bank rates

Here’s Where To Earn More Than 1% On A Savings Account Without A Big Balance


You need a lot of money to qualify for the best nationally available returns on savings accounts.

But Cardinal Bank is bucking that trend, allowing savers in the Washington, D.C., area to earn 1.09% APY and pay no service fee on a First Choice Savings account with a minimum balance of just $500.

That’s a stark contrast to UFB Direct, which will pay the best nationally available return of 1.25% APY only if you keep at least $25,000 in your account.

If you don’t have that much to leave in savings, you’ll earn just 0.20% APY.

It’s a similar case at Citizens State Bank, which pays the second-best national return of 1.06% APY only if you have $10,000 or more in your account.

Call us old-fashioned, but we don’t think decent interest rates should be reserved for those with thousands of dollars in extra cash to set aside.

At Cardinal Bank, you can open an account with just a $50 deposit, and you’ll earn 1.09% APY. But you’ll pay a monthly service fee of $10. If you keep $500 in your account and receive electronic statements, you’ll earn that top rate and avoid the fee.

The rate is available on balances to $100,000. Higher balances earn 0.21% APY.

The bank also limits you to three withdrawals a month. If you make more than that, you’ll pay a $5 fee per transaction.

Cardinal Bank is based in McLean, Virginia, and the First Choice Savings account is available only to savers who live in the greater Washington, D.C., area.

You can open a First Choice Savings account online, by phone, or by stopping by one of the bank’s 30 branches.

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