bank rates

6 State Deal On Savings, Checking

Savers in Iowa, Minnesota, Nebraska, North Dakota, Wisconsin and South Dakota can take advantage of this deal.Residents of six Midwestern states don’t have to settle for low savings rates with Pioneer Bank’s Kasasa Saver account, which pays 1.51% APY on balances up to $25,000.

Although Pioneer Bank is based in Mankato, Minn., its Kasasa products are available to anyone who lives in Iowa, Minnesota, Nebraska, North Dakota, Wisconsin or South Dakota.

Like a typical Kasasa savings account, you have to first sign up for a Kasasa Cash rewards checking account. The free checking account pays 2.51% APY on balances to $15,000.

Anything above that amount earns 0.50% APY if you meet the monthly requirements.

That means you must make 12 debit card transactions, have one direct deposit or automatic payment, and sign up for eStatements to qualify for the best rates. If you fail to meet the requirements in a particular month, you’ll earn 0.05% APY.

If you meet the requirements, you’ll earn 1.51% APY on your savings balances to $25,000. The rate beats the best nationally available offer of 1.25% APY from TIAA Direct (www.tiaadirect.com).

With Pioneer Bank (www.bankwithpioneer.com), balances above $25,000 earn 0.50% APY, and you’ll earn just 0.05% APY if you don’t fulfill the monthly requirements.

The bank has six branches in Minnesota, but you can apply for the Kasasa accounts online.

If you’re not eligible for an account through Pioneer Bank, your best option is TIAA Direct’s High Yield Savings account. The account pays 1.25% APY on all balances, and you only need a $25 deposit to open an account.

TIAA Direct is a division of TIAA-CREF Trust Co., the large financial firm largely known for its retirement services for retired educators.

You can compare these savings rates to the best savings and money market account rates from our extensive database of banks.

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  1. Kathy at Bankaholic said:
    on June 27th at 07:00 am

    These rates are still available.