bank rates

Michigan CU Offers Top Savings Account

$20 bill folded in half.Residents in the Jackson, Mich., area can earn 1.00% APY on balances to $10,000 with a savings account from CP Federal Credit Union.

The rate is comparable to the best nationally available savings deal, and at CP Federal Credit Union, it only takes a $200 deposit to open an account.

Its Kasasa Saver account must be paired with a Kasasa Cash rewards checking account, which pays 2.50% APY on balances to $10,000. Like the savings account, the Kasasa Cash account requires a deposit of at least $200 to open.

To get the best rate on the two accounts, you must make at least a dozen debit card transactions per month, make one automatic payment or receive one direct deposit, and sign up for eStatements.

By meeting those requirements, you’ll also have your ATM fees reimbursed. And if you have more than $10,000 in either account, you’ll earn 0.35% APY on those higher balances.

If you don’t fulfill the requirements, you’ll earn 0.05% APY.

Neither account has a minimum balance requirement to earn interest, and neither carries any monthly fees.

You can join CP Federal Credit Union if you work at one of nearly 200 businesses in the Jackson area or are affiliated with dozens of associations, schools and churches in the area.

The credit union has seven locations in the Jackson area, which is about 75 miles west of Detroit. You can open your Kasasa accounts at a branch or online.

The best nationally available savings account is offered by The Palladian PrivateBank (www.palladianprivatebank.com), which pays 1.00% APY with a minimum deposit of $10,000 to open an account. If you don’t keep that much in your account, you’ll still earn 1.00% APY, but you’ll pay a $10 monthly fee. Palladian is the online division The PrivateBank and Trust Co., headquartered in Chicago.

For more information about CP Federal Credit Union, visit www.cpfederal.com or call 800-554-7101.

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