bank rates

Illinois Deal Rivals Best Savings Accounts

flipping through a stack of $100 billsIllinois residents can find an interest rate that competes with the best savings accounts, along with a well-paying rewards checking account, at German American State Bank.

The bank, based in German Valley, Ill., west of Rockford, pays 3.01% APY on balances to $10,000 with its Kasasa Cash account and 1.00% APY on balances to $20,000 with its Kasasa Saver account.

It’s a typical Kasasa rewards checking account, so you need to make at least 12 debit card transactions per month, have at least one direct deposit or automatic payment and receive eStatements to earn the top rates on both accounts.

If you meet the requirements, you’ll also have $20 in ATM fees refunded each month.

If you don’t meet the monthly requirements, you’ll earn just 0.05% APY on both accounts. Any money in your Kasasa Cash account above $10,000, or any money in your Saver account above $20,000, receives 0.25% APY.

First you need to open a Kasasa Cash account, and then you can open the savings account.

With the checking account, there’s no minimum deposit required to open an account or earn interest. The Kasasa Saver account requires a $25 minimum deposit to open. Neither account has any fees.

At 1.00% APY, the Kasasa Saver account pays as much as the top nationally available deal. That offer comes from CSBdirect.com, which pays 1.01% APY.

At CSBdirect, you need to have at least $1,000 in your account to earn the highest rate. Lower balances earn 0.55% APY. A minimum deposit of $100 is needed to open an account with the bank, which is the online division of Citizens State Bank in Perry, Fla.

Any Illinois resident can open Kasasa accounts with German American State Bank online. The bank also has four branches in the Rockford area.

For more information, visit www.germanamericanstatebank.com or call 815-362-2310.

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