Availability:Polk County, Florida and certain zip code market areas within Hillsborough County, Florida
Early this month Magnify Credit Union raised the rate on its rewards checking account, called Kasasa Cash, by 75 basis points to 3.00% APY for balances up to $10K. It’s now a competitive reward checking account. The credit union began promoting the account early last year. You can see the credit union’s CEO talk about the account in this ad/interview. We began tracking this account last July when the top rate was 2.25%. The credit union also offers other Kasasa accounts including the Kasasa Saver, Kasasa Cash Back, Kasasa Tunes and Kasasa Giving. The Kasasa Saver can sometimes be a useful companion account to Kasasa Cash accounts, but I don’t see an advantage of this Kasasa Saver account since its top interest rate is only 0.25% which is the same as the Kasasa Cash interest rate for balances over $10K. This post will just review the Kasasa Cash account since it’s the most appealing account to savers. Please refer to Magnify Credit Union’s Kasasa page for details about all of the Kasasa accounts.
As described at Magnify Credit Union’s Kasasa Cash page, the account offers the following rewards when certain monthly requirements are met:
- 3.00% APY on balances up to $10,000
- 0.25% APY on portion of balance over $10,000
- 0.05% APY on all balances if requirements are not met
- Nationwide ATM fee refunds of up to $20 per month
The following monthly requirements must be met to qualify for the above rewards:
- 12 debit card purchases
- log into internet banking
- receive e-statements
Even if the above requirements are not met, the Kasasa Cash account is free with no monthly service fees or minimum balance requirements. There is a minimum $100 opening deposit.
To open an account with Magnify Credit Union you must be a resident of Polk County, Florida or reside within certain zip code market areas within Hillsborough County, Florida. You are also eligible for membership if you have an immediate family member who is eligible for membership, whether they are members or not.
U.S. citizens who are are eligible for membership can apply online. This can be done by clicking on the "join now" button at the Magnify Credit Union membership page. You can also join the credit union at any of its branches located in the Florida cities of Bartow, Lakeland, Mulberry and Winter Haven.
Credit Union Overview
Magnify Credit Union is part of the CO-OP network. This gives Magnify Credit Union members access to more than 5,000 branches and nearly 30,000 surcharge-free ATMs nationwide. Please refer to my overview of shared branch networks for more details.
Magnify Credit Union has an overall health grade of a "C+" at DepositAccounts.com, with a Texas Ratio of 17.88% (above average), as of September 30, 2014. In the past year, the credit union has decreased its total deposits by $6.35 Million resulting in a shrinkage rate of 9.83%. This may be one reason for the rate increase. Please refer to our financial overview of Magnify Credit Union for more details.
How This Kasasa Cash Account Compares
There are a few nationally available reward checking accounts with higher rates and larger balance caps. Nevertheless, Magnify Credit Union’s Kasasa Cash Account offers rates and a balance cap that are close to these. Below is a comparison:
The above rates are accurate as of 1/22/2015.