Wellspring Credit Union (TX) Offers Competitive Rewards Checking/Saver

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Deal Summary: Kasasa Cash Checking, 2.50% APY, on qualifying balances up to $25k. Kasasa Saver, 1.00% APY on qualifying balances up to $25k.

Availability: Four upper Gulf Coast Texas counties

Wellspring Credit Union (Wellspring CU) has been offer Kasasa brand products for more than four years. The Kasasa Cash Checking’s initial 2.50% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.25% APY (a healthy second tier rate) with non-qualifying balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%-$25kWellspring Credit UnionKasasa Cash Checking
OTHER TIERS: 0.25% $25k+
Rates as of September 20, 2021.

The monthly qualifying requirements include,

  • At least 12 debit card purchases
  • At least one direct deposit, ACH payment, or bill pay transaction
  • Be enrolled in and agree to receive eStatements

The Kasasa Cash Checking account has no monthly service fee or minimum balance requirement, but does require a minimum $25 opening deposit. Unlimited check writing is available and a free MasterCard® debit card will be issued following account opening. Unlimited nationwide ATM fees will automatically be reimbursed up to $15 per month (maximum $5 per single transaction), if the qualifying requirements are met. (An ATM receipt must be presented for reimbursement of individual fees greater than $5.) There is a limit of one Kasasa Cash Checking account per Social Security number. Kasasa Cash Checking/Kasasa Cash Back accounts are required to have a linked Kasasa Saver account.

Kasasa Saver

The Kasasa Saver account currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY (also a healthy second tier rate), with non-qualifying balances earning 0.01% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%-$25kWellspring Credit UnionKasasa Saver
OTHER TIERS: 0.25% $25k+
Rates as of September 20, 2021.

Kasasa Cash Checking/Kasasa Cash Back earned rewards are automatically transferred into a linked Kasasa Saver account each statement cycle. The Kasasa Saver account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit requirement. There is a limit of one Kasasa Saver account per Social Security number.

Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts

The potential combined annual earnings of a Kasasa Cash Checking account (2.50% APY/$25k) and a Kasasa Saver account (1.00% APY/$25k) is approximately $875 (1.75% APY/$50k), an excellent APY for such a large balance in a rewards checking/saver combo.

Kasasa Cash Back

Wellspring CU’s Kasasa Cash Back account earns 2.50% cash back on the first $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,600, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account, as the maximum annual earnings for the Kasasa Cash Back account is $90 ($7.50 per month).

The Kasasa Brand

Not sure what the Kasasa brand is? 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.

Availability

Headquartered in Bridge City, Texas, Wellspring Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in the Texas Upper Gulf Coast counties of Hardin, Jefferson, Newton, or Orange eligible to join.

Immediate family members of existing Wellspring CU members also qualify for membership.

Joining Wellspring CU and/or opening a Kasasa Cash, Kasasa Cash Back, or Kasasa Saver account(s) can be done online or at any of three full-service Texas branches located in Bridge City and Orange (2).

Opening and maintaining a Live Well Savings accounts with a
minimum balance of 20.00 dollars as a requirement for membership.

Wellspring CU participates in both the CO-OP Share Branch network and the ATM network.

Easily access your account with a cooperative network of over 5000 locations nationwide!

Credit Union Overview

Wellspring Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 4.91% (excellent) based on March 31, 2021 data. In the past year, Wellspring CU has increased its total non-brokered deposits by $8.32 million, an excellent annual growth rate of 15.93%. Please refer to our financial overview of Wellspring Credit Union (NCUA Charter # 12181) for more details.

Chartered in 1958, Wellspring Credit Union was originally known as the Orange Firestone Employees Federal Credit Union, with an FOM inclusive of the employees of the Firestone Polymers plant. The community-based charter was adopted in 1999, with the credit union rebranded as the Firestone Community Credit Union. The Wellspring rebrand occurred 15 years later.

In an effort to send a stronger message of our passion to provide our members the ultimate financial experience, we changed our name to Wellspring Federal Credit Union in August 2014. Wellspring, defined as “an abundant source”, describes our personality as a unique resource for our members in meeting their many financial needs.

How the Kasasa Cash Checking 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 $25k, Wellspring Credit Union’s Kasasa Cash Checking APY currently ranks first.

The above information and rates are accurate as of 6/28/2021.

Looking 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: Beaumont savings accounts, Salt Lake City savings accounts, savings accounts, reward checking accounts

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