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3.01*%-$10kMoney One Federal Credit UnionKasasa Cash
1.01*%-$25kMoney One Federal Credit UnionKasasa Saver
Accounts mentioned in this post. Rates as of May 23, 2016.

Competitive Reward Checking at Money One FCU - Easy Membership


Money One Federal Credit Union continues to offer a competitive reward checking account. It now has the Kasasa brand and an online application that allows anyone to join and open the account. I first reported on this reward checking account last year. During that time, its rates and balance cap have remained the same. The account has become more competitive as reward checking rates have fallen at other banks and credit unions. The credit union also offers a linked savings account called Kasasa Saver, but this isn't as noteworthy as the reward checking account (Kasasa Cash). Below are the rates and features of these accounts as of 12/11/2012:

Kasasa Cash

  • 3.01% APY on balances up to $10,000
  • 0.51% APY on amount of balance over $10,000
  • 0.01% APY if qualifications are not met
  • ATM fee reimbursements nationwide of up to $30

Kasasa Saver

  • 1.01% APY on balances up to $10,000
  • 0.51% APY on amount of balance over $10,000
  • 0.01% APY if qualifications aren't met

Monthly Requirements

To qualify for the above Kasasa rates and ATM fee refunds, the following monthly requirements must be met:

  • 10 debit card purchases
  • 1 direct deposit or automatic ACH payment
  • Log into online banking at least once
  • Receive free eStatements

These Kasasa accounts have no monthly service fees and no minimum balance requirements. The Kasasa Cash account has a minimum opening deposit of $50. Only one Kasasa Cash account is allowed per social security number.

Membership Eligibility

There's an online application link on the credit union's Kasasa Cash page, and in this application's eligibility section, it says:

Anyone who makes a one-time membership donation (minimum $20) to Gifts of Easter Seals is also eligible for membership. Positive identification is required and two current paystubs.

Update: I received a reply from the credit union regarding my question about ID verification. I was told that the ID verification can be done by mail, fax or email.

Additional ways to be eligible to join the credit union are listed in the credit union's Open-an-Account page.

Update #2: The online application no longer allows people from outside of MD, VA and DC from applying. However, I was told they will consider opening the Kasasa Cash account without the out-of-town limitation on a case by case basis.

Credit Union Overview

Several readers may remember Money One FCU due to some of its past CD specials. In 2008 it was offering a special 5.25% 9-month Add-On CD.

Money One FCU branches are located in Largo and College Park, Maryland. The credit union is part of the shared branch network.

The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 7.13% (excellent) based on September 2012 data. Please refer to our financial overview of Money One Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 7264).

How This Reward Checking Account Compares

For reward checking accounts that are nationally available, only two still offer a top rate of at least 3 percent. Consumers Credit Union offers 3.09% APY, but the balance cap is only $5,000. The best deal is at Lake Michigan Credit Union which offers 3.00% APY for balances up to $15,000. Both of these are all-access credit unions that allow anyone to join via an association. These rates are accurate as of 12/11/2012.

Searching for the Highest Reward Checking Rates

You can find reward checking accounts available in your state by using our reward checking table. You can also use the table to find reward checking accounts available nationwide. Refer to this post to learn how to use the table.

To learn more about reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.

Related Pages: Money One Federal Credit Union, Washington, savings account, checking account

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Anonymous   |     |   Comment #1
For just a $25 a month in rewards is not worth my time driving around and making purchases to meet the requirements.
Anonymous   |     |   Comment #2
It's not worth my time either, but the 10 purchases is the least of my worries.  That can be done with an online bill in a few minutes.  The hassle of opening and closing the account, and waiting for them to lower the rate in 2 months down to zilch makes it not worth it. 
Kaight   |     |   Comment #3
Two different and separate comments:

I am a member of this CU.  It's a good CU with nice people.  No problems and no hassles.

Now separately on this deal:

I will not be doing this deal for reasons already stated by others.  But if you like the deal itself, do not hesitate.
Anonymous   |     |   Comment #4
Does the CU do a hard pull for opening the account online ?

ekat   |     |   Comment #5
According to the telephone CSR, they hard pull.  If you want a Kasasa Savings after you open a Kasasa Cash, you have to fill out another application (unlike other institutions that just add it onto your existing signature card).  So might as well open both at the beginning. Since the 2 accts become 2% for 20k or 1.7% for 25k (which is/was a standard max. amt for a rca), it's even harder to consider with the hard pull. But if this is where all rates are heading, the fact they got a thumb's up for customer service becomes a consideration (for me anyway), so will reference this one for now. Thanks Ken.