More than two years ago, I wrote about XCEL Federal Credit Union’s (XCEL FCU) new Kasasa Cash and Kasasa Saver accounts. At the time, the Kasasa Cash account earned 2.01% APY on qualifying balances up to $15K and 0.30% APY on qualifying balances of $15K+.
XCEL FCU recently restructured the Kasasa Cash account, raising the qualifying balance level to $50K (while still maintaining the 2.01% APY), and lowering the APY on qualifying balances exceeding $50K to 0.03% APY.
The monthly requirements for Kasasa Cash are rather uncomplicated:
- Receive eStatements
- 12 or more debit card purchases, including PIN transactions, online purchases, and swipe purchases
Headquartered in Bloomfield, New Jersey, XCEL Federal Credit Union offers membership to employees and members of 75+ companies and organizations.
Easy Membership: Individuals who join the American Consumer Council qualify for credit union membership.
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 FCU and/or opening a Kasasa Cash account can be done online, or at any of three New Jersey branches located in Bloomfield, Jersey City, and Newark, 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.
Credit Union Overview
XCEL Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 14.62% (above average) based on September 30, 2015 data. In the past year, XCEL Federal Credit Union has increased its total deposits by $5.21 Million, an excellent annual growth rate of 3.58%. Please refer to our financial overview of XCEL Federal Credit Union for more details.
Established in 1964, XCEL Federal Credit Union (NCUA Charter # 16128) is the 18th largest credit union in New Jersey, with more than 19,300 members and assets in excess of $169 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 34 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide, Xcel Federal Credit Union's Kasasa Cash APY currently ranks sixth, but the $50K qualifying balance level is by far the highest.
The above rates are accurate as of 1/20/2016.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.