Sikorsky Credit Union (CT) Has Competitive Kasasa Cash/Saver Combo
The second anniversary for the Kasasa branch products offered by Sikorsky Credit Union (Sikorsky CU) is in less than two months. The Kasasa Cash’s initial 3.00% APY on qualifying balances up to $10k is still in effect. (While the $10k balance cap is low, it is offset by the Kasasa Saver’s $100k balance cap. See below.) Qualifying balances over $10k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
|3.00*%||-||$10k||Sikorsky Credit Union||Kasasa Cash Checking|
|OTHER TIERS: 0.25% → $10k+|
The monthly qualification requirements are easily met and do not include a direct deposit or ACH transaction,
- At least 12 debit card purchases
- Be enrolled in and log into online banking
- Be enrolled in and agree receive eStatements
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Unlimited check writing is available and a free debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per month (max $4.99 per single transaction), if qualification requirements are met. An ATM receipt must be presented within sixty (60) calendar days of transaction for reimbursement of individual ATM fees of $5.00 or higher. There is a limit of one Kasasa Cash account per member and may not be used as a commercial account. A Kasasa Cash/Kasasa Cash Back account is required to have a linked Kasasa Saver account.
The Kasasa Cash Truth-in-Savings disclosure includes the standard 4-paragraph “Purpose and Expected Use of Account.”
This account is intended to be the accountholder's primary share draft account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.
Sikorsky Financial Credit Union 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 in order to meet their monthly qualifications may have their accounts converted to a different share draft account or closed altogether.
The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $100k. Qualifying balances over $100k earn 0.25% APY, with non-qualify balances earning 0.05% APY.
|1.10*%||-||$100k||Sikorsky Credit Union||Kasasa Saver|
|OTHER TIERS: 0.25% → $100k+|
Kasasa Cash/Kasasa Cash Back earned rewards and ATM reimbursements are automatically transferred to the linked Kasasa Saver account each month. The Kasasa Saver has no minimum balance requirement or monthly service fee, but does require a low $5 minimum opening deposit requirement. There is a limit of one Kasasa Saver account per member.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (3.00% APY/$10k) and the Kasasa Saver (1.00% APY/$100k) is approximately $1,300 (1.18% APY/$110k), which is an unusually high combined annual earnings on such a large balance.
Kasasa Cash Back
The Kasasa Cash Back account offered by Sikorsky CU earns 3.00% cash back on debit card purchases, limited to the first $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,000, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $108 ($9 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.
Headquartered in Stratford, Connecticut, Sikorsky Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or volunteer in the Connecticut counties of Fairfield, Hartford, or New Haven, eligible to join.
Immediate family members and household member of a current Sikorsky CU member also qualify for membership, as do all Sikorsky Aircraft employees.
Joining Sikorsky CU and/or opening a Kasasa brand product can be done online, or at any of nine Connecticut branches, located in Brookfield, Milford, Seymour, Shelton, Stratford (2), and Trumbull. Sikorsky Aircraft employees have exclusive access to three branches in Sikorsky Aircraft facilities in West Palm Beach, Florida, and Bridgeport and Stratford, Connecticut. There is no mention of any COVID-related branch restrictions (limited hours, appointments, etc.) on the Sikorsky CU website.
You can become a member by opening a Member Savings account with a $5 deposit.
Sikorsky CU participates in the SUM ATM network and the Allpoint ATM network.
Credit Union Overview
Sikorsky Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.42% (excellent) based on September 30, 2020 data. In the past year, Sikorsky CU has increased its total non-brokered deposits by $144.66 million, an excellent annual growth rate of 22.49%. Please refer to our financial overview of Sikorsky Credit Union (NCUA Charter # 68453) for more details.
Chartered in 1948, Sikorsky Credit Union is currently the fourth largest credit union headquartered in Connecticut, with nearly 54,000 members and assets in excess of $898 million. The founding members were seven Sikorsky Aircraft employees who deposited a total of $35. Sikorsky Aircraft was founded by Igor Sikorsky,
a renowned aviation pioneer who achieved distinction in three separate fields of aviation starting in Russia in 1913 and continuing in the United States until his passing in 1972. These fields included multi-engine fixed wing aircraft in Russia, multi-engine transcontinental seaplanes in the United States, and culminating in his life-long dream that was the rotary-wing, vertical takeoff and landing aircraft.
His creation of the first practical helicopter in 1939 founded an entirely new industry in the United States that later grew to become a worldwide industry. The helicopter has become an integral part of both civilian and military aviation worldwide. It has matured to become the premier saver of lives in accidents, disasters and wartime combat situations. Igor Sikorsky envisioned this humanitarian use of the helicopter early in his long career and remains as his most important legacy.
How Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $10k, Sikorsky Credit Union’s Kasasa Cash APY currently ranks fourth.
The above information and rates are accurate as of 2/19/2021.
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.