bank rates

Indiana Savers Score Top Deposit Rates With Linked Checking, Savings Accounts

It pays 3.11% APY on checking, 1.51% APY on savings.Now that we have that big game out of the way, let’s talk about something else great going on around Indianapolis.

At Double 11 Credit Union (www.db11.org), you can earn a savings rate that pays nearly half a percentage point more than the best nationally available deal.

The key is to open a Kasasa Cash checking account, which pays 3.11% APY, and link it with a Kasasa Saver account paying 1.51% APY.

While you can get a higher rewards checking rate at Consumers Credit Union (www.myconsumers.org), at 4.09% APY, the Waukegan, Ill.-based credit union pays a measly 0.05% APY on savings accounts.

And even the best nationally available savings account, from UFB Direct (www.ufbdirect.com), pays just 1.05% APY, after slashing rates twice recently.

Double 11’s Kasasa Cash pays its best rate on balances up to $11,000; any portion of your balance above that earns 0.51% APY.

To earn that rate each month you need to have at least 11 check card purchases, at least one direct deposit or ACH automatic payment and sign up for eStatements.

If you don’t meet the requirements, you’ll earn 0.05% APY that month and you won’t be reimbursed for ATM fees.

The Kasasa Saver account pays its top rate on balances up to $51,000.

You just have to meet the checking account qualifications to earn that rate; otherwise the account pays just 0.05% APY.

If you don’t live in the Indianapolis area, your best rewards checking choice is Consumers Credit Union. It pays 4.09% APY is on balances up to $10,000, with the rate guaranteed until June.

Double 11 was founded to serve members of a Ford plant in Indianapolis, then was expanded to include members of United Auto Workers Local 1111 and ARA Food Service employees.

These days it also offers membership to those who live or work in Lawrence, Warren and Franklin townships, and Hancock and Shelby counties, as well as their family members.

Double 11 has a single Indianapolis office, but you can open up your Kasasa accounts online.

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Comments (5)
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5 Existing Comments
  1. bill gordon said:
    on February 6th at 07:46 pm

    double eieven CU has merged with much larger Teachers CU last year and I suppose will drop their very high savings rates eventually.

  2. Kathy at Bankaholic said:
    on February 9th at 09:54 am

    UFB Direct has cut its savings rate a third time, to 0.95% APY.

  3. Kathy at Bankaholic said:
    on February 21st at 07:36 am

    You can still get Double 11’s Kasasa rates. Note that UFB Direct has cut its savings rate a fourth time, to 0.90% APY.

  4. Kathy at Bankaholic said:
    on February 23rd at 10:47 am

    UFB Direct’s rate has dropped again, to 0.85% APY.

  5. Kathy at Bankaholic said:
    on March 5th at 10:01 am

    The Kasasa rates are still available.