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Earn 2.50% With Savings/Checking Combo

You can land a $50 bonus and top rate with Ridgestone Bank’s checking and savings account combo.

Its Momentum Savings account pays 2.50% APY on balances between $2,500 and $50,000.

You can land a $50 bonus and top rate with Ridgestone Bank's checking and savings account combo.

That beats the best nationally available savings account rate, 2.25% APY from SFGI Direct, and matches the best deals on 24-month CDs.

To qualify for that rate you also have to open a Momentum Checking account and:

  • Make eight transactions per month, which includes any checks you might write and debit card transactions.
  • Automatically have at least $100 a month transferred from your checking to your savings account.
  • Receive your combined savings and checking statements via the bank’s Web site.

If you don’t make the eight transactions, the interest rate on your savings account falls to 0.25% APY for that month.

Anything over the $50,000 maximum in the savings account earns 1.0% APY.

If this is starting to sound very much like the typical rules on high-yield or rewards checking accounts, that’s because they are.

Think of the Momentum accounts as Ridgestone’s riff on that concept — and the similarities don’t end there.

There are no monthly fees for either account and you can use your debit card free of charge at any MoneyPass ATM. (Click here to see if there’s a MoneyPass ATM near your home or work.)

You can also earn a $50 bonus by adding one direct deposit to your checking account.

Although this offer is available nationwide, you can’t sign up online. You’ve got to call one of the bank’s two branches in suburban Chicago (847-805-9520) or suburban Milwaukee (262-789-1011) to have an application e-mailed to you.

Click here to compare Ridgestone’s deal with the best savings and money market rates from dozens of other banks in our extensive database.

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