bank rates

Florida Savings Account Offers Top Yield

finger touching calculator keysYou can earn 1.00% APY on your entire savings account balance at Biscayne Bank in Coconut Grove, Fla. — a rate comparable to the best nationally available savings deal.

While there are no geographic restrictions on who can open an account at Biscayne Bank, the bank has no mechanism to open an account online, so the offer is the best fit for someone who lives in South Florida or who plans to spend time there.

You’ll need to make a minimum deposit of $1,000 to open an account at Biscayne Bank, and if you don’t keep that much in your account, you’ll pay a whopping $25 monthly service fee.

If you plan to keep at least the minimum amount at Biscayne Bank, it probably beats the offer from The Palladian PrivateBank (www.palladianprivatebank.com), which is the only bank in the country that pays 1.00% APY on a savings account that’s available nationwide.

At The Palladian PrivateBank, you’ll need to make a minimum deposit of $10,000 to open a savings account. You’ll earn interest even if your balance falls below that amount, but you’ll wind up paying a $10 monthly maintenance fee if you have a lower balance.

The Palladian PrivateBank is the online division of The PrivateBank and Trust Co., which is headquartered in Chicago. It has about three dozen locations in nine states, most of which are in the Midwest.

If you want to open an account at Biscayne Bank, you’ll need to stop by one of its three locations in Coconut Grove, Miami or South Miami.

For more information, visit www.biscaynebank.com or call 305-447-5050.

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