Tremont Credit Union (MA) Has Competitive Kasasa Cash Checking

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Deal Summary: Kasasa Cash, 2.00% APY on qualifying balances up to $50k. Kasasa Saver, 1.00% APY on qualifying balances up to $25k.

Availability: Residents of Middlesex, Norfolk, and Suffolk Counties, Massachusetts; more than 260 SEGs.

Tremont Credit Union’s (TCU) Kasasa Cash account currently earns 2.00% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$50kTremont Credit UnionKasasa Cash
OTHER TIERS: 0.25% $50k+
Rates as of November 29, 2020.

TCU began offering the Kasasa brand product line nearly two years ago, with the Kasasa Cash account initially earned 2.50% APY on qualifying balances up to $25k. The APY dropped to 2.00% in April, but the increased qualifying balance cap of $50k more than made up for the rate drop.

The Monthly Qualification Requirements include,

  • At least 12 debit card purchases,
  • At least one Direct Deposit, ACH Credit, or ACH Payment transaction, and
  • Be enrolled in and agree to receive eStatements

The Kasasa Cash has no monthly maintenance fees or minimum balance requirements, and can be opened with a minimum $25 deposit. Unlimited nationwide ATM fees ($4.99 maximum per single transaction) will be automatically reimbursed up to $25 per monthly cycle, if the qualifying requirements are met. An ATM receipt must be presented within sixty calendar days of transaction for reimbursements of individual ATM fees of $5.00 or higher. There is a limit of one Kasasa Cash account per Social Security number or individual Taxpayer Identification Number.

Kasasa Saver Account

TCU’s Kasasa Saver account earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$25kTremont Credit UnionKasasa Saver
OTHER TIERS: 0.25% $25k+
Rates as of November 29, 2020.

Earned rewards from the Kasasa Cash account are automatically transferred to the Kasasa Saver each month. Like the Kasasa Cash account, the Kasasa Saver has no monthly maintenance fee or minimum balance requirement and can be opened with a $25 minimum deposit.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash (2.00% APY/$50k) and the Kasasa Saver (1.00% APY/$25k) is approximately $1,250 (1.667% APY/$75k).

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.

Massachusetts Share Insurance

In addition to the NCUSIF insurance, deposits at Tremont CU are also covered by the Massachusetts Share Insurance Corporation.

MSIC now fully insures excess shares and deposits above the federal insurance limit
of $250,000 at ALL of member credit unions. As a result of the new law, MSIC will now
fully insure excess shares and deposits without limits that exceed NCUSIF coverage.

Availability

Headquartered in Milton, Massachusetts, Tremont Credit Union’s field of membership (FOM) is primarily residency based, with U.S. citizens and resident aliens who live or work in the Massachusetts counties of Middlesex, Norfolk, or Suffolk, eligible to join. In addition, individuals who worship in Suffolk County also qualify.

Employees and members of more than 260 Select Employer Groups, including the Boston Public Schools, Blue Cross Blue Shield of Massachusetts, Boston Children’s Hospital, and Dana Farber Cancer Institute, are also eligible to join.

”All family members” of current TCU members are welcome to join.

Joining TCU and/or opening a Kasasa Cash account can be done at any of three Massachusetts branches, which are located in Boston, Milton, and Roslindale. The Dorchester branch continues to be closed.

While TCU’s website has a “Join Online” button, the first sentence on the Become a Member page reads,

Online Account Opening - Coming Soon!

Opening a Primary Savings ($30 minimum) account establishes a TCU membership. A minimum balance of $30 is required to avoid a $5 monthly service charge.

Shared branches provide members with over 5,500 branches nationwide. Membership gives you access to nearly 36,000 surcharge-free CO-OP ATMs nationwide, over 9,000 of which are deposit-taking. Additionally, members can access thousands of surcharge-free SUM Network ATMs.

Credit Union Overview

Tremont Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.46% (excellent), based on June 30, 2020 data. In the past year, TCU increased its total non-brokered deposit by $31.83 million, an excellent annual growth rate of 18.72%. Please refer to our financial overview of Tremont Credit Union (NCUA Charter # 68349) for more details.

Founded in 1952 as the Boston Teachers Federal Credit Union, Tremont Credit Union is currently the 37th largest credit union in Massachusetts, with more than 16,500 members and assets in excess of $231 million.

How the Kasasa Cash Compares

When compared to the few High Yield Reward Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $50k and are available within the FOM, Tremont Credit Union’s Kasasa Cash APY currently ranks second.

The above rates are accurate as of 9/23/2020.

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: Boston checking accounts, reward checking accounts

Comments
Tremont Credit Union (MA) Offers Competitive 18-Month CD Special
Deal Summary: 18-month CD Special, 2.25% APY, $1k minimum deposit, one additional deposit, new money.

Availability: Residents of Middlesex, Norfolk, and Suffolk Counties, Massachusetts; more than 250 SEGs.

Tremont Credit Union (TCU) is currently offering two CD Specials: an 18-month with a very competitive 2.25% APY and 15-month with a slightly less competitive 2.15% APY. Both CD Specials require a $1k minimum opening deposit of new money, which is defined as “not an internal transfer.”

In addition to the competitive rates, both CD Specials feature an...

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Tremont Credit Union (MA) Offers 15-Month Add-On CD
Deal Summary: 15-Month New Member CD Special, 3.05% APY, $1k minimum deposit, one additional deposit, new members with new money.

Availability: Residents of Middlesex, Norfolk, and Suffolk Counties (MA); more than 250 SEGs.

For a limited-time, Tremont Credit Union (TCU) is offering a 15-month New Member CD Special earning 3.05% APY, with the rate applying to “new money and new memberships only.” The minimum opening deposit is $1k, with no stated balance cap.

In addition to a competitive rate, the CD Special permits one additional deposit.

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