Residents of eastern Connecticut can open a savings account that pays more than the best nationally available deal, but it must be paired with a rewards checking account.
Good thing that account offers a healthy yield of 3.01%.
Putnam Bank, headquartered in Putnam, Conn., pays 1.00% APY on its Success Saver account, which equals the best nationally available savings account rate.
The Success Saver account works in concert with a Success Checking account, which will earn you 3.01% on balances of less than $10,000. The savings account also has a $9,999 cap for earning the top rate.
You’ll need to make a minimum deposit of at least $20 to open a Success Checking account; you’ll also need a minimum $20 deposit to open a Success Saver account.
Then, to earn the best rate on both your checking and savings accounts, you’ll need to make at least a dozen debit card purchases in a month, receive one direct deposit or make one online bill payment each month, and sign up for online banking and eStatements.
Higher balance portions in both the checking and savings accounts earn 0.25% APY. By meeting the requirements, you’ll also have up to $50 in domestic ATM fees reimbursed each month.
If you don’t meet the requirements for a particular month, you’ll earn 0.05% APY on both accounts.
Neither account requires you to keep a minimum amount in the account to earn interest, and there are no monthly fees for either account.
There’s no online application process with Putnam Bank, but the bank has eight branches in Danielson, Gales Ferry, Griswold, Norwich, Plainfield, Pomfret Center and Putnam (2).
For more information, visit www.putnambank.com or call 860-928-6501.