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D.C. Area Savings Account Pays 3.01%

finger pressing a key on a calculatorResidents in the Washington, D.C., area can capitalize on high savings and rewards checking rates at Money One Federal Credit Union.

The Largo, Md.-based credit union offers a Kasasa Cash account that pays 3.01% APY on balances to $10,000.

In addition, its Kasasa Saver account pays 1.01% APY on balances to $10,000. That rate ranks it right up there with the best savings accounts available nationally.

We just wish these balance caps were higher. Grabbing these strong rates only goes so far when the earning power ends at $10,000.

Opening a Kasasa Cash account requires a minimum $50 deposit, but there is no minimum balance required to earn interest, and the account has no fees.

To earn 3.01% APY each month, you’ll have to have at least 10 debit card transactions, have at least one direct deposit or make at least one automatic payment, log on to online banking and receive eStatements. You can also receive reimbursement for up to $30 in ATM fees.

If you don’t meet those requirements, you’ll earn just 0.01% APY for that month. Balance portions above $10,000 earn 0.51% APY.

After you set up your Kasasa Cash account, you can open a Kasasa Saver account, which pays 1.01% APY on balances to $10,000 and 0.51% APY for balance portions above that amount. There’s no minimum deposit required to open the account.

Salem Five Direct (www.salemfivedirect.com) is the only nationally available savings account paying a higher rate — 1.25% APY on balances to $500,000. You need to make at least a $100 deposit to open an account.

You’ll earn the best rate at Money One Federal Credit Union only if you meet the Kasasa Cash requirements each month. If you don’t, you’ll earn only 0.01% APY.

The credit union has two locations in Maryland, and anyone who is an employee or member of dozens of employers, churches and organizations, or has a family member who is, can join. (www.moneyonefcu.org)

You also can join Money One if you make a donation of at least $20 to Easter Seals, but you have to bring your donation form into one of the credit union’s two locations to complete your membership application.

Use our database to compare the best savings and money market accounts.

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