Liberty First Credit Union (Liberty First CU) has increased both the rate and the balance cap on its Kasasa Cash, which now earns 4.00% APY on qualifying balances up to $40k. Qualifying balances over $40k earn 0.15% APY, with all non-qualifying balances still earning 0.05% APY.
The Kasasa Cash was added to the product line in July 2014, with an initial 2.50% APY up to $25k. More than a year ago, the rate was raised to 3.00% APY on qualifying balances of $30k.
The qualifying requirements are fairly standard:
- Have at least 12 check card purchases
- Have at least one direct deposit or ACH transaction
- Be enrolled in and log into Online Access
- Be enrolled in and receive e-Statements
Liberty First CU’s Kasasa Cash has no minimum balance requirement or monthly fees, but does require a $50 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $15 per month, with individual ATM fees of $5 or higher requiring a receipt for reimbursement. There is a limit of one account per Social Security number.
Thanks to the DA reader who emailed me about the Kasasa Cash account changes.
Kasasa Cash Background
Kasasa Cash is a high-yield reward checking account that’s powered by the company Kasasa, LTD. Reward checking has been around for more than 10 years, and they have been a good alternative to internet savings accounts. However, in the last year, reward checking has lost some of its luster as internet savings account rates have risen while most reward checking rates have held steady.
It’s nice to see a reward checking with rate increases comparable to the increases we’ve seen on internet savings accounts. Unfortunately, the narrow field-of-membership limits most DA readers from joining, but this is an encouraging sign that some institutions are able to raise reward checking rates and balance caps in this rising interest rate environment. Hopefully, we’ll see other institutions offering 4% for up to $40k on their reward checking accounts.
Headquartered in Lincoln, Nebraska, Liberty First Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in Lancaster or Seward Counties eligible to join.
Individuals who live outside of Lancaster and Seward Counties can join if they are related by blood, marriage, or adoption to current members or membership-eligible individuals.
Liberty First CU’s FOM also includes 20 SEGs whose employees qualify for membership. The largest of these SEGs is the Burlington Northern Santa Fe Railway and its subsidiaries.
Joining Liberty First CU can be done online, or at any of five Nebraska branches, located in Lincoln (4) and Seward. The membership application is also available as a download and can be returned either in person or by fax.
In addition to the new APY and balance cap, the way to open a Kasasa Cash account has changed – online only.
Liberty First Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.46% (excellent) based on September 30, 2018 data. In the past year, Liberty First CU has increased its total non-brokered deposits by $12.76 million, an excellent annual growth rate of 7.71%. Please refer to our financial overview of Liberty First Credit Union (NCUA Charter # 63757) for more details.
Liberty First Credit Union was originally founded in 1935 as the Burlington Employees Cooperative Credit Association, for the benefit of the employees of the Chicago, Burlington & Quincy Railroad. Less than 10 years later, the Credit Union converted from a credit association to a credit union. Liberty First CU is currently the fourth largest credit union in Nebraska, with more than 26,000 members and assets in excess of $260 million.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the FOM and have maximum qualifying balances of at least $40k, Liberty First Credit Union’s Kasasa Cash APY currently ranks first.
The above rates are accurate as of 12/31/2018.
Interested in opening a Reward Checking Account? Please refer to our High Yield Reward Checking Account Rates Table page for both nationwide and state-specific accounts.