In the past year, the number of banks and credit unions adding Kasasa products seems to be increasing at a steady rate. About six weeks ago, Palisades Federal Credit Union (Palisades FCU) became one of the latest financial institutions to offer the Kasasa brand. This recently added Kasasa Cash checking account earns 2.00% APY on qualifying balances up to $25k, with qualifying balances over $25k earning 0.1998% (not a typo) APY. Non-qualifying balances earn 0.01% APY.
Kasasa Cash Qualification Requirements
- At least 12 debit card purchases.
- At least one ACH, bill pay transaction, or direct deposit.
- Be enrolled in and receive eStatements.
- Be enrolled in and log into online banking.
The Kasasa Cash has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. There is a limit of one account per Social Security Number. Nationwide ATM fees will be reimbursed up to $25 per month.
Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement, monthly service fee, but does require a $25 minimum opening deposit. Qualifying balances up to $25k earn 1.00% APY, with qualifying balances over $25k earning 0.2497% (once again, not a typo) APY; non-qualifying balances earn 0.01% APY. Dividends earned in the Kasasa Cash account are automatically transferred to the Kasasa Saver account each statement cycle.
Headquartered in Pearl River, New York, Palisades Federal Credit Union offers membership to individuals who live, work, worship, or attend school in Rockland County, the fourth most densely populated New York State county.
In addition, immediate family members of current members also qualify. Palisades FCU’s definition of “immediate family members” is quite broad: “spouse, children, siblings, parents, grandparents, grandchildren, stepchildren, stepparents, stepsiblings, adopted children, and non-related household members that share expenses.”
Joining Palisades FCU and/or opening a Kasasa Cash checking account can be done at any of the four New York branches located in Nanuet, New City, Orangeburg, and Pearl River.
Palisades FCU’s online banking platform is currently limited to account management and bill payment services.
Credit Union Overview
Palisades Federal Credit Union (NCUA Charter # 4480) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.38% (excellent) based on March 31, 2016 data. In the past year, Palisades FCU has increased its total deposits by $6.26 million, an excellent annual growth rate of 4.71%. Please refer to our financial overview of Palisades Federal Credit Union for more details.
Palisades Federal Credit Union began as the Lederle Employees Federal Credit Union in 1941, organized by a group of American Cyanamid Company employees. In 1996, the Palisades name was adopted, as the Credit Union started adding new SEGs to the field of membership. Six years later, Palisades FCU became the first federally community chartered credit union in Rockland County, and today has over 15,600 members and assets in excess of $158 million.
How the Kasasa Cash Compares
When compared to the 31 High Yield Reward Checking Accounts (RCA) tracked by DepositAccounts.com, which are available to Rockland County residents and have maximum qualifying balances of at least $25k, Palisades Federal Credit Union’s Kasasa Cash APY currently ranks in the top six. The following is a sample of those six RCAs.
|Interest Rate||Account Name||Credit Union/Bank|
|2.50% APY||Cash Rewards High Interest Checking (up to $25k)||Consumers Credit Union (IL)|
|2.25% APY||Kasasa Cash (up to $25k)||Main Street Bank (MI)|
|2.00% APY||Kasasa Cash (up to $25k)||Palisades Federal Credit Union|
The above rates are accurate as of 8/17/2016.