bank rates

Arkansas Deal On Checking, Savings

Bank of Little Rock has a deal on its Kasasa accounts.Now that TIAA Direct has stopped taking new customers, it’s become tough to find a savings account that pays more than 1.00% APY.

But if you live in Arkansas, you can earn 1.25% APY on balances to $30,000 at Bank of Little Rock.

To earn that rate, you need to open a Kasasa Saver account, accompanied by a Kasasa Cash rewards checking account. The checking account pays a healthy 3.00% APY on balances to $15,000.

After your checking account is in place, you can open your savings account.

Like a typical rewards checking account, you have to meet certain requirements to earn the top rate on both your checking and savings accounts, which carry no fees and no monthly balance requirements (www.bankoflittlerock.com). It takes a $100 minimum deposit to open each account.

You must make at least 10 debit card purchases for each statement cycle, plus have one automatic payment or direct deposit and sign up for eStatements for your rewards checking account. If you fail to do so, you’ll earn just 0.05% APY for that month.

With your Kasasa Cash account, balances above $15,000 earn 0.25% APY, so you should keep your extra cash tucked away in a Kasasa Saver account. You’ll earn 1.25% APY on balances to $30,000, and 0.50% APY on anything above that amount.

The Bank of Little Rock has five branches in the city, but if that’s not convenient, you can also open your Kasasa accounts online.

This account is available to Arkansas residents only.

For everyone else, the best deal on a nationally available savings account comes from CIT Bank (www.bankoncit.com), which pays 1.05% APY on balances of at least $25,000. Lower balances earn 0.90% APY. The account has no minimum deposit requirement.

CIT Bank is part of CIT Group, based in New York. It provides lending, leasing and advisory services to small and midsize businesses.

(You’ll earn up to 1.25% APY with the best nationally available money market account.)

You can compare these accounts to the best money market and savings account rates offered by scores of banks in our database.

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