April was a productive month for River Valley Credit Union (RVCU): two competitive CDs were added and its long-standing rewards checking account, High Yield Checking, was replaced with a new Kasasa Cash account, which earned the same rate (1.50% APY, up to $10k) as the High Yield Checking. This week, RVCU improved the Kasasa Cash account by adding 50 bps to the APY and raising the qualifying balance cap to $25k, increasing the potential maximum earnings from $150 to $500.
RVCU introduced the High Yield Checking in 2009, initially earning 4.50% APY up to $25k. In the next four years, the APY experienced ten rate drops, finally settling at 1.50% APY in late 2013; the qualifying balance cap was also reduced to $10k during that time. This week’s rate and balance cap increases were the first changes since 2013.
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Enroll in and receive eStatements.
- Minimum monthly direct deposit of $500.
The Kasasa Cash account has no monthly service fee and no minimum balance requirement. Nationwide ATM fees will be reimbursed up to $25 per month, if the qualifying requirements are met. To earn the 2.00% APY, all qualifying requirements must be posted to the Kasasa Cash account prior to the last business day each month.
The companion Kasasa Saver account earns 1.00% APY up to $100k, with qualifying balances of $100k+ earning 0.25% APY; non-qualifying balances earn 0.05% APY. The Kasasa Saver account links to the Kasasa Cash account, with an automatic monthly transfer of Kasasa Cash earnings. Like the Kasasa Cash account, the Kasasa Saver has no monthly service, no minimum balance requirement, or minimum opening deposit requirement.
Even though these Kasasa accounts have no monthly fees, there is a monthly fee for the Primary Savings Account. Members are required to maintain this account with a $5 minimum balance. The monthly fee of $3.95 can be waived if you maintain an average daily combined deposit balance of $10,000 or greater. Please refer to the RVCU fee disclosure for the full details of this fee and other ways it can be waived.
Thanks to DA reader, dcurrey, for the Forum post about RVCU’s Kasasa Cash account.
Headquartered in Miamisburg, Ohio, River Valley Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in Butler, Clark, Greene, Miami, Montgomery, Preble, or Warren Counties in Ohio eligible to join.
According to CSR, there are more than 200 businesses and associations that “sponsor RVCU services,” enabling their employees and membership to join the Credit Union. Unfortunately, RVCU’s website does not list these organizations; you have to ask if your employer and/or association belongs.
Family members of current RVCU members also qualify for membership.
Joining River Valley Credit Union and/or opening a Kasasa Cash account can be done at any of nine Ohio branches located in Beavercreek, Dayton, Huber Heights, Kettering, Miamisburg, Middletown, Springboro, Trotwood, and West Carrolton.
RVCU does not have an online application, but does have a Contact Me form to start the membership application process.
Credit Union Overview
River Valley Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.36% (excellent) based on March 31, 2017 data. In the past year, RVCU has increased its total non-brokered deposits by $3.14 million, an excellent annual growth rate of 1.08%. Please refer to our financial overview of River Valley Credit Union (NCUA Charter # 68475) for more details.
Chartered in 1948 as the Daymon Federal Credit Union, River Valley Credit Union’s original FOM was limited to the Monsanto employees at “The Mound.” Located in Miamisburg, Mound Laboratories was an Atomic Energy Commissions facility for nuclear weapon research, and was named after the nearby Miami Indian burial mound. After nearly 70 years, RVCU is Ohio’s 19th largest credit union, with more than 26,400 members and assets in excess of $330 million.
How the Kasasa Cash Compares
When compared to the 20 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $25k, River Valley Credit Union’s Kasasa Cash APY currently ranks fifth.
The above rates are accurate as of 8/11/2017.