If you live in Arkansas, you can open a savings account with no minimum deposit requirement that pays as much as the highest-paying account available nationwide.
National Bank of Arkansas, headquartered in North Little Rock, pays 1.00% APY on balances to $30,000 with its Premium Saver account if it’s opened in conjunction with its Premium Rewards Checking account.
Nationally, The Palladian PrivateBank (www.palladianprivatebank.com) pays 1.00% APY, but you need to make a deposit of at least $10,000 to open the account.
At the National Bank of Arkansas, you’ll first need to open a rewards checking account, which pays 2.50% APY on balances to $15,000, and link it to your savings account.
Opening a Premium Rewards Checking account requires a $50 minimum deposit.
To earn the highest rates on both accounts, you’ll need to make at least 12 debit card purchases in a month from your rewards checking account, have at least one direct deposit or make at least one automatic payment, and receive eStatements.
If you meet those requirements, you’ll receive 2.50% APY on your checking account for balances to $15,000 and 0.30% APY for higher amounts. You’ll also have $25 in ATM fees refunded. If you don’t meet the requirements, you’ll earn just 0.05% APY.
Neither the checking nor savings account has monthly service fees or requires a minimum balance in your account to earn interest.
By meeting the rewards checking requirements, you’ll earn 1.00% APY on your savings, up to $30,000, and 0.30% APY for higher balances. Fail to meet the requirements, and you’ll earn 0.05% APY that month.
In comparison, Palladian PrivateBank, based in Chicago, pays 1.00% APY regardless of the balance in your account, but if it falls below $10,000, you’ll pay a $10 monthly fee.
You can open your accounts online or at one of the National Bank of Arkansas’ seven locations in the Little Rock area.
For more information, visit www.nbabank.com or call 501-771-4000.