New Dimension Fed Credit Union (ME) Has Competitive Kasasa Products

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Deal Summary: Kasasa Cash, 2.50% APY, on qualifying balances up to $15k. Kasasa Saver, 1.00% APY, on qualifying balances up to $25k.

Availability: Residents of Franklin, Kennebec, Somerset, and Waldo Counties, Maine.

New Dimensions Federal Credit Union (NDFCU) has been offering Kasasa brand products since 2017. The Kasasa Cash’s initial 2.50% APY on qualifying balances up to $15k is still in effect. Qualifying balances of $15k+ earn 0.25% APY, with non-qualifying balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%-$15kNew Dimensions Federal Credit UnionKasasa Cash
OTHER TIERS: 0.25% $15k+
Rates as of April 19, 2021.

The monthly qualifying requirements are fairly standard and include,

  • At least 12 debit card purchases ($2 minimum each)
  • At least one ACH debit or credit transaction
  • Enroll in and agree to receive eStatements

The Kasasa Cash account has no monthly service fee, no minimum balance requirement, and no minimum opening deposit requirement. Unlimited check writing is available and a free Visa debit card will be issued following account opening. Nationwide ATM fees will be reimbursed up to $20 per month (maximum $4.99 per single transaction), if the qualifying requirements are met. A receipt must be presented for reimbursements of individual ATM fees of $5 or higher. (NDFCU participates in the FREE SURF ATM network, which has more than 230 ATMs throughout Maine.) There is a limit of one Kasasa Cash account per Social Security number and account holders must be at least 18 years old.

Purpose and Use Expectations

The Kasasa Cash Disclosure document contains the standard usage admonition including,

New Dimensions Federal Credit Union (NDFCU) reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion to meet their monthly qualifications may have their accounts converted to a different type of share draft account or closed altogether. The linked Kasasa Saver will also be closed if the Kasasa Cash account is converted or closed.

Kasasa Saver

The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualify balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$25kNew Dimensions Federal Credit UnionKasasa Saver
OTHER TIERS: 0.25% $25k+
Rates as of April 19, 2021.

Kasasa Cash/Kasasa Cash Back earned rewards and ATM fee reimbursements are automatically transferred to the linked Kasasa Saver account each month. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement, monthly service fee, or minimum opening deposit requirement. There is a limit of one Kasasa Saver account per Social Security number and account holders must be at least 18 years old.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash (2.50% APY/$15k) and the Kasasa Saver (1.00% APY/$25k) is approximately $625 (1.56% APY/$40k).

Kasasa Cash Back

NDFCU offers a Kasasa Cash Back account that earns 2.00% cash back on the first $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $2,900, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account, as the maximum annual earnings for the Kasasa Cash Back account is $72 ($6 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 Waterville, Maine, New Dimensions Federal Credit Union’s field of membership (FOM) has expanded since my 2016 NDFCU blog post, with two new counties added. Individuals who live, work, worship, or attend school in the Maine counties of Franklin, Kennebec, Somerset, or Waldo are eligible to join. Businesses and other legal entities located in any of those Maine counties also qualify for membership.

Immediate family or household members of those eligible for membership are also eligible to join.

As stated on NDFCU’s Membership page, immediate family is defined in this instance as “grandparents, parents, step-parents, spouses, siblings, step-siblings, children, step-children, adopted children, and grandchildren.”

Household members is defined as “persons living in the same residence and who maintain a single economic unit, including family members, domestic partners, foster children, and legal guardian relationships.”

Joining NDFCU and/or opening a Kasasa brand product can be done online, or in-person at any of the four full-service Maine branches, located in Augusta, Skowhegan, Waterville, and Winslow.

The initial deposit into your new account is minimal ($5 for kids under the age of 18 and $25 for anyone 18 and older) unless you opt for a Kasasa account, which no minimum deposit is required.

NDFCU participates in the CO-OP Share Branch network, giving members access to their account at any of more than 5,000 locations.

Credit Union Overview

New Dimensions Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 14.01% (above average) based on December 31, 2020 data. In the past year, New Dimensions has increased its total deposits by $19.91 million, an excellent annual growth rate of 14.9%. Please refer to our financial overview of New Dimensions Federal Credit Union (NCUA Charter # 11253) for more details.

New Dimensions Federal Credit Union was originally known as the Notre Dame Credit Union (NDCU), which was established in 1956 by parishioners and a parish priest from Waterville’s Notre Dame Church. The Credit Union’s first “office” was a hallway in the Notre Dame School that was open for two hours on Friday and Saturday evenings. In 1992, NDCU merged with Calvary Temple Berean Federal Credit, and in 2002, expanded its charter to include all of Kennebec and Somerset Counties. The New Dimensions name was adopted in 2006 “to better reflect the community that it serves.” In 2018, Taconnet Federal Credit Union merged into NDFCU, bringing more than 8,000 individuals and assets in excess of $63 million. NDFCU is currently the 22nd largest credit union headquartered in Massachusetts, with more than 16,400 members and assets in excess of $178 million.

How the Kasasa Cash Compares

When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the FOM and have maximum qualifying balances of at least $15k, New Dimensions Federal Credit Union’s Kasasa Cash APY currently ranks fifth.

Interest RateAccount NameCredit Union/Bank
3.30% APYVertical Checking (up to $20k)Evansville Teachers Federal Credit Union
3.01% APYVIP Checking (up to $15k)Market USA Federal Credit Union
3.00% APYMax Checking (up to $15k)Lake Michigan Credit Union
2.53% APYPanorama Checking (up to $15k)Western Vista Federal Credit Union
2.50% APYKasasa Cash (up to $15k)New Dimensions Federal Credit Union

The above information and rates are accurate as of 4/15/2021.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Portland savings accounts, Bangor savings accounts, savings accounts, reward checking accounts

Comments
New Dimensions FCU Adds Competitive 15-month CD
Availability: Residents of Kennebec and Somerset Counties, Maine.

Earlier this month, New Dimensions Federal Credit Union (New Dimensions) added a 15-month Share Certificate (1.51% APY) to its product line. The minimum opening deposit is $1k, with no stated balance cap.

As stated on New Dimensions’ Deposit Rates page, the Early Withdrawal Penalty for the 15-month Share Certificate is 270 days of dividends.

Availability

Headquartered in Waterville, New Dimensions Federal Credit Union’s field of membership is primarily residency based, with individuals who live,...

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