For more than two years, United Educators Credit Union’s (UECU) Kasasa Cash account has earned 2.00% APY on qualifying balances up to $10k. Qualifying balances of $10k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Kasasa Cash Qualifying Requirements
- Have at least 12 debit card purchases.
- Receive eStatements.
- Sign into online banking at least once.
The Kasasa Cash account has no monthly service fee or minimum balance requirement, and only requires a $5 opening deposit. If monthly qualifying requirements are met, ATM fees will be reimbursed up to $20, with individual fees of $5 or greater requiring an ATM receipt. As stated in the fine print on the Kasasa Cash promotion page,
We reserve the right to convert your Kasasa Checking account to a Checking account and also convert the corresponding Kasasa Saver to your Share Savings Account if the account does
not meet the monthly qualification criteria over three (3) consecutive statement cycles.
There is a companion Kasasa Saver account, but the rate is disappointing: 0.50% APY on qualifying balances up to $10k. Qualifying balances of $10k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY. Like the Kasasa Cash account, it has no monthly service fee or minimum balance requirement, and also has no minimum opening deposit.
Headquartered in Apple Valley, Minnesota, United Educator Credit Union offers a way for almost any U.S. citizen or resident alien to join.
Easy Membership Requirement: Making a one-time, tax-deductible $5 donation to the United Educators Foundation qualifies for membership.
Employment: Employees of 18 Minnesota business are eligible to join.
Affiliation: Members of twelve Minnesota educational associations and groups also qualify for membership.
Family: “Everyone related to a current member by blood, adoption or marriage is eligible to join United Educators Credit Union, regardless of where she/he lives.”
Complete membership details are available on the Who Can Join page.
Credit Union Overview
United Educators Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.21% (excellent), based on December 31, 2016 data. In the past year, UECU has increased its total non-brokered deposits by $11.26 million, an excellent annual growth rate of 7.68%. Please refer to our financial overview of United Educators Credit Union (NCUA Charter # 62964) for more details.
Established in 1957 as the MEA (Minnesota Education Association) Credit Union, United Educators Credit Union is currently the 21st largest credit union headquartered in Minnesota, with more than 15,600 members and assets in excess of $174 million. In 1998, Minnesota’s two teachers unions (Minnesota Education Association and Minnesota Federation of Teachers) merged, forming Education Minnesota.
Taking their lead, we petitioned the State Banking Department for a new charter, whereupon our field of membership changed to include all staff and members of the new organization. Without an "MEA" to serve, the name MEA Credit Union became obsolete. On January 1, 1999, we changed our name to United Educators Credit Union. Endorsed by Education Minnesota, we gained the opportunity to serve educators and school personnel statewide.
How the Kasasa Cash Compares
When compared to the 44 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationally and have maximum qualifying balances of at least $10k, United Educators Credit Union’s Kasasa Cash APY currently ranks in the top eight.
The above rates are accurate as of 5/11/2017.