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Good Savings Account Available To All

Hand dropping a coin into a white piggy bankHere’s a good deal: We found a rewards savings account that pays 1.25% APY — and it’s available to anyone in the U.S.

The CACHESaver account from Lee Bank (www.leebank.com) in Lee, Mass., pays a quarter of a percentage point more than the best savings account offer available nationally.

But you must pair this account with a CACHEChecking rewards account. The additional hurdle you must jump is why this offer is ineligible for our list of the best nationally available deals.

CACHEChecking pays 2.50% APY on balances to $15,000 and reimburses ATM fees up to $25 just for taking some simple steps.

To earn the best rate and get ATM fees repaid, you need to make at least a dozen debit card purchases in a month, have at least one direct deposit or automatic payment, and sign up for eStatements.

You must make a $25 minimum deposit to open the rewards checking account. But there is no minimum balance requirement to earn interest, and the bank charges no monthly fee.

You’ll earn 0.50% APY on balances above $15,000 if you meet the requirements. But if you fail to meet them, you’ll earn just 0.05% APY.

By fulfilling the requirements, you’ll also earn 1.25% APY on your CACHESaver account for balances to $15,000. That’s a rate no nationally available savings account has paid since February.

Right now, the best you can earn with a national savings account is 1.00% APY from The Palladian PrivateBank (www.palladianprivatebank.com). But you need to have at least $10,000 available to open the account.

While you’ll earn interest if your balance dips lower, you’ll pay a $10 monthly maintenance fee. Palladian is the online division The PrivateBank and Trust Co., based in Chicago.

The CACHESaver account has no monthly fees, and balances above $15,000 earn 0.50% APY. It takes just a $10 deposit to open an account.

You can open CACHE accounts with Lee Bank either online or at one of the bank’s five locations in western Massachusetts, located in Great Barrington, Lee, Lenox, Pittsfield and Stockbridge.

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