Competitive RCAs with Large Market Areas
Deposit Diary Daily #648
Earlier this month, I wrote about Kasasa Cash Checking, Cash Bank, and Saver Accounts that are available nationwide.
A Deposit Quest subscriber reminded me that there are some very competitive Kasasa accounts at credit unions with statewide field of memberships (FOM) and banks with large market areas. It’s going to take some time to construct a comprehensive list of the Reward Checking Accounts that meet that description, so this post is the starting point.
Michigan and Washington credit unions are unique in that there is state legislation allowing for a statewide FOM. The attached spreadsheet lists credit unions in Michigan (Chief Financial Credit Union, ELGA Credit Union, Frankenmuth Credit Union), Washington (NorthWest Plus Credit Union), and Pennsylvania (UECU). The lone bank in the burgeoning list is Hanover Bank, which has a market area covering Long Island, the NYC metro area, and northern New Jersey.
The following is a summary of the potential annual earnings of combined RCA/Saver Accounts for the six FIs.
The maximum potential combined annual earnings of a Frankenmuth Credit Union Kasasa Cash Checking account (6.00% APY/$15k) and Kasasa Saver account (3.00% APY/$50k) is approximately $2,400 (3.69% APY/$65k).
The maximum potential combined annual earnings of a ELGA Credit Union Kasasa Cash Checking account (6.17% APY/$15k) and Kasasa Saver account (1.51% APY/$250k) is approximately $4,700 (2.85% APY/$265k).
The maximum potential combined annual earnings of a NorthWest Plus Credit Union Kasasa Cash Checking account (5.12% APY/$15k) and Kasasa Saver account (2.02% APY/$100k) is approximately $2,788 (2.43% APY/$115k).
The maximum potential combined annual earnings of a Chief Financial Credit Union Kasasa Cash Checking account (5.00% APY/$20k) and Kasasa Saver account (1.00% APY/$50k) is approximately $1,500 (2.14% APY/$70k).
The maximum potential combined annual earnings of a UECU Kasasa Cash Checking account (5.00% APY/$15k) and Kasasa Saver account (2.00% APY/$50k) is approximately $1,750 (2.69% APY/$65k).
The maximum potential combined annual earnings of a Hanover Bank Max Cash Checking account (5.75% APY/$25k) and Max Saver account (3.50% APY/$100k) is approximately $4,937 (3.95% APY/$125k).
