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Midwest Deal On Checking, Savings

Dollar signResidents of three Midwestern states can open both a checking account that pays more than 2% and a savings account that beats the top nationally available rate.

Coulee Bank (www.couleebank.net) in La Crosse, Wis., pays 1.00% APY on balances to $15,000 with a Kasasa Saver account. In comparison, the best nationally available savings accounts pay just 0.90% APY.

The Kasasa Saver account must be set up in conjunction with a Kasasa Cash rewards checking account, which pays 2.55% APY on balances up to $15,000.

The bank used to allow anyone to sign up for its accounts but for several years has restricted access to residents of Wisconsin, Minnesota and Iowa.

This is a typical rewards checking account, so you’ll need to meet certain requirements to earn the best rates.

At Coulee Bank, you first need to open a Kasasa Cash account with a deposit of at least $50. Then each month you need to make at least 10 debit card purchases, log into online banking, make an automatic payment or receive a direct deposit, and receive eStatements.

If you do those things, you’ll earn 2.55% APY on your checking account. You’ll also have up to $20 in domestic ATM fees reimbursed.

Balance portions greater than $15,000 earn 0.30% APY. And if you fail to meet the requirements during a particular month, you’ll earn 0.10% APY.

The account has no fees, and you don’t need to keep a certain amount in your account to earn interest.

Once you open the rewards checking account, you can open a Kasasa Saver account. Meeting the rewards checking requirements will earn you 1.00% APY on your savings account on balances up to $15,000. Higher amounts earn 0.30% APY. If you don’t meet the Kasasa Cash requirements, you’ll earn 0.10% APY on your savings.

Like the checking account, you need a minimum deposit of $50 to open a savings account. It has no minimum balance requirements to earn interest and no fees.

You can open the accounts online or at Coulee Bank’s branches in La Crosse and Onalaska, Wis., as well as St. Paul, Minn.

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