who live, work, worship, or attend school in select census tracts in Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, or St. Tammany Parishes, Louisiana, or Mobile County, Alabama.
Employment – Employee and/or members of more than 500 SEGs are eligible for membership.
Military Relationship – Active or retired military who can use the services at Keesler Air Force Base or at the 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.
The “Join the Family” page also states,
If you’re not sure you’re eligible, contact us and we’ll help you with additional options for qualifying for membership.
Joining Keesler Federal Credit Union and/or opening a Kasasa Cash, Kasasa Cash Back, or Kasasa Saver account(s) can be done online, or at any of the 29 Mississippi, six Louisiana, or two Alabama branch locations.
All branches are open regular business hours. We strongly encourage members who must visit a branch for all non-teller line or drive-thru business to use our Appointment Scheduling System. This will reserve your spot and reduce wait times.
A minimum deposit of $5.00 in a Primary Share account is required to establish a KFCU 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 1.47% (excellent) based on March 31, 2021 data. In the past year, KFCU has increased its total non-brokered deposits by $863.61 million, an excellent annual growth rate of 34.75%. 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 74th year of operation, KFCU is the largest credit union in Mississippi and the 81st largest credit union in the nation, with nearly 274,000 members and assets in excess of $3.9 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.
The above rates are accurate as of 7/12/2021.
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.
Have you called Keesler yourself, - and what do they say?