bank rates

Another Good Kasasa Deal At Ohio Bank

Ohio residents can tap into a savings account that pays well above the best nationally available offer — and keep far less money tied up to earn the top rate.

Of course, nothing seems to come without a catch these days.

The Richwood Banking Co. of Richwood, Ohio (www.richwoodbank.com) pays 1.25% APY on Kasasa Saver account balances of $25,000 or less, but you can’t open a savings account unless you first open at Kasasa Cash rewards checking account.

You’ll need to meet the rewards checking account monthly requirements to earn the top rate.

However, on a nationally available basis, CIT Bank (www.bankoncit.com) offers the top savings account rate of 1.05% APY. But you must have a balance of at least $25,000 to earn that rate.

Balances below that amount earn 0.90% APY. CIT Bank is the online consumer bank of CIT Group Inc., based in New York.

The Kasasa Cash rewards checking account at Richwood Banking Co. pays 2.50% APY on balances to $10,000 if you have at least a dozen debit card transactions per month, one direct deposit or automatic debit, and you receive eStatements.

You’ll earn 0.50% APY on any portion of your balance greater than $10,000 in your Kasasa Cash account, and balance portions greater than $25,000 in your Kasasa saver account will also earn 0.50% APY.

If you don’t meet the monthly requirements, each account will earn 0.10% APY. Each account requires a $50 minimum deposit to open.

The Richwood Banking Co. has six locations outside Columbus. But anyone who resides in the state can open a Kasasa Saver and Kasasa Cash account online.

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