bank rates

Kentucky Checking Account Pays 2.01%

checkbook money and calculatorLexington, Ky.-area residents can land both a checking account and a savings account that pay well above average.

Bank of the Bluegrass & Trust Co. pays 2.01% APY with its Kasasa Cash rewards checking account and 1.01% APY with its linked Kasasa Saver account.

Rewards checking accounts used to be a good bet for savers, with many paying 3.00% APY or more. But as savings rates have gone south, so have the rates paid on rewards checking accounts.

Today, you may have to do some hunting to find one that pays more than 2.00% APY.

At Bank of the Bluegrass, you’ll earn 2.01% APY on balances to $15,000 on your rewards checking account if you meet monthly requirements, and the hurdles aren’t as high as they are for many other banks these days.

You’ll need to make at least a dozen debit card purchases in a month, log into Internet banking at least once a month and sign up for eStatements to earn the best rate.

Meeting the requirements means you’ll also have up to $20 in ATM fees reimbursed each month and earn 0.25% APY on balance portions greater than $15,000.

You’ll also earn 1.01% APY on your Kasasa Saver account balance to $10,000. That ties the best nationally available savings account rate. Any portion of your balance greater than $10,000 at Bank of the Bluegrass earns 0.25% APY.

By not meeting the requirements, you’ll earn a lowly 0.01% APY for the month on both accounts.

There’s no minimum deposit requirement to open a Kasasa Saver account. Opening a Kasasa Cash account requires a deposit of at least $100.

There are no monthly service fees or minimum balance requirements for either account.

Bank of the Bluegrass has two branches in Lexington.

You can also open your accounts online. You’ll be asked for your ZIP code before applying for an account. We tried to enter ZIP codes for areas outside Lexington and were told there were no products available for us.

For more information, visit www.bankofthebluegrass.com or call 859-233-4500.

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