XCEL Federal Credit Union Ups Kasasa Cash To 2.50% APY


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

Availability: Easy membership requirement

It’s been more than three years since I wrote about XCEL Federal Credit Union’s (XCEL) Kasasa Cash account. In January 2016, the Kasasa Cash was restructured, with the qualifying balance cap increased to $50k (previously $15k), while the 2.01% APY remained in effect. The $50k cap was offered for about six months before it was reduced to $25k, effective June 1, 2016.

This week saw another reworking of the Kasasa Cash account, with the rate increased to 2.50% APY; the qualifying balance cap remains at $25k. Qualifying balances above $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

The chart below shows how the various changes to the Kasasa Cash's APY and qualifying balance cap over the past six years translates into potential earnings.

XCEL Kasasa Cash Maximum Earnings

Qualifying Requirements

  • At least 12 debit card purchases
  • Sign up for eStatements
  • One monthly electronic deposit (ACH/Direct Deposit)

The Kasasa Cash account has no monthly service fee or minimum balance requirement, and can be opened with as little as $1. There is a limit of one account per Social Security/tax ID number and may not be used for commercial purposes. Unlimited nationwide ATM fees will be reimbursed if the qualifying requirements are met. In the unlikely event the qualifying requirements are not met for six consecutive months, the Kasasa Cash may be converted to a basic checking account.

The Kasasa Cash Disclosure contains the “Purpose and Expected Use of Account” verbiage that is becoming more common with rewards checking accounts.

XCEL Federal Credit Union reserves the right to determine if the account is be 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.

Kasasa Saver

The Kasasa Saver rate was also recently increased, but it’s still not very competitive: 1.50% APY on qualifying balances up to $25k.


Headquartered in Bloomfield, New Jersey, XCEL Federal Credit Union offers membership to employees and members of more than 80 companies and organizations. There is also an easy membership requirement that allows almost any US citizen or resident alien (with a valid Social Security number) to join.

Easy Membership: Joining the American Consumer Council (ACC) qualifies for membership. Joining ACC must be completed before applying to XCEL, with the ACC Certificate of Membership submitted (fax or email) as proof.

Employment: Employees of more than 60 companies (both large and small, including 14 Federal Government Departments) are eligible to join.

Organization Affiliation: Members of a variety of national and location associations also qualify for member.

Relationship: In a Live Chat, CSR stated, "Or if you know someone (current member) they can refer you."

Joining XCEL and/or opening a Kasasa Cash account can be done online (the link is at the bottom of the “Who We Serve” page), or at either of two New Jersey branches located in Bloomfield and Jersey City, or at the New York City location. Note: the NYC branch is located in Federal Plaza and ID is required to enter. In addition, individuals may be subject to a search protocol.

The membership application is also available as a PDF and can be returned by fax, email, or snail-mail.

$5 minimum deposit in a Savings/Membership Account required for new membership.

XCEL participates in the CO-OP Shared Branch network, providing members with access to more than 5,000 nationwide branches to conduct transactions.

You can conduct all of your routine banking transactions
and enjoy the friendly, helpful service that you deserve.

Credit Union Overview

XCEL Federal Credit Union has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 19.27% (above average) based on March 31, 2019 data. XCEL has an average capitalization level (8.55%), the result of holding $164.16 million in assets with $14.02 million equity. Please refer to our financial overview of XCEL Federal Credit Union (NCUA Charter # 16128) for more details.

Established in 1964, XCEL Federal Credit Union is currently the 17th largest credit union in New Jersey, with more than 16,300 members and assets in excess of $164 Million. An August 2014 article in New Jersey Business Magazine paints a picture of strength and perseverance.

Until September 11, 2001, we were headquartered in the World Trade Center (Tower 1 – 39th Floor), but now we call North Jersey our home. But from that tragedy came a new way to do banking. On September 10th of that year, about 4-7% of our transactions were done remotely by our members – meaning through home banking, phone banking or ATMs.

Then the tragedy struck. Our members still needed to access their money even though the building was no longer there. So, they taught themselves how to use their computers to access their accounts.

Today, nearly 91% of transactions are done through touchtone phones, the Internet, smart phones, our shared branching and shared ATMs or through our own advanced ATMs. It’s pretty amazing to see. It shows the resilience of our nation and our members.

How the Kasasa Cash Account Compares

When compared to the nationally available High Yield Reward Checking Accounts tracked by DepositAccounts.com that have minimum balances of at least $25k, XCEL Federal Credit Union's Kasasa Cash APY currently ranks seventh.

The above rates are accurate as of 6/25/2010.

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: New York checking accounts, reward checking accounts, nationwide deals

Joel   |     |   Comment #1
The rate and the limits to 25K makes it unattractive, you can get more in a saving account(s).
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