Union Square Credit Union (TX/OK) Kasasa Cash Has Rate-Leading APY

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Deal Summary: Kasasa Cash checking, 6.01% APY on qualifying balances up to $35k.

Availability: Easy membership in Texas and Oklahoma.

Texas-based Union Square Credit Union (Union Square) is currently offering 6.01% APY on its Kasasa Cash account on qualifying balances up to $35k. Qualifying balances above $35k earn 1.49% APY, with non-qualifying balances earning 0.05% APY. Union Square has had a variety of rewards checking accounts (RCA) in the past twelve years, with the Kasasa Cash account now offering one of the top rates available in Texas and Oklahoma.

APYMINMAXINSTITUTIONPRODUCTDETAILS
6.01*%-$35kUnion Square Credit UnionKasasa Cash
OTHER TIERS: 1.49% $35k+
Rates as of April 19, 2024.

In the past year, the Kasasa Cash APY added 250 bps in two rate increases, the qualifying balance cap was increased from $25k to $35k, and the APY on qualifying balances above the cap significantly rose from 0.20% APY to 1.49% APY.

The following information is from the Kasasa Cash landing page and the Kasasa Accounts Truth in Savings Disclosure page.

  • At least 12 PIN-based or signature-based debit card purchases.
  • Have at least one direct deposit, ACH credit, or ACH payment.
  • Be enrolled in online banking and receive statements electronically.

The Kasasa Cash account has no monthly service fee or minimum balance to earn rewards, but does require a $100 minimum opening deposit. If qualifications are met, nationwide ATM fees up to an aggregate total of $25 (maximum $4.99 per transaction) will be reimbursed per statement cycle. Unlimited check writing is available and a free debit card will be issued following account opening. There is a limit of one Kasasa Cash account per Social Security number, and it's available only as a personal account. A Kasasa Cash account is required to have a Kasasa Saver account, as dividends are automatically transferred to the Kasasa Saver account within one day.

Kasasa Saver

The companion Kasasa Saver rate is decidedly not as impressive as the Kasasa Cash’s rate: 2.00% APY on qualifying balances up to $50k (up from $25k). Kasasa Saver qualifying balances above $50k earn 1.49% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$50kUnion Square Credit UnionKasasa Saver
OTHER TIERS: 1.49% $50k+
Rates as of April 19, 2024.

Earned rewards from the Kasasa Cash account are automatically transferred each month to the Kasasa Saver. There's no monthly service fee or minimum balance required to earn reward. The minimum opening deposit is only $25.

Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts

The potential combined annual earnings of the Kasasa Cash (6.01% APY/$35k) and the Kasasa Saver (2.00% APY/$50k) is approximately $3,103 (3.65% APY/$850). The Kasasa Saver APY is so low, there’s not much point in keeping more than a few dollars on deposit.

Kasasa Cash Bank

The Union Square Kasasa Cash Back account continues to earn 4.00% cash back on check card purchases, limited to the first $250 in monthly debit card purchases. If you are planning on maintaining a balance under $2,000, 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 $120 ($10 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 is an award-winning financial technology and marketing services company that provides reward checking accounts consumers love, the first ever loan with take-backs™, and ongoing expert consulting services to community financial institutions.

In 2003, a small group of Kasasa's founders set up shop in an old school building in Taylor, Texas. Their mission: to develop, market, and consult on software products for community banks in Central Texas. Their original REWARDChecking® account would play a pivotal role in the future of the company.

Today, Kasasa provides the community banking industry with world-class marketing, dedicated resources, and innovative products. These products include Kasasa Rewards Accounts, our free checking product suite, which delivers controlled growth through new accounts, non-interest income, increased profitability, and long-term retention. We’ve also developed the award-winning Kasasa Loan®, the only loan that lets borrowers pay extra to get ahead...and take back any extra if they need it.

Availability

Headquartered in Wichita Falls, Texas, Union Square Credit Union’s field of membership (FOM) provides a way to join for virtually all Texas and Oklahoma residents, 18 years or older.

Easy Membership in Texas: Members of the Texas Consumer Council ($8 fee) are eligible to join Union Square. According to CSR, you must be a member of TCC before you apply for Union Square membership, as your membership number is required to complete the online application.

Membership in the American Red Cross North Texas Region also qualifies for Union Square membership. The American Red Cross North Texas Region serves 121 counties and is made up of six local chapters including DFW Metro East, DFW Metro West, Texas Panhandle Plains, East Texas, Northeast Texas and Texas Big Country.

Easy Membership in Oklahoma: Membership in the American Red Cross Oklahoma Region also qualifies for Union Square membership. The American Red Cross North Oklahoma Region serves the entire state and is made up of four local chapters: Central & Southwest Oklahoma, South Central & South East Oklahoma, Northern Oklahoma, and Tulsa Area.

Residency: Individuals who live, work, worship, or attend school in the Texas counties of Archer, Baylor, Clay, Wichita, or Wilbarger, or the Oklahoma counties of Cotton or Tillman, are also eligible to join.

Family Relationship: Family members of current Union Square members are welcome to apply, no matter where they live.

Account Opening

Joining Union Square and/or opening a Kasasa Cash account can be done online, or in person at any of four Texas branches, located in Burkburnett, Sheppard AFB, and Wichita Falls (2).

Establishing a Union Square membership requires opening a Share Account with a minimum $25 deposit.

Credit Union Overview

Union Square Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 10.72% (excellent) based on June 30, 2023 data. In the past year, Union Square has increased its total non-brokered deposits by $39.37 million, an excellent annual growth rate of 8.24%. Please refer to our financial overview of Union Square Credit Union (NCUA Charter # 68664) for more details.

Established in 1975, Union Square Credit Union’s founding members were a group of 30 individuals who were “concerned with the financial needs of Sheppard Air Force Base’s military personnel.” (Sheppard AFB was officially opened in 1941 as a United States Army Air Corps training center. It is currently the largest training base in the country for Air Education and Training Command.) Union Square is the 53rd largest credit union headquartered in Texas, with more than 39,000 members and assets in excess of $645 million.

How the Kasasa Cash Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, that are available to all Texas and Oklahoma residents and have maximum qualifying balances of at least $25k, Union Square Credit Union’s Kasasa Cash APY currently ranks first. (I chose $25k rather than $35k because there are very few RCAs with a $35k balance cap.)

The above rates are accurate as of 9/25/2023.

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: Wichita Falls checking accounts, reward checking accounts

Comments
Mikey1
  |     |   Comment #1
One of the fascinating aspects of the past two years is the way 99% of all Reward Checking accounts have lagged behind short term Treasury rates. And that’s still the case. If and when attractive and competitive nationally available RCA rates emerge you can anticipate quite a traffic jam of account openings. But, for the time being, it’s still the same old status quo.
moneysaver
  |     |   Comment #2
I've had this account with Union Square for some time now, and can recommend them for anyone who's eligible based on geography. They also have been offering some decent CD specials lately. I opened the Kasasa Cash and Saver accounts entirely online, and things went pretty smoothly. Haven't had any problems with any CU actions or CU staff interactions. And their online banking easily allows you to transfer money between different Union Square accounts, such as the Kasasa vs the Saver. What's not to like about a qualifying 6% APY and $35K rewards account balance limit.
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