bank rates

2-State Deal: Checking Pays 3.25%

When we wrote about JD Bank (www.jdbank.com) – then called Jeff Davis Bank – in 2011, the bank was paying far more than the best nationally available savings account deal.

And that’s still the case today.

The Jennings, La.-based bank, which serves customers in Louisiana and southeast Texas, pays 1.25% APY on balances to $15,000 on its Kasasa Saver account, nearly a quarter of a percentage point more than SFGI Direct (www.sfgidirect.com), which leads our national rankings.

JD Bank’s Kasasa Cash rewards checking account, which must be opened with the Saver account, pays 3.25% APY on balances to $10,000, which is among the top rates in the nation.

As with many rewards accounts, the balance caps really limit your earning power.

Higher balance portions in either account earn 0.25% APY. You’ll also have your ATM fees reimbursed.

To score the top rates with JD Bank, you must open a Kasasa Cash account with a minimum deposit of $100.

Then you need to make at least 10 debit card purchases in a month, have one direct deposit or automatic payment, access online banking and receive eStatements.

If you don’t meet the monthly requirements, you’ll earn 0.10% APY.

A Kasasa Saver account requires a minimum deposit of $100 to open. You don’t need to keep a certain amount in either your checking or savings account to earn interest, and neither account has monthly service fees.

While JD Bank’s rates fall far short of the 2.00% APY offered on its Kasasa Saver accounts and 4.01% APY on its Kasasa Cash accounts in 2011, they’ve held up far better than rates at many other financial institutions.

Today, the best you can earn nationally for savings is 1.01% APY from SFGI Direct. The West Virginia-based online bank requires a $500 minimum deposit to open an account. The account has no monthly fees.

You can open a Kasasa account online if you live in Louisiana or in Jefferson, Orange, Jasper and Newton counties in Texas. Or you can stop by one of JD Bank’s 20 Louisiana locations.

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