In addition to the more traditional Kasasa Cash checking account most of us are familiar with, Magnolia Federal Credit Union (Magnolia FCU) has a Kasasa Giving Checking checking account that earns 3.50% APY on qualifying balances up to $10k. Qualifying balances of $10k+ and non-qualifying balances both earn 0.01% APY.
The "Giving" part of this Kasasa Giving Checking account is an "easy, mutually beneficial way for members to give."
For every qualifying swipe ($19.99 or more) of your debit card,
Magnolia will donate 3¢ to your choice of one of Magnolia's featured charities.
Kasasa Giving Checking Qualifying Requirements
- Have at least 10 debit card purchases
- Have at least one Direct Deposit or ACH transaction
- Receive monthly e-Statements
Magnolia FCU’s Kasasa Giving Checking has no minimum balance requirement, no monthly fees, and no penalty for not meeting account qualifications. Nationwide ATM fees will be reimbursed up to $25 per month, with individual ATM fees of $5 or higher requiring a receipt for reimbursement.
And if you don't qualify right away — it's okay! Your account is still free, and you can get
right back to racking up your full rewards during the very next monthly qualification cycle.
If you’re not in a "giving" frame of mind. Magnolia FCU also offers a standard Kasasa Cash Checking account that has the same qualifying requirements as the Kasasa Giving Checking, but only earns 2.75% APY on qualifying balances up to $10k.
Headquartered in Jackson, Magnolia Federal Credit Union is a primarily residency-based credit union, with individuals who live, work, worship, attend school, or volunteer in Copiah, Hinds, Leake, Madison, Rankin, northern Scott, and Simpson Counties, Mississippi eligible for membership.
Immediate family and household members of current Magnolia FCU members are also eligible to join.
Opening a Kasasa Giving Checking account can be done either online or in person at any of the above mentioned branch locations.
Credit Union Overview
Magnoia Federal Credit Union (NCUA Charter # 224) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 6.02% (excellent) based on December 31, 2015 data. In the past year, Magnolia FCU has increased its total deposits by $12.64 million, an excellent annual growth rate of 11.75%. Please refer to our financial overview of Magnolia Federal Credit Union for more details.
Magnolia Federal Credit Union was chartered in 1935 as the Veterans Administration Employees (Jackson, Mississippi) Federal Credit Union. The driving force behind this new credit union was W.S. Shipman, Manager of the Regional Office of U.S. Veterans Bureau. Mr. Shipman saw employees of the Jackson office being taken advantage of by predatory lenders and he, along with several of the Jackson office employees, took almost two years to learn everything they could about forming a credit union.
It took another 32 years to shorten the name (Jackson VA Federal Credit Union) and another 36 years to expand the field of membership and rebrand as Magnolia Federal Credit Union. Today, Magnolia FCU is the 8th largest credit in Mississippi, with more than 23,100 members and assets in excess of $140 million.
How the Kasasa Giving Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available to Jackson metropolitan area residents and have maximum qualifying balances of at $10k, Magnolia Federal Credit Union’s Kasasa Giving Checking APY currently ranks first.
The above rates are accurate as of 4/19/2016.
To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our new Rates Map page.