bank rates

2-City Deal: Savings Account Pays 1.05%

finger touching calculator keysIt’s been two years since we wrote about the FreeMONEY Savings account at the Pittsburgh-based Dollar Bank.

But it continues to pay more than the top nationally available deal to savers in its home city and in the Cleveland area.

In March 2012, the bank paid a great-for-the-time 1.50% APY. It’s down to 1.05% APY today, but that still tops the best deal on our list of offers available to all U.S. savers.

This offer is good on balances as large as $20,000. Balance portions of $20,001 to $249,999 earn 0.50% APY; higher balances earn 0.20% APY.

You’ll need to open the savings account in conjunction with one of the checking accounts Dollar Bank offers, but if you sign up for the FreeMONEY checking account, you won’t have to worry about monthly service charges and minimum account balances.

To earn the best rate on your savings, you’ll need to make six purchases or payments from your checking account each month.

If you don’t use your checking account as required, you’ll earn 0.20% APY on your savings with Dollar Bank.

Opening a FreeMONEY Savings account requires a $50 minimum deposit, but there is no minimum monthly balance nor are there monthly fees. The checking account options also all require a $50 minimum deposit.

Your best option is the FreeMONEY Checking account, which pays you up to $150 a year in cash rewards. You earn 10 cents for each debit card purchase and 5 cents for each online bill payment of $10 or more. There is no monthly service fee and no minimum balance requirement. The account requires you to sign up for eStatements.

Accounts can be opened online or at one of more than 60 branches in the Pittsburgh and Cleveland metro areas.

For more information, visit www.dollarbank.com or call 800-242-1616.

If you don’t live in the Cleveland and Pittsburgh areas, the highest rate you can earn nationally is 1.01% APY from SFGI Direct (www.sfgidirect.com), and the rate applies to your entire balance.

It requires a $500 minimum deposit. There are no monthly service fees. SFGI Direct is a division of Summit Community Bank, based in Moorefield, W.Va.

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