bank rates

Nationally Available Account Pays 1.23%

stack of coinsThere’s something funny happening in Iowa.

We’ve now found a second bank offering a savings account open to everyone that pays well more than the top nationally available deal we’re tracking.

Of course, just like with the offer from Iowa State Bank, the deal we’re highlighting today from First Security Bank & Trust is ineligible for our list of the top offers available to all savers.

That’s because First Security Bank also requires you to open a checking account. That doesn’t make the deal any worse, but restrictions like this keep these offers off of our list of best nationally available deals.

That being said, First Security Bank & Trust pays 1.23% APY on its Kasasa Saver account on balances up to $10,000. Balance portions above $10,000 earn 0.30% APY.

That’s nearly one-quarter of a percentage point higher than the best-paying nationally available savings account that doesn’t have any special restrictions.

To open a Saver account, you must also open a Kasasa Cash Back account, which gives you 1.5% cash back on your debit card purchases.

It takes a minimum deposit of $25 to open a Kasasa Cash Back account. To receive cash back, you must make at least a dozen debit card purchases in a month, have at least one automatic payment or direct deposit per month, sign up for eStatements and log into online banking.

If you take those steps, you’ll get up to $6 per month returned to you in cash back. You’ll also be reimbursed for up to $25 in ATM fees.

The savings account requires a minimum deposit of $25 to open. Neither account has monthly service fees, and there’s no minimum balance required to earn interest or receive cash back. But you’ll earn a paltry 0.05% APY on your savings account if you don’t meet the monthly checking account requirements.

The best you can earn on a nationally available savings account with no strings attached is 1.01% APY with SFGI Direct (www.sfgidirect.com).

Opening an account with SFGI Direct requires a $500 minimum deposit. But there’s no minimum balance required to earn interest. And the 1.01% APY applies to all balances. SFGI Direct is the online division of Summit Community Bank, located in Moorefield, W.Va.

First Security Bank, based in Charles City, Iowa, has 14 locations in that state. You can open your accounts online or at a branch.

For more information, visit www.1stsecuritybank.com or call 641-228-2343.

Compare this offer with the savings account deals in our database.

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